Offshore voluntary disclosure deadline
Tuesday, August 9th, 2011
The deadline in the IRS Offshore Voluntary Disclosure Initiative is August 31. For several years, the IRS has required taxpayers to disclose their accounts and income from foreign countries. The 2011 program offers taxpayers penalty reductions if they voluntarily disclose their offshore holdings and income rather than waiting for the IRS to find them.
The foreign financial account disclosure regulations carry onerous civil and criminal penalties for hiding offshore accounts and income. If you are concerned about your exposure to the IRS foreign financial account disclosure requirements, please contact us right away to discuss your options.