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IRS Extends Deadline for Voluntary Disclosure Due to Hurricane Irene

The IRS extended the deadline for the Offshore Voluntary Disclosure Initiative (OVDI) to September 9, 2011 (the previous deadline was August 31, 2011). Our article “Second Chance for Voluntary Disclosure,” from the March 2011 Tax Highlights, describes that with the OVDI taxpayers can “disclose unreported foreign accounts, including income and expenses related to the accounts. By participating in this program, taxpayers with unreported foreign accounts can avoid criminal prosecution for unpaid taxes.”  

We have assisted multiple taxpayers in disclosing previously unreported accounts. Many times these accounts were associated with an inheritance, gift or simply overlooked when foreign residents become U.S. citizens. If you have any unreported accounts, we encourage you to seriously consider taking advantage of this offer.

On August 26, 2011 the IRS released the following statement officially extending the deadline:

Due to the potential impact of Hurricane Irene, the IRS has extended the due date for offshore voluntary disclosure initiative requests until September 9, 2011.  For those taxpayers who have not yet submitted their request and any documents, the following actions are necessary by September 9, 2011:

• Identifying information must be submitted to the Criminal Investigation office.  This includes name, address, date of birth, and social security number and as much of the other information requested in the Offshore Voluntary Disclosures Letter as possible.  This information must be sent to:

Offshore Voluntary Disclosure Coordinator
600 Arch Street, Room 6404
Philadelphia, PA 19106.

• Send a request for a 90-day extension for submitting the complete voluntary disclosure package of information to the Austin campus.  This request must be sent to:

Internal Revenue Service
3651 S. I H 35 Stop 4301 AUSC
Austin, TX 78741
ATTN:  2011 Offshore Voluntary Disclosure Initiative

For further information please contact Jennifer Zamarin at jzamarin@BlackmanKallick.com or 312-980-3317, or your Blackman Kallick representative. Our thanks to Justin Kleckner for his contribution to this article.

This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.