IRS Extends Deadline for Offshore Voluntary Disclosure
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Due to Hurricane Fran, the IRS has extended the deadline for the Offshore Voluntary Disclosure Initiative for foreign accounts to September 9, 2011. U.S. taxpayers with foreign accounts totaling more than $10,000 at any time during the year must report the accounts to the IRS or face substantial penalties and criminal charges. Voluntary disclosure and payment can avoid criminal charges. Click here for more information.
For certain professionals, failing to report can end also one’s career. An attorney here in North Carolina was recently disbarred for failure to report an offshore account.
