Because of Hurricane Irene, the IRS has decided to extend the application deadline for the 2011 Offshore Voluntary Disclosure Initiative to September 9th. The deadline had previously been August 31. This extension also applies to Report of Foreign Bank and Financial Accounts (FBAR) forms.
The OVDI is a tax amnesty initiative by which taxpayers with undisclosed offshore or foreign tax liabilities receive reduced penalties in exchange for coming clean with the IRS.
For more information on the current OVDI or for other offshore and foreign tax concerns, contact Horowitz & Weinstein.