IRS Extends Deadline for Disclosing Hidden Offshore Accounts
IR-2009-84, Sept. 21, 2009
WASHINGTON ─ The Internal Revenue Service today announced a one-time
extension of the deadline for special voluntary disclosures by
taxpayers with unreported income from hidden offshore accounts. These
taxpayers now have until Oct. 15, 2009.
Under special provisions issued in March, taxpayers with these
hidden accounts originally had until Sept. 23, 2009 to come forward.
Those taxpayers who do not voluntarily disclose their hidden accounts
by the new deadline face much harsher civil penalties, where
applicable, and possible criminal prosecution.
IRS officials decided to extend this deadline after receiving
repeated requests from tax practitioners and attorneys around the
country following an influx of taxpayer requests. By extending the
deadline for a short period of time, the IRS is providing relief for
those taxpayers who had intended to come forward prior to the deadline,
but faced logistical and administrative challenges in meeting it. The
extension will allow tax preparers and attorneys the necessary time to
interview and advise their backlog of taxpayers with these hidden
accounts, and prepare the necessary paperwork to qualify for the
special penalty provisions.
The IRS also announced that there will be no further extensions.
