E-Alert
September 23 , 2009
Extended Deadline for Disclosing Hidden Offshore Accounts
The Internal Revenue Service recently 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 to comply.
Under special provisions issued in March, taxpayers with these hidden accounts originally had until September 23, 2009 to come forward. Taxpayers who do not submit a voluntary disclosure run the risk of detection by IRS and the imposition of substantial penalties, including fraud penalty and foreign information penalties, and an increase risk of criminal prosecution.
This information is reported on Form TD F 90-22.1 (Report of Foreign and Financial Accounts, commonly known as "FBAR").
The IRS also announced that there will be no further extensions.If you have any questions regarding the information in this article, or have any other issues you would like to discuss, please feel free to contact the DZH Phillips tax department at 415.781.2500 or email cpas@dzhphillips.com.
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DZH Phillips LLP is one of the leading public accounting and strategic consulting firms in the San Francisco Bay Area. We provide the long-term relationships, industry expertise, and consistently high-quality service our clients need to make the right decisions today and in the future.
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