IRS Clarifies Sep 9 Extension for Offshore Reporting

The IRS on Aug 29 simplified a delay of deadlines underneath a 2011 Offshore Voluntary Disclosure Initiative (OVDI). On Aug 28, in response to Hurricane Irene, a IRS changed a OVDI deadline to Sep 9 (from Aug 31), though did not residence a Aug 31 due date for information filings that are not directly within a 2011 OVDI program, though are available to be filed underneath a OVDI’s FAQs 17 and 18.

The IRS has updated a 2011 OVDI frequently asked questions web page to explain that “the Sep 9, 2011 prolongation also relates to taxpayers filing FBARs pursuant to FAQs 17 and 18.” The Sep 9 deadline has been extrinsic into both FAQs.

FAQs 17 and 18 yield that U.S. persons who reported all their taxable income though usually recently schooled of their filing failures with honour to Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), or other U.S. unfamiliar information earnings (for example, Forms 5471, Information Return of U.S. Persons with Respect to Certain Foreign Corporations, and 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts) can obtain chastisement service by filing these derelict earnings underneath a parameters of a FAQs, though outward a OVDI.

About Emil Estafanous, CPA
Certified Public Accountant (CPA) Tax Professional committed in representing taxpayers and resolving their tax problems.

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