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Amnesty tax filing deadline extended by IRS for offshore accounts
by Joseph Earnest August 31, 2011
Newscast Media AUSTIN, Texas -- In hopes that more Americans with hidden offshore bank accounts step forward and confess to the IRS they have untaxed money in their offshore accounts, the IRS has extended its Amnesty offshore program for an additional two weeks. The initial deadline was August 31, 2011 but the IRS actually believes hurricane Irene prevented taxpayers from turning themselves in, and has extended the due date for the Offshore Voluntary Disclosure Initiative until September 9, 2011.
Kevin E. Thorn, Managing Partner of Thorn Law Group, a law firm that represents many taxpayers throughout the U.S. and around the world with undisclosed offshore accounts states, "This may be the last opportunity like this for taxpayers with undisclosed offshore accounts to take advantage of; to not do so may open them to severe civil penalties and a possible criminal investigation or even criminal prosecution."
.A recent investigation into prominent offshore wealth management banks, Credit Suisse and HSBC, and multiple indictments by the Department of Justice have sparked taxpayers’ interest by demonstrating the risks of not disclosing a foreign account, but also portraying the benefits of full disclosure under the umbrella of the 2011 Offshore Voluntary Disclosure Initiative.
Even though taxpayers with their retirement funds tucked away in offshore accounts haven't turned themselves in and made written confessions to the IRS in the past eight months, the agency believes that miraculously, in the next nine days, taxpayers out of good faith, in these difficult times, will point the IRS to the nest-egg they worked all their lives to build. Add Comments>>
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