IRS Warns US Taxpayers of Deadline for Disclosing Offshore Accounts
IRS Warns of Deadline for Disclosing Offshore Accounts
The IRS warned US taxpayers that if they are hiding income in undisclosed offshore accounts, time is running out for them to take advantage of its second special Voluntary Disclosure Initiative of Offshore Accounts which will expire on 31st August, 2011. Taxpayers who come forward voluntarily will be able to get a better deal than those who wait for the IRS to find their undisclosed accounts and income.
This will affect all US nationals and green card holders, even if they are not currently resident in the US.
Further details can be found in the IRS News Release here: Aug 31 Deadline – Second Special Voluntary Disclosure Initiative of Offshore Accounts