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Tuesday, August 30, 2011

IRS Extends Deadline for Offshore Voluntary Disclosure Initiative Through September 9, 2011

by Geoffrey Weg

Due to the potential impact of Hurricane Irene, the IRS has extended the due date for Offshore Voluntary Disclosure Initiative ("OVDI") requests until September 9, 2011. The IRS has also significantly reduced the amount of information required by the revised deadline.

For those taxpayers who have not yet submitted their request and any documents, identifying information must be submitted by September 9, 2011. This includes name, address, date of birth and Social Security number and as much of the other information requested in the Offshore Voluntary Disclosures Letter as possible.

A 90-day extension for submitting the complete voluntary disclosure package of information is available. Such requests must include a statement of those items that are missing, the reasons why they are not included, and the steps taken to secure them. Requests for extensions must be made in writing and sent on or before the September 9 deadline.

The experienced tax attorneys of the Valensi Rose, PLC Tax & Wealth Planning Group are available to advise any taxpayers who may have an offshore account filing requirement or who may be eligible for participation in the OVDI.