The Internal Revenue Service (IRS) has announced an extension of the deadline for its Offshore Voluntary Compliance Program. The deadline, which was initially September 23, 2009, has been pushed out until October 15, 2009.
While more than 3,000 have come forward so far, the program is expected to garner considerably more taxpayers before the deadline. With that in mind, the IRS has responded to comments from accountants, tax attorneys, and other practitioners who believe that some applicants need more time.
Those who have already been tagged as an offender aren’t eligible for the program. But those taxpayers who have not yet been discovered but need to become compliant may disclose under the program and avoid jail time and mitigate penalties.
If you’ve been on the fence about coming forward, consider this a sign.
