Every year the IRS requires taxpayers to disclose their offshore accounts and assets. The forms for doing so are called FBARs (that’s Foreign Bank Account Reporting) and this year they’re due by June 30th. Much like they did in 2009, this year the IRS is offering an Offshore Voluntary Disclosure Program (OVDP) whereby taxpayers with previously undisclosed offshore accounts can file amended returns, pay penalties to the IRS, and avoid criminal charges for tax evasion. The window to take advantage of this program closes on August 31st, 2011.
For more information on FBARs, this year’s offshore voluntary disclosure program, or for help with other tax related legal concerns, contact Horowitz & Weinstein.