Tuesday, August 30, 2011

Bellevue Tax Lawyer | The 2011 OVDI Update, FBAR Amnesty

In my previous post, I stated that the deadline for the 2011 OVDI is August 31, 2011.  The IRS has extended the deadline for the 2011 OVDI to September 9th.  It also appears that the IRS has relaxed it requirements to file for an extension for the OVDI.  If you are scrambling during the last few days to get your package complete, you now have some breathing room.  

The FAQ now states that if you have not filed an OVDI letter but are interested in entering the program, a tax payer should submit his OVDI letter, by September 9th, including: identifying information and as much account/asset related information as can be obtained.  The taxpayer should then request an extension and amend the OVDI letter for any missing accounts or assets.

If you have any questions please contact me directly or leave a comment.

As with everything related to the IRS, it is difficult to provide comprehensive information related to taxes on the web.  Please do not rely on this article without consulting your tax professional.

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