Hurricane Prompts IRS to Extend Offshore Disclosure Deadline

Tuesday, August 30, 2011 Print Email

The Internal Revenue Service has extended the due date until Sept. 9, 2011, for taxpayers with undisclosed foreign bank accounts to participate in its latest offshore voluntary disclosure initiative. The IRS made the announcement Friday night, warning of the potential impact from Hurricane Irene over the weekend. The voluntary disclosure program had been scheduled to expire on Aug. 31 (see IRS Warns of Deadline for Disclosing Offshore Accounts). An earlier version of the Offshore Voluntary Disclosure Initiative expired in 2009 and prompted approximately 15,000 voluntary disclosures of accounts in banks in more than 60 countries.

The IRS said that for those taxpayers who have not yet submitted their request and any documents, the following actions are necessary by Sept. 9, 2011:

Identifying information must be submitted to the IRS’s Criminal Investigation office. 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. This information must be sent to:

Offshore Voluntary Disclosure Coordinator
600 Arch Street, Room 6404
Philadelphia, PA 19106

A taxpayer may request a 90-day extension of the deadline to complete a submission, the IRS noted. Taxpayers requesting extensions must submit their name, address, date of birth, and Social Security number. Requests for up to a 90-day extension 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 to the IRS’s Austin Campus on or before Sept. 9, 2011. The request must be sent to:

Internal Revenue Service
3651 S. I H 35 Stop 4301 AUSC
Austin, TX 78741

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