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OVDI Deadline Extended until September 9, 2011

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Due to the potential impact of Hurricane Irene, the IRS has extended the due date for offshore voluntary disclosure initiative requests until September 9, 2011. For those taxpayers who have not yet submitted their request and any documents, the following actions are necessary by September 9, 2011:

Identifying information must be submitted to the 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

Send a request for a 90-day extension for submitting the complete voluntary disclosure package of information to the Austin campus. This request must be sent to:

Internal Revenue Service
3651 S. I H 35 Stop 4301 AUSC
Austin, TX 78741
ATTN: 2011 Offshore Voluntary Disclosure Initiative

Contact Sherayzen Law Office NOW to Discuss Your Legal Situation

If you are wondering about whether OVDI is the program for you and how to take advantage of it, contact Sherayzen Law Office as soon as possible to discuss your case. Our experienced voluntary disclosure tax firm will guide you through the complex maze of the U.S. tax compliance laws and regulations and help you find the solution that fits best your situation.

Post-OVDI Options: What to Do If You Cannot Make the OVDI Deadline

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Introduction:  OVDI Deadline is August 31, 2011

On February 8, 2011, the Internal Revenue Service initiated  2011 Offshore Voluntary Disclosure Initiative (OVDI), a special voluntary disclosure initiative, designed to bring offshore money back into the U.S. tax system and help people with undisclosed income from hidden offshore accounts get current with their taxes.  While this program is not available (or even desirable) for everyone, the OVDI program offered many taxpayers a way to bring themselves back into compliance with U.S. tax laws.

The program is only available, however, for taxpayers who apply to be accepted into the program prior to August 31, 2011.  It is then possible to get an extension to file the documents, even though there is no guarantee that the extension will be granted, especially for late filers.

Voluntary Disclosure After OVDI

So, what can you do if you cannot make the OVDI deadline?  Is any type of voluntary disclosure precluded if you cannot apply for the OVDI by August 31?

The answer is no.  Other types of voluntary disclosure will be available after August 31, 2011.  It is important to emphasize, however, that the OVDI provides a degree of stability and certainty of FBAR penalties that are unlikely to be matched by other voluntary disclosure options.

Traditional IRS Voluntary Disclosure 

The chief post-OVDI voluntary disclosure program will be Traditional IRS Voluntary Disclosure.  While it will not offer the same certainty of the FBAR penalties as OVDI currently does with its tiered penalty structure, the Traditional Voluntary Disclosure will be particularly useful for taxpayers who potentially face criminal charges and willful penalties.

Doing Nothing Is Dangerous

It is important to emphasize that, whether or not you will be able to take advantage of the OVDI program, the most dangerous option for you is to do nothing. Taxpayers, who hide this offshore assets and do not come forward, are much likely to face far higher penalty scenarios as well as the possibility of criminal prosecution.

Contact Sherayzen Law Office NOW To Solve Your Tax Issues

Sherayzen Law Office can help you resolve all of your tax compliance issues.  Our experienced voluntary disclosure tax firm will guide you through the voluntary disclosure process and vigorously advocate your position, vying for the best outcome possible in your case.  E-mail or call us NOW!