IRS Amnesty: Less than 2 Weeks Remain for Voluntary Disclosure Filings

September 9th, 2009

The deadline for foreign investors to participate in the IRS voluntary disclosure program is September 23, 2009.

Taxpayers who want to participate must amend their income tax returns to properly reflect any previously unreported foreign earned income and must file the appropriate foreign account disclosures.

If you want your CPA to help you in this process you need to move quickly. He or she will need at least a week to gather the correct information and prepare the necessary documents. At this point you need to move swiftly and with accuracy if you have not already gathered your necessary documentation. Remember: This is not a game of IRS “chicken” they mean business. An undisclosed source has already turned over 4500 names to the US government.

Voluntary Disclosure – Foreign Accounts

From IRS.gov

Taxpayers with unreported income relating to offshore transactions who wish to voluntarily disclose the information to the IRS can find information on the process.

For a complete understanding of the voluntary disclosure procedures, see Internal Revenue Manual (IRM) 9.5.11.9

Taxpayers wanting to participate in the IRS voluntary disclosure process should call the phone number associated with the state in which they reside. See Contact IRS About Voluntary Disclosure. (Updated 7/29/09)

See also Voluntary Disclosure: Questions and Answers re: the voluntary disclosure process and undisclosed offshore accounts (Updated 8/25/2009).