The IRS has extended the 2011 Offshore Voluntary Compliance Initiative deadline to September 9 as a result of Hurricane Irene. This gives anybody who has been trying to get a last minute submission in a little more time.
Linda Beale reports the news with the appalling headline, "Hurricane Irene Postpones Deadline for Offshore Tax Evaders to File Voluntary Disclosure" While tax evaders stand to do well by the program, the only people left who still think that everyone who hasn't fully complied with the Kafkaesque offshore filing requirements are crooks seem to be Ms. Beale and some of the IRS agents running the program. In real life the IRS is clobbering expatriates who innocently violated reporting rules they had never heard of and immigrants who didn't know how much the IRS wants to know about their foreign accounts.
The items included in the Tax Update Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation.
Joe Kristan writes the Tax Update items, and any opinions expressed or implied are not necessarily shared by anyone else at Roth & Company, P.C. Address questions or comments on Tax Updates to