IRS extends amnesty deadline to October 15
The Internal Revenue Service has announced a one-time extension of the deadline for special voluntary disclosures by taxpayers with unreported income from hidden offshore accounts. These taxpayers now have until October 15, 2009.
Under special provisions issued in March, taxpayers with these hidden accounts originally had until September 23, 2009 to come forward. Those taxpayers who do not voluntarily disclose their hidden accounts by the new deadline face much harsher civil penalties, where applicable, and possible criminal prosecution.