IRS Clarifies Sept. 9 Extension for Offshore Reporting


The IRS on Monday clarified its postponement of deadlines under the 2011 Offshore Voluntary Disclosure Initiative (OVDI). On Friday, in response to Hurricane Irene, the IRS moved the OVDI deadline to Sept. 9 (from Aug. 31), but did not address the Aug. 31 due date for information filings that are not directly within the 2011 OVDI program, but are permitted to be filed under the OVDI’s FAQs 17 and 18.

 

The IRS has updated its 2011 OVDI frequently asked questions web page to clarify that “the September 9, 2011 extension also applies to taxpayers filing FBARs pursuant to FAQs 17 and 18.” The Sept. 9 deadline has been inserted into both FAQs.

 

FAQs 17 and 18 provide that U.S. persons who reported all their taxable income but only recently learned of their filing failures with respect to Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), or other U.S. foreign information returns (for example, Forms 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations, and 3520, Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts) can obtain penalty relief by filing these delinquent returns under the parameters of the FAQs, but outside the OVDI.

 

More from the JofA:

 

 Find us on Facebook  |   Follow us on Twitter  |   View JofA videos

MANAGEMENT ACCOUNTING

Developing finance leaders

A good leader recognizes that part of the job is developing the next generation of leaders. Veronica McCann, CGMA, a former division CFO at Commerzbank in Singapore, shares tips on developing future finance leaders.

PROFESSIONAL ISSUES

Belicia Cespedes: A CPA at 17

Through hard work and determination, Belicia Cespedes earned the credential before she was even eligible to vote.

SPONSORED REPORT

How to audit high risk areas

Revenue recognition, internal control over financial reporting, accounting estimates and going concern are areas of audit that have emerged as particularly challenging and complex.