By Stacie Clifford Kitts
Don’t forget, the amnesty deadline for reporting your foreign activity is fast approaching.
The IRS’s voluntary disclosure program is over after September 23, 2009. If you need to disclose any previously unreported accounts and income, now is the time.
If you get on board, the IRS has agreed not to criminally prosecute.
For more information, take a look at these frequently asked questions offshore activities.
The filing relief deadline has been extended to June 30, 2010 for taxpayers who need to file an FBAR report for 2008, 2009 or earlier calendar years if they meet the following criteria:
1) persons with signature authority over, but no financial interest in, a foreign financial account, and
2) persons with a financial interest in, or signature authority over, a foreign commingled fund.
See notice 2009-62 for more information