Recent Extension of the OVDI Provides Last Chance for People Hiding Assets Overseas

Aug. 31, 2011 - PRLog -- The unfortunate natural disaster of Hurricane Irene prompted the IRS to extend the due date for 2011 Offshore Voluntary Disclosure Initiative (OVDI) requests until September 9, 2011. This offers a small extension beyond the original deadline of August 31, 2011.

The IRS is sending a message to taxpayers that they are serious about tax compliance. This is the last opportunity for those participating in tax-avoidance schemes involving offshore activity to come clean, get current and avoid possible criminal prosecution.

Recent cases resulting from the investigation into clients of Union Bank of Switzerland (UBS) include guilty pleas for willfully failing to file Reports of Foreign Bank and Financial Accounts (FBAR) with the IRS, filing false federal income tax returns and income tax invasion. Penalties included civil penalties, back tax payments, probation and home confinement. As stated in IRS Commissioner Doug Shulman's Statement regarding UBS, “We will tirelessly pursue anyone who tries to use international borders to their advantage and cheat honest taxpayers. As I’ve said throughout my tenure as Commissioner, combating international tax evasion will continue to be a top priority.”

Says Nicole Pokusay, Senior Lead Agent for StopIRSDebt.com, “We have been receiving many inquiries from people regarding offshore accounts. It becomes clear that they are hesitant to come clean, fearing the financial penalty.” The IRS believes when people cheat on their taxes, the vast majority of honest U.S. taxpayers suffer the consequences and have to make up the difference. Pokusay continues, “We encourage all our clients to get compliant and have been working hard to file forms by the August 31 deadline. This small extension will allow us to serve more people who had been procrastinating taking part in the 2011 OVDI.”

Taxpayers should be aware that the Sept. 9, 2011, extension also applies to taxpayers filing delinquent FBARs.

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