| | |  Puerto Vallarta Real Estate | September 2009 
Foreign Trust Reporting Deadline Extended
 John Dillinger - dillingercpa.com
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September 23, 2009
 |  | U.S. Persons with property in a Fideicomiso, who have not filed the required IRS Foreign Trust Forms, have an opportunity to become safe with the IRS regarding penalties and criminal investigation. |  | | |
IRS extends deadline for disclosing hidden offshore accounts.
On September 21, 2009, the Internal Revenue Service 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 Oct. 15, 2009.
Under special provisions issued in March, taxpayers with these hidden accounts originally had until Sept. 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.
IRS officials decided to extend this deadline after receiving repeated requests from tax practitioners and attorneys around the country following an influx of taxpayer requests. By extending the deadline for a short period of time, the IRS is providing relief for those taxpayers who had intended to come forward prior to the deadline, but faced logistical and administrative challenges in meeting it.
The extension will allow tax preparers and attorneys the necessary time to interview and advise their backlog of taxpayers with these hidden accounts, and prepare the necessary paperwork to qualify for the special penalty provisions. The IRS also announced that there will be no further extensions.
To learn about Mexico Property Ownership: IRS Foreign Trust Reporting Requirements, click HERE.
John Dillinger, CPA has been helping businesses and individuals with tax planning and compliance, individual tax preparation, IRS representation and international tax issues for over 25 years. Prior to starting his own CPA firm, he worked in International Tax at the "Big Four" accounting firm, PricewaterhouseCoopers and as an Internal Revenue Agent with the Self-Employed/Small Business Division of the Internal Revenue Service. For more information visit dillingercpa.com. |
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