The IRS announced today that the tax amnesty deadline for offshore accounts will be extended to October 15, to give tax dodgers with undeclared assets a few extra weeks to come forward.
In a typical year, less than 100 people apply for the program because penalties can often exceed the value of the hidden account, depending on how long the holder has avoided paying taxes, but this year is very different. In March, the IRS launched a 6-month amnesty program offering reduced penalties and no jail time, to encourage tax evaders to fess up. So far, more than 3,000 Americans have applied.
The program was expected to end Wednesday, but tax advisers across the country have contacted the IRS requesting more time to prepare applications from the rush of applicants that continue to come forward. For more information visit: www.IRS.gov
http://finance.yahoo.com/news/IRS-extends-amnesty-program-apf-1792735705.html?x=0
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