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It's Not Too Late! Act Now to Apply for the 2011 Offshore Voluntary Disclosure Initiative
The United States Internal Revenue Service (IRS) is offering taxpayers the opportunity to disclose undeclared offshore bank accounts without fear of criminal prosecution.
ORLANDO, FL, August 15, 2011 /Personal Finance PR News/ -- The United States Internal Revenue Service (IRS) is offering taxpayers the opportunity to disclose undeclared offshore bank accounts without fear of criminal prosecution. Taxpayers who participate in the IRS Offshore Voluntary Disclosure Initiative (OVDI) will be responsible for taxes, penalties and interest, but civil penalties for failure to file the yearly offshore account disclosure will be significantly reduced.
Taxpayers who wish to participate must not only come forward, but must also file all original and amended tax returns - including paying taxes, interest and penalties - by the August 31 deadline.
Deadline Fast Approaching
Participation in the 2011 OVDI offers definite advantages, but compliance by the rapidly approaching August 31 deadline may be difficult for many taxpayers. Fortunately, upon request, the IRS is willing to extend the deadline for completion by 90 days if taxpayers can demonstrate a good faith attempt to fully comply by the August 31 deadline.
To demonstrate the requisite good faith, the request for an extension must include:
- Properly executed agreements to extend the period of time to assess taxes and penalties
- A statement of missing disclosure items (e.g., records from offshore banks)
- A statement explaining why the missing items have not been included
- An explanation of steps taken to secure them
An Attorney Can Help
If you have questions about the 2011 IRS OVDI program, contact the Law Office of Mark L. Horwitz, P.A. The experienced criminal tax lawyers at Mark L. Horwitz, P.A. can assess your case and help determine whether participation in the 2011 IRS OVDI program is right for you.
About Us
Mark L. Horwitz has more than 30 years of experience handling criminal defense cases in Orlando, Tampa and throughout central Florida. The team of attorneys, paralegals and support staff at the Law Offices of Mark L. Horwitz, P.A. are dedicated to providing their clients with knowledgeable and skilled representation, no matter the crime charged.
To contact Mark L. Horwitz or any of the attorneys at the Law Offices of Mark L. Horwitz, P.A., call 866-784-0023 or visit www.mlhorwitzlaw.com.
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Press Release Contact Information:
Mark Horwitz
Law Offices of Mark L Horwitz PA
Attorney
17 E Pine Street
Orlando, FL
USA 32801
Voice: 866-784-0023
Website: Visit Our Website |
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