IRS Posts Form Letter for Voluntary Disclosure of Offshore Accounts

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The IRS continued its efforts to encourage taxpayers with foreign financial accounts to participate in its voluntary disclosure program. As part of these efforts, the IRS posted a form letter on its website on July 29. The form letter, which is not mandatory, provides a helpful checklist of information that is required if a taxpayer wishes to participate in the voluntary disclosure program. In order to participate in the program, certain requirements must be met, and the submission must be made by September 23, 2009, as discussed in our prior Alerts: Recent IRS Guidance Gives Certain Investors in Foreign Private Investment Funds Breathing Room Until September 23, 2009 for Potential FBAR Filings, IRS Announcement Permits Use of Old Definition of 'U.S. Person' for June 30, 2009 FBAR Filing.

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