Important IRS Deadline Looms for Foreign Financial Accounts


DEADLINE - August 31, 2011: Owners or signatories of financial accounts outside of the United States may escape criminal prosecution and reduce civil penalties by participating in the IRS Offshore Voluntary Disclosure Initiative. The objective of this amnesty program is to bring U.S. taxpayers with undisclosed foreign accounts, foreign entities, foreign trusts, and foreign gifts into compliance with U.S. tax laws.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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