What’s good for the goose is good for the gander. So it goes for offshore accounts.
Offshore accounts have had a high place on the IRS’ radar since 2009, with the IRS’ first push for taxpayers to seek amnesty for unreported offshore accounts through voluntary disclosure. Earlier this year, Alec Harrington let you know about the IRS’ 2011 Offshore Voluntary Disclosure Initiative. The last day to participate in this 2011 Initiative is August 31, 2011, only 36 days from now. The IRS has strict rules about beginning participation in the Initiative, and in navigating through the program if accepted. Despite some of the IRS’ rules, however, not participating in the 2011 Initiative is wrought with the risk of severe penalties for nondisclosure and possible criminal investigation and prosecution.
If you have questions about your tax situation, please call me at 415-781-4000.