The Internal Revenue Service has extended the due date until Sept. 9, 2011, for taxpayers with undisclosed foreign bank accounts to participate in its latest offshore voluntary disclosure initiative.
The IRS made the announcement Friday night, warning of the potential impact from Hurricane Irene over the weekend. The voluntary disclosure program had been scheduled to expire on Aug. 31 (see IRS Warns of Deadline for Disclosing Offshore Accounts). An earlier version of the Offshore Voluntary Disclosure Initiative expired in 2009 and prompted approximately 15,000 voluntary disclosures of accounts in banks in more than 60 countries.
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