Tax
Jul. 20, 2011
IRS foreign account amnesty still possible
Taxpayers, there is still time to declare previously hidden income and foreign accounts. By Robert W. Wood of Wood LLP
The Internal Revenue Service continues to remind taxpayers that it's not too late to declare previously hidden income and foreign accounts. The IRS 2011 Offshore Voluntary Disclosure Initiative (OVDI) runs through August 31. In some cases, the IRS will even extend the deadline until November 29. But if you want to take advantage of this amnesty you need to act soon.
U.S. taxpayers must report their worldwide income, even earnings t...
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