IRS Extends Voluntary Disclosure Deadline for Offshore Accounts 

On Monday, September 21, the IRS announced that it was extending the deadline for participation in its Voluntary Disclosure Program for Offshore Accounts from September 23, 2009 until October 15, 2009.  The IRS also announced that no further extensions will be granted.  The voluntary disclosure program provides for reduced civil penalties and the likely avoidance of criminal prosecution for those who come forward and disclose previously undisclosed offshore accounts and unreported income from those accounts.  Now that the IRS is expecting to receive over 4,500 names of UBS account holders, all taxpayers with offshore accounts, particularly those with UBS accounts, should consider particpating in the program and seek the advice of tax counsel.