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The IRS Seriously Isn’t Kidding Around About Your Last Chance to Declare Your Offshore Income

IRS_logo-thumb-150x140.jpgThe IRS has decided to give offshore tax scofflaws almost an extra month to rethink their cheater-cheater pumpkin-eater ways, extending the deadline to October 15th from September 23rd. According to the Service, this will be the absolute, final, drop dead chance for offshore account holders to come forward.
Apparently the IRS means biz-nass as 3,000 account holders have already come forward to declare their offshore income. This is compared to less than the 100 taxpayers that came forward all of last year.
You could safely assume that the public flogging of UBS in front of the entire world helped get the IRS’s point across. So now the extension of the deadline seems to be a friendly reminder that you have ONE LAST CHANCE to play ball.
Plus, the Service must have come to their senses and realized that a tax deadline on the 23rd really doesn’t seem to make a damn bit of sense.
IRS extends tax amnesty deadline to October 15 [Reuters via Tax Prof Blog]