Jan 122012
 
IRS Reopens Offshore Voluntary Disclosure Program (OVDP)

Previously, we posted a blog detailing the announcement by Credit Suisse Group AG, Switzerland’s second-biggest bank, that it intended to disclose confidential client account data to the Swiss tax authorities, who would then decide whether to disclose it to the IRS.  At that time, we examined the closure of the 2011 “voluntary disclosure” program, wherein those with offshore undisclosed accounts are given the opportunity to report their holdings without fear of criminal prosecution, and speculated as to whether the IRS would extend another opportunity for Credit Suisse clients to make a full and voluntary disclosure. Now it appears that the More…

Jan 052012
 
IRS Extends Deadline To File 2011 Income Tax Returns

In a pleasant turn of events, the IRS has announced that taxpayers will have two extra days to file their tax returns for their 2011 income taxes. Taxpayers will have until Tuesday, April 17 to file their 2011 tax returns and pay any tax due.  This is because April 15 falls on a Sunday, and Emancipation Day, a holiday observed in the District of Columbia, falls this year on Monday, April 16.  The Emancipation Day holiday celebrates the day in 1862 when President Lincoln signed the Compensated Emancipation Act, which freed about 3,100 slaves in the district.  According to federal law, More…