IRS Announces 90 day Extension with OVDI Program

The IRS has announced a 90 day extension for compliance with the OVDI Program (Offshore Voluntary Disclosure Initiative).  Under this program, delinquent FBAR filings can be made at reduced penalties---or in some cases no penalty at all.

The deadline for full compliance is Aug 31, 2011.  But a lot of information is required --- such as bank and brokerage statements going back to 2003.  

Recognizing that many people would have trouble meeting the deadline,  the IRS is allowing an extension.  The extension must be requested in writing  by Aug 31, the taxpayer must have made a "good faith" attempt to comply by the deadline, and certain detailed information must be included. 

See link below for more information:

IRS Extends Voluntary Disclosure Deadline FBAR Offshore Accounts