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.