Foreign Account Reporting Deadline Extended to September 9

For those of you who have unreported foreign financial accounts, today the IRS extended the deadline for reporting the accounts to September 9.  The previous August 31 due date was extended because of Hurricane Irene.  This may very well be the last chance to report these accounts and take advantage of reduced penalties. Taxpayers who have or had foreign financial accounts who do not self report by September 9 will be subject to enormous penalties if the accounts are later discovered by the IRS.

In order to participate in the self reporting program, complete information must be submitted to the IRS by September 9.  If you have unreported foreign financial accounts, I urge you to contact your tax professional  to get the ball rolling.  Time is running out.