The IRS formed the 2011 Offshore Voluntary Disclosure Initiative (OVDI) to encourage taxpayers to disclose their hidden foreign accounts and entities, in order to get into compliance with US tax laws. With an original deadline of August 31, 2011, the IRS decided to extend the due date for OVDI requests to September 9, 2011, due to the potential impact of Hurricane Irene on many states.
Taxpayers who disclose their foreign accounts and entities may avoid criminal prosecution. In specific cases, the OVDI penalties are lower than other applicable IRS penalties and those who qualify should act immediately before the deadline. Interested taxpayers will need to file OVDI letters and tax documents and pass a pre-clearance screening process before submitting full disclosure. Taxpayers who are applying for OVDI and need help calculating their costs should contact experienced tax professionals who can answer all their questions and assist with this process.
US Tax Shield offers a free, no obligation consultation to help taxpayers make the right decision and avoid extensive penalties. We will work with you to assess your situation and find an optimal solution. The extended OVDI deadline is fast approaching and it is crucial to act immediately to become compliant with the law. For those who are unable to make a complete submission before the deadline, a 90-day extension may be requested. The extension must be properly filed before September 9, 2011 in order to be accepted.
If you are eligible for OVDI, it could save you thousands of dollars and prevent even bigger problems with the IRS, including potential criminal prosecution. Call US Tax Shield today at 877-829-3535 or send an inquiry through our website at ustaxshield.com.