On August 26, 2011, the IRS extended the deadline for new applicants to the OVDI program and to those previously admitted to the program but seeking extension to: September 9, 2011. For those admitted to the program but need more time to gather required documents, including but not limit to, bank records, amended tax returns, FBAR forms, etc. for tax years 2003 through 2010, an extension until up to November 29, 2011 is possible. It is important to note there are specific steps to take to request an extension and that the extension offered is not an automatic extension. As such, absent an approved IRS extension for the OVDI program or completion of the program by the September 9, 2011 deadline, your rights may be affected.
The decision as to whether an individual should participate in the OVDI is difficult; seek the assistance of a qualified attorney immediately.
Contact Moskowitz, LLP for more information.