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Monday, Sep 21 2009

Tax

Written by The Progressive Accountant

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The Internal Revenue Service has made a one-time extension of the deadline for special voluntary disclosures by taxpayers with unreported income from hidden offshore accounts, moving the deadline from September 23 until October 15.

Taxpayers who do not voluntarily disclose hidden accounts by the new deadline face much harsher civil penalties, where applicable, and possible criminal prosecution. The IRS said it had received repeated requests for an extension from tax practitioners and attorneys who are facing an influx of taxpayer requests.

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