August 07, 2011

IRS Voluntary Disclosure Deadline - August 31, 2011

As you may recall from our Planning Matters presentation last November with Will Todd of Davis LLP, the Internal Revenue Service (IRS) in the U.S. has increased their efforts towards gathering financial information from U.S. citizens living abroad. As part of this effort, the IRS developed the Voluntary Disclosure Program Initiative. The Program allows U.S. citizens living in Canada to fulfill their delinquent IRS filing requirements with limited or no penalties. The deadline for the IRS Voluntary Disclosure Program is August 31, 2011. Extensions are also available under certain circumstances.

More information is available from the IRS website http://www.irs.gov/newsroom/article/0,,id=234900,00.html

 If you believe the Voluntary Disclosure Program may apply to you or any of your family members, we strongly urge you to contact your tax professional immediately to see what can be done before the August 31^st deadline.

If you are not in contact with a tax professional, you can contact us and we can recommend individuals and firms with experience in these filings.

The attached does not constitute legal or other advice and is not intended to provide recommendations or offers to buy or sell any product or service.