August 31 deadline is fast approaching for certain voluntary disclosures of foreign bank accounts and international information returns

Private Company Services Tax Insight

The IRS's Offshore Voluntary Disclosure Initiative (OVDI) will close on Wednesday, August 31, 2011. Taxpayers who are U.S. persons (e.g., individuals, corporations, partnerships, trusts) and who are not currently under examination should review their U.S. tax filing obligations for previous years to determine whether to use the OVDI to make a voluntary disclosure of:

  • Unreported income;
  • Failure to file Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts) ("FBAR"); or
  • Failure to file certain international information returns (e.g., Form 5471).

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