IRS Extends the OVDI Deadline
Read this message if you are a US Citizen, Permanent Resident (Green Card holder), or a Resident of United States on Work permit such as H1/L1.
Are you aware that you are required to file FBAR form for each calendar year, if total balances of your bank/stock/mutual fund accounts, outside US exceeded $10,000 even for one day from year 2003 to 2010? Failure to file this report is liable for penalty of up to 50% of the Foreign Account Balance and up to 10 years jail time.
File for Amnesty and save yourself from huge penalties and criminal prosecution. Mytaxfiler can help you in preparation of paperwork required for participation in the Offshore Voluntary Disclosure Program, and also look for possible areas for applicability of lower penalty rates. If you wish to discuss the 2011 OVDI, or have unresolved tax liabilities or pending federal or state tax disputes, and need assistance, please do not hesitate to call us and discuss with our professionals.
Visit this link for details - http://www.irs.gov/newsroom/article/0,,id=243127,00.html.
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