Isaacson Isaacson
Sheridan & Fountain, LLP
101 W. Friendly Ave., Suite 400
Greensboro, NC 27401 
(336)  275-7626
 
 September 28, 2009
photo of Desmond
Greetings!

Isaacson Isaacson Sheridan & Fountain, LLP  sends out periodic emails with news and updates about legal issues and about our firm. We hope you find this information useful. If you prefer not to receive these emails, please click on SafeUnsubscribe below.  Of course, please email or call us if you would like to discuss any of these matters.  A listing of our attorneys and a link to their email addresses is below. 
 
This alert, from Desmond G. Sheridan, concerns a news release sent out by the IRS which extends the deadline for disclosing hidden offshore accounts to the IRS. 
 
IRS Extends Deadline for Disclosing Hidden Offshore Accounts 
 
We have written recently about IRS success in getting the Swiss Bank, UBS, to disclose the names of its American customers.  Note that not everyone on the list is a tax evader (there may be non-tax reasons for having a "secret" account).  However, the IRS established an amnesty program for persons with tax issues who are afraid they might be on the list.  The IRS just extended the deadline for the amnesty program to October 15, 2009.  The IRS news release follows:
 
The Internal Revenue Service today announced a one-time extension of the deadline for special voluntary disclosures by taxpayers with unreported income from hidden offshore accounts. These taxpayers now have until Oct. 15, 2009.
 
Under special provisions issued in March, taxpayers with these hidden accounts originally had until Sept. 23, 2009 to come forward. Those taxpayers who do not voluntarily disclose their hidden accounts by the new deadline face much harsher civil penalties, where applicable, and possible criminal prosecution.
 
IRS officials decided to extend this deadline after receiving repeated requests from tax practitioners and attorneys around the country following an influx of taxpayer requests. By extending the deadline for a short period of time, the IRS is providing relief for those taxpayers who had intended to come forward prior to the deadline, but faced logistical and administrative challenges in meeting it. The extension will allow tax preparers and attorneys the necessary time to interview and advise their backlog of taxpayers with these hidden accounts, and prepare the necessary paperwork to qualify for the special penalty provisions.
 
The IRS also announced that there will be no further extensions.
About the Writer

Desmond G. Sheridan is a partner in the Greensboro law firm of Isaacson Isaacson Sheridan & Fountain, LLP and is a certified public accountant.  His practice areas are business transactions, tax, corporations, limited liability companies, commercial real estate and estate planning.  Sheridan has served on the Board of Directors of the North Carolina Association of Certified Public Accountants and has been recognized as a "Best Lawyer in America," a North Carolina "Super Lawyer" and a member of the "Legal Elite" by Business North Carolina.  He has given numerous continuing education presentations to CPAs and attorneys.

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Isaacson Isaacson Sheridan & Fountain, LLP

101 W. Friendly Ave, Suite 400
Greensboro, North Carolina 27401
Isaacson Isaacson Sheridan & Fountain, LLP
336-275-7626
336-273-7293 fax
general email: [email protected] 
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