It probably seemed like yesterday when you asked for that tax extension. But time flies when you’re not thinking about tax returns.
Oct. 15 is the deadline for taxpayers who requested a six-month extension to file their 2008 tax returns, according to IRS spokesman David Stewart. It’s also the deadline for special voluntary disclosures by taxpayers with assets in previously undisclosed offshore financial accounts.
Those who don’t voluntarily disclose their accounts by the Oct. 15 may face harsh civil penalties and criminal prosecution, says Stewart.
If you want to initiate a voluntary disclosure, call your local IRS Criminal Investigation Office. You or your representative can contact the nearest Special Agent in Charge and ask for the disclosure. You can also write a letter with the info needed to assist the IRS in determining your acceptance into the voluntary disclosure program.
Those serving in Iraq, Afghanistan, and other combat zones or taxpayers affected by recent natural disasters can wait until after the 15th to file.
For more information, call the IRS Voluntary Disclosure Hotline (215-516-4777) or check out the IRS Web site.
So take care of your taxes. This is one deadline that you can’t afford to miss.
