Holders of foreign bank accounts can thank Hurricane Irene for one thing.
Due to the potential impact of Hurricane Irene, the Internal Revenue Service has extended the due date for Offshore Voluntary Disclosure Initiative, or OVDI, requests until Sept. 9.
This is the IRS's latest effort to find out about and collect on offshore accounts. While it's popularly called a tax amnesty, Harry Miller and I chatted earlier today -- when the deadline was Aug. 31 -- about the OVDI advantages and requirements.
The IRS isn't issuing anyone a "get out of offshore account tax liability free" card, but if you have a foreign account, it might well be worth disclosing it now. And now means Sept. 9.