More time allowed to report hidden offshore income

Filed under: Daily News | Tags:,

The Internal Revenue Service is extending the deadline for voluntary disclosure of unreported income from hidden offshore accounts.

Taxpayers now have until Oct. 15 to make that disclosure, the IRS said, adding that there will be no further extensions.

Under rules issued in March, taxpayers with hidden offshore accounts originally had until Sept. 23.

Officials said they decided to extend the deadline after receiving repeated requests from tax practitioners and attorneys.

Those who fail to report offshore income by the new deadline face civil penalties and possible criminal prosecution.