IRS extends undeclared income tax amnesty deadline

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The Internal Revenue Service is extending until Oct. 15 its tax amnesty program for U.S. taxpayers with undeclared income in foreign accounts, according to an IRS statement.

big calendarIRS officials said the one-time extension is in response to the repeated requests of tax professionals, who said they have been inundated with requests for help and have been unable to provide the necessary assistance to who want to use the amnesty period, according to published reports.

Originally set to expire Wednesday (Sept. 23), the program began in March, one month after Swiss bank UBS turned over of names of more than 250 accountholders as part of a criminal settlement.

The response to the program has been great. More than 3,000 taxpayers had come forward; just 88 had come forward in 2008, according to the Wall Street Journal.

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