As a result of Hurricane Irene and its aftermath of power outages, flooding and business closures, the IRS has extended the due date for its 2011 Offshore Voluntary Disclosure Initiative (OVDI) amnesty program. The original OVDI deadline was August 31, 2011 - that would have been this Wednesday. The new OVDI deadline is September 9, 2011.  So if you have funds in foreign financial institutions whose aggregate value is in excess of US$10,000, you need to immediately speak with tax counsel.  But don't stop there!  If you hold, own, have an interest in a foreign entity, and have not disclosed the existence of your holdings in that foreign entity, you need to immediately contact tax counsel.  And there is more!  If you own rental property in a foreign country and have not disclsoed the existence of that property or its income to the IRS, you need to speak with tax counsel - even if you have paid all foreign taxes due - you still need to report to the IRS!!  Failure to properly report your foreign assets can result in civil penalties, criminal penalties, or both! Do not delay!  The deadline for entering into the amnesty program is September 9!