Taxpayers with undisclosed income from offshore accounts are under mounting pressure to come forward to the Internal Revenue Service.
The deadline for the second special voluntary disclosure initiative is Aug. 31, 2011, and affected taxpayers need to begin as soon as possible. The initiative – like the first program, which expired in 2009 – is designed to bring offshore money back into the U.S.
But unlike the first program, which merely required taxpayers to come forward by the deadline, the new initiative requires taxpayers to file all original and amended tax returns and include payment for taxes, interest and accuracy-related penalties.
