The IRS had an offshore disclosure initiative in 2009, but it has expired. However, on February 8, 2011 it announced a new Offshore Voluntary Disclosure Initiative to enable those with undisclosed foreign bank accounts to avoid criminal prosecution and get back into the system. The deadline for this new program is August 31, 2011. Please contact Mr. Cohen to discuss if this program would be advisable for you, and how the civil penalties would affect you.
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