Begun in February, 2011, this voluntary disclosure program is scheduled to end on August 31, 2011. That date may be extended, as was the 2009 voluntary disclosure program’s initial termination date. But, don’t count on it. This Initiative reflects the success of the 2009 program, which promoted over 15,000 voluntary disclosures. The Initiative’s purpose remains the same, to battle tax evasion attempted primarily through parking untaxed funds in foreign accounts where the IRS might not find them. A harsh option also remains the same: Either make a full disclosure and incur a variety of civil penalties, or bypass the opportunity and risk more severe penalties and the real possibility of criminal prosecution. The IRS website home page at www.irs.gov provides links to a full description of the 2011 Initiative’s provisions, as well as relevant questions and answers.
April 17, 2011
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