In a news release, IR-2011-84, Aug. 8, the IRS reminds taxpayers that the August 31 Deadline is fast approaching for the second special voluntary disclosure deadline initiative of offshore accounts.
U.S. taxpayers are running out of time to take advantage of a soon-to-expire opportunity to come forward and get their taxes current with the Internal Revenue Service. Taxpayers with undisclosed offshore accounts have until August 31 to voluntarily come forward and pay tax on the undisclosed assets. Taxpayers hiding assets offshore who do not divulge the income could face higher penalties and potential criminal charges compared to those who come forward.
Further details about this initiative are provided in a series of questions and answers.