IRS Announces New Voluntary Disclosure Program

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On February 8, 2011, the U.S. Internal Revenue Service announced a special voluntary disclosure initiative designed to bring offshore funds back into the United States tax system. The deadline for participation in the program is August 31, 2011. Internal Revenue Commissioner Douglas Shulman calls this new initiative "the last, best chance for people to get back into the system."

The new program comes on the heels of the first initiative (the 2009 Offshore Voluntary Disclosure Program or "2009 OVDP"), announced in March 2009, which resulted in more than 15,000 voluntary disclosures before ending in October 2009. Since that date, more than 3,000 additional taxpayers have come forward making disclosures to the Internal Revenue Service with respect to their offshore foreign arrangements.

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