IRS Announces the Second Voluntary Disclosure Initiative for Undisclosed Foreign Financial Accounts


On February 8, 2011, the IRS announced a special voluntary disclosure initiative that will be available through August 31, 2011, for taxpayers who have undisclosed foreign financial accounts.

Individuals and entities subject to the jurisdiction of the United States are required to submit Form TD F 90-22.1, the Report of Foreign Bank and Financial Accounts (FBAR), on or before June 30 of each year to report any financial interest in or signature authority over foreign financial accounts maintained during the previous calendar year if the aggregate value of those accounts exceeded $10,000. Taxpayers who fail to file FBARs could potentially face both criminal prosecution and civil penalties of up to 50 percent of the total balance of the foreign accounts for eachannual violation.

Please see full advisory below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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