Have an unreported Offshore Bank account?

The IRS 2011 Offshore Voluntary Disclosure Initiative (OVDI) will expire on Aug. 31, 2011. So, taxpayers who come forward voluntarily get a better deal than those who wait for the IRS to find their undisclosed accounts and income. New foreign account reporting requirements are being phased in over the next few years, making it ever tougher to hide income offshore. The IRS continues its focus on banksbanks and bankers worldwide that assist U.S. taxpayers with hiding assets overseas.

Source: IRS

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