IRS Announces Voluntary Disclosure Program of Foreign Bank Accounts

The Deadline is near for voluntary disclosures ... the deadline for making a voluntary disclosure under the IRS' special USB/International effort is almost here.   October 15, 2009 is the current deadline for taxpayers to take advantage of some incentives offered by the IRS to encourage them to come forward to report previously unreported income and ownership of foreign bank accounts. The IRS initiated a voluntary disclosure program for people who need to file original or amended FBAR reports for earlier tax years.
 
People who have or had bank accounts and other financial accounts abroad and/or desire to participate in the special IRS voluntary disclosure process should should seek advice from a well qualified accountant or attorney when deciding how to file their late FBARs.  A taxpayer may call the phone number associated with the Country in which they reside. See Contact IRS About Voluntary Disclosure. (Updated 7/29/09)