Second Special Voluntary Disclosure Initiative Opens; Those Hiding Assets Offshore Face Aug. 31 deadline

The first program like this was sold to be a taxpayer's only opportunity to come in from the cold and disclose offshore assets and income and face lesser penalties and interest. The IRS provides support for "just give me one more chance" with a second voluntary disclosure initiative for unreported off shore assets and income.

The new program allows taxpayers to make disclosure of unreported income. Penalty reduction is available under the program provided taxpayers meet the August 31, 2011 filing deadline.

Second Special Voluntary Disclosure Initiative Opens; Those Hiding Assets Offshore Face Aug. 31 deadline