IRS announces Second Special Voluntary Disclosure Initiative on February 8, 2011 

IRS issued a news release on February 8, 2011:  Second Special Voluntary Disclosure Initiative Opens; Those Hiding Assets Offshore Face Aug. 31 Deadline.  Most taxpayers who have improperly reported their foreign bank accounts have done so unknowingly, and not as a result of trying to "hide assets." However, the IRS is still targeting those taxpayers, and they would be well advised to consult legal counsel to determine whether they have properly reported foreign bank and brokerage accounts, as well as foreign assets, and whether they would be candidates for the Second Voluntary Disclosure Initiative. Taxpayers should not delay, as all necessary returns must be filed by the program end date of August 31, 2011.  The tax controversy attorneys at Chicoine & Hallett are available to answer questions and provide additional information on the new program.