On February 8, 2011 the Internal Revenue Service (“IRS”) announced a special voluntary disclosure initiative (“VDP”) designed to bring offshore money back into the U.S. tax system and to help people with undisclosed income from hidden offshore accounts become current with their taxes. The VDP will be available through Aug. 31, 2011 and taxpayers participating in the VDP must file all original and amended tax returns and include payment for taxes, interest and accuracy-related penalties by the Aug. 31 deadline. 

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