Will Taxpayers Ante Up to Participate in Round Two?: The IRS Offers a New Voluntary Disclosure Program

In February 2011, the IRS announced the creation of a second voluntary disclosure program for taxpayers with unreported foreign assets (2011 VDP), which differs significantly from the 2009 voluntary disclosure program. According to the IRS, “this new effort gives those hiding money in foreign accounts a tough, fair way to resolve their tax problems once and for all. And it gives people a chance to come in before we find them.”