The IRS OVDI and OVDP (Offshore Voluntary Disclosure Initiative/Program) programs for disclosure of control over foreign accounts have been in place for several years and the most recent version does not have an expiration date. If you have not previously made disclosures then you definitely want to without delay.
Why the rush? Generally, it is better to disclose to the IRS before the IRS finds you.
Why now? The U.S. Government is in the process of negotiating agreements to expand from four to 50 foreign countries that will permit the IRS to obtain bank account information on U.S. citizens having accounts in foreign banks. This could have profound results for those who have not disclosed their control over foreign bank accounts.
For more information on IRS offshore voluntary disclosure programs, disclosure of foreign assets, or other tax law concerns, contact Horowitz Law Offices