The IRS is offering people with undisclosed income from offshore accounts an opportunity to participate in a new, voluntary disclosure initiative in order to get current on their filings. The 2011 Offshore Voluntary Disclosure Initiative (OVDI) will be available only through Aug. 31, 2011.  Also, if you have a direct or indirect financial interest in, or signature authority over, a financial account maintained  in a foreign country, you may need to report that account to the IRS by June 30 of each year.  Failure to report when required could result in a penalty of $10,000 per violation or more.  If you have income from offshore accounts or have a foreign financial  account, please contact us quickly to help determine your filing requirements in order to meet your filing deadlines. 972-267-9191 or crystal@eandassociates.com