IRS has announced a new limited amnesty program for secret foreign accounts. The program will allow taxpayers to pay penalties and avoid jail time.
The penalties are 25% of foreign account assets, not the 20% of the prior amnesty. The program applies all years since 2003. With the IRS going after foreign banks with a US presence (i.e. USB who turned over 4,500 account holders) the owners will be found out eventually and more substantial consequences will follow.
The deadline for this amnesty program is August 31.