IRS Announces Amnesty to Declare Offshore Accounts

U.S. taxpayers with hidden offshore accounts will have a second chance to disclose them to the government without being criminally prosecuted, the Internal Revenue Service said.

The new voluntary disclosure program will require those who come forward to pay up to 25 percent of the highest annual amount in the account from 2003 through 2010, plus back taxes, interest and other tax penalties for those years. The program expires Aug. 31.