The IRS announced a special voluntary disclosure initiative to attract people with undisclosed income in foreign accounts to get current with their income taxes. This is the second voluntary disclosure initiative by the IRS (the first voluntary disclosure initiative was in 2009) and will be available through August 31, 2011. The new initiative contains a higher penalty framework that requires individuals to pay a penalty of 25 percent of the amount in the foreign accounts in the year with the highest aggregate account balance covering the 2003 to 2010 time period. Some taxpayers may be eligible for 5 or 12.5 percent penalties. In addition, taxpayers participating in the initiative must file all original and amended returns and include payment for back taxes, interest and accuracy-related and/or delinquency penalties for up to eight years by August 31, 2011 (IR-2011-14 (February 8, 2011)). The 25 percent (12.5 percent or 5 percent) penalty is in lieu of any FBAR and information return penalties (Memorandum from Steven T. Miller, IRS Deputy Commissioner for Services and Enforcement, March 1, 2011).