The Internal Revenue Service announced a new disclosure initiative to encourage people to bring money held offshore back into the U.S. tax system. Individuals can bring their money back into the U.S. system, provided they pay a penalty, back-taxes and interest for as many as eight years, the IRS said. Some of the penalties will be as great as 25% of the amount in the foreign bank accounts in the... Continue reading IRS Launches New Disclosure Program For Offshore Funds IRS Launches New Disclosure Program For Offshore Funds originally appeared on DailyFinance on Wed, 09 Feb 2011 07:22:00. Filed Under: Taxes Permalink | Tweet this! | Comments