In case you have missed the recent press coverage on unreported foreign bank and other financial accounts, the IRS announced a second amnesty initiative earlier this year.  

The good news, if you have not already disclosed your foreign financial accounts, is that under the amnesty you can avoid criminal prosecution and get back into the system at a relatively low cost. 

The cost of the amnesty is filing amended tax returns for the 2003-2009 tax years, paying tax, interest and penalties on the unreported income, and paying a 25 percent penalty on the highest balance in the accounts during that same time period. 

Based upon our experience, this will leave taxpayers with about 60 percent of the balance of their account. 

The bad news is that you have to complete a three-step process by August 31, so time is running out. If you...