As anticipated, undisclosed government sources have confirmed that the IRS is extending the deadline for U.S. taxpayers with undisclosed foreign bank accounts to come forward and participate in the special voluntary disclosure settlement initiative.

U.S. authorities have been very busy negotiating agreements with other counties that will make it easier for the U.S. to identify and prosecute U.S. taxpayers hiding money and assets overseas.

The IRS recently reaffirmed its commitment to combating offshore tax evasion by forming a new elite unit of professionals dedicated to investigating and auditing offshore tax evasion by U.S. taxpayers.

The agreement requires UBS to turn over approximately 4,500 names of US taxpayers with foreign accounts.  However, UBS is not required to turn over any names until AFTER the September 23 deadline for US taxpayers to voluntarily disclose their accounts using the offshore account settlement initiative.