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Revision as of 03:35, 12 November 2024

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In 2011, the IRS in conjunction with Congress, decided to have a more rigorous disclosure policy on foreign incomes including a new FBAR form demands more detailed disclosure info. However, the IRS is yet to push out a this new FBAR form. There is also an amnesty in place until August 31st 2011 for taxpayers who in order to fill form FBAR in past years. Conscientious decisions not to know fill the actual FBAR form will result a punitive charge of $100,000 or 50% within the value the actual planet foreign account for the year not seen.

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