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Revision as of 17:28, 10 November 2024
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In 2011, the IRS in conjunction with Congress, made their minds up to have a more rigorous disclosure policy on foreign incomes which includes a new FBAR form demands more detailed disclosure info. However, the IRS is yet to produce this new FBAR form. There is also an amnesty in place until August 31st 2011 for taxpayers who failed to fill form FBAR in past years. Conscientious decisions to be able to fill out the FBAR form will result a punitive charge of $100,000 or 50% for the value the actual foreign be aware of the year not reported.
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