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Revision as of 18:49, 4 March 2025

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In 2011, the IRS in addition to Congress, decide to have a more rigorous disclosure policy on foreign incomes including a new FBAR form that requires more detailed disclosure of data. However, the IRS is yet to liberate this new FBAR variation. There is also an amnesty in place until August 31st 2011 for taxpayers who failed to fill form FBAR in past years. Conscientious decisions not to know fill the FBAR form will result a punitive charge of $100,000 or 50% for the value in the foreign be aware of the year not published.

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