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In 2011, the IRS in conjunction with Congress, smart idea to have a more rigorous disclosure policy on foreign incomes which includes a new FBAR form that requires more detailed disclosure data. However, the IRS is yet release a this new FBAR variation. There is also an amnesty in place until August 31st 2011 for taxpayers who failed to fill form FBAR combined years. Conscientious decisions to not fill the actual FBAR form will result a punitive charge of $100,000 or 50% within the value the actual foreign be the cause of the year not seen.

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