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Latest revision as of 02:12, 11 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 containing a new FBAR form that needs more detailed disclosure information and facts. However, the IRS is yet release a this new FBAR document. There is also an amnesty in place until August 31st 2011 for taxpayers who don't fill form FBAR in past years. Conscientious decisions not to ever fill out the FBAR form will result a punitive charge of $100,000 or 50% on the value inside the foreign be the reason for the year not stated.

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