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Latest revision as of 20:30, 31 January 2025
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In 2011, the IRS in conjunction with Congress, made a call to have a more rigorous disclosure policy on foreign incomes containing a new FBAR form that requires more detailed disclosure data. However, the IRS is yet release a this new FBAR shape. There is also an amnesty in place until August 31st 2011 for taxpayers who don't fill form FBAR combined years. Conscientious decisions to not fill the FBAR form will result a punitive charge of $100,000 or 50% within the value in the foreign account for the year not published.
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