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Note: The article author is not CPA or tax specialized. This article is for general information purposes, and might not be construed as tax advice. Readers are strongly encouraged to consult their tax professional regarding their personal tax situation.

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In 2011, the IRS in addition to Congress, made their minds up to have a more rigorous disclosure policy on foreign incomes containing a new FBAR form that requires more detailed disclosure details. However, the IRS is yet release a this new FBAR structure. There is also an amnesty in place until August 31st 2011 for taxpayers who wouldn'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% of this value in foreign be aware of the year not published.

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