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In 2011, the IRS in addition to Congress, smart idea to have a more rigorous disclosure policy on foreign incomes containing a new FBAR form that needs more detailed disclosure of data. However, the IRS is yet to push out this new FBAR sort of. There is also an amnesty in place until August 31st 2011 for taxpayers who did not 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% within the value on the foreign be aware of the year not stated.

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