Hello, I have interest from foreign account which got missed in my tax filing during last 2 years as I never got 1099 like form. Was not aware of FBAR form either. The principal which earned interest was originated from US only and full tax was paid on principal. Can I simply file an amendment of my last 2 years taxes or anything more required? Can IRS penalize me if I simply file amendments? I am not sure how this is different if I missed one 1099 from a US bank.
When I googled..folks are talking about Streamlined Filing Compliance Procedures. That involves penalty 5% on entire balance and much more. I am so confused and sleepless as this is my hard earned money. I paid taxes every year and ready to pay missing reported interest. PLEASE PLEASE HELP!
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You definitely need to amend the returns for the years that you left off this interest.
And you need to file the FBARs if you are required to. Here is a link to the IRS website, which indicates that you may not be penalized if you reported all your taxable income and you haven't already been contacted by the IRS about the delinquent FBARS. https://www.irs.gov/Individuals/International-Taxpayers/Delinquent-FBAR-Submission-Procedures
You definitely need to amend the returns for the years that you left off this interest.
And you need to file the FBARs if you are required to. Here is a link to the IRS website, which indicates that you may not be penalized if you reported all your taxable income and you haven't already been contacted by the IRS about the delinquent FBARS. https://www.irs.gov/Individuals/International-Taxpayers/Delinquent-FBAR-Submission-Procedures
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