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!
