If a US citizen has investments in mutual funds / bank accounts in India but not reported to the IRS due to being unaware so far of the reporting requirements, what steps must they take to get back into compliance?
Specifically for how many previous years, one needs to: amend returns, file 8938/8621 and FBAR? Anything else? Thanks.
For FATCA - Summary of FATCA reporting for U.S taxpayers gives the requirements for filing. You may need to file up to 6 years of returns. You could potentially get by with just 3 years of amended returns. If you really just didn't know better, 3 years of amended returns should be sufficient. If you file 6 years, you are shielded from criminal prosecution.