Q: What happens if an individual fails to report a foreign bank account?
A: If the IRS finds out you will face stiff penalties and interest and possible criminal charges. If this was nonwillfull then your best option is to file via the offshore voluntary disclosure program. You only have until September 28th. The paperwork can be difficult and confusing and you may want to hire an attorney to help you with it. You also want to make sure that your noncompliance was not willfull.
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