I have an account in a foreign bank.It is a CD that I opened 8 years ago for my son's college. I have never touched the interests. It has generated $3400. I never reported it in my incometax. I just found out that there is an amnesty until september 23 to be able to do so. My question is. Do I report all the intersts $3400 on my 2008 income tax ( I filed an extension) or do I do amendments and go back 6 years. Please help, they are the only savings I have.
1 Answer from Attorneys
First of all, you need to consult with an attorney because, depending on the facts of your case, there could be serious considerations as to your disclosure ranging from large monetary penalties to possible criminal sanctions. Also, depending on the facts of your case, you might not be eligible for the program. You must not only report the income but also file Foreign Bank Account Reports (FBARS) for each of the years.
The direct answer to your question is no. You must amend each year's return and report the additional income for that year.
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