Just want to point out that you could have reported missing reports of foreign bank accounts under the IRS amnesty disclosure initiative which just ended on aug

Just want to point out that you could have reported missing reports of foreign bank accounts under the IRS amnesty disclosure initiative which just ended on august 9, 2011. This program also covers 5471's, which hit me pretty hard. If you own even a single share in a foreign business AND your parents own shares, those shares are attributable to you in terms of determining if you have a controlling interest in that company. If you have over a certain percentage, you are required to file 5471's. I just filed over 80 5471s for various companies for tax years since 2003. My tax accountant said that the IRS has been nothing other than 'foaming at the mouth insane' about collecting penalties, and that it is their attitude that any failure to disclose is treated as an attempt to defraud or conceal information from IRS, and that without exception, IRS always levies the maximum penalty possible. So, that would have been 800,000$ penalties for me. Bear in mind that I already declared to IRS and paid taxed on any and all income earned from these foreign companies. I can only hope they enjoy perusing my 400+ page filing. Apparently someone has to type it all in. Love to do my part to keep federal employees employed. http://www.irs.gov/newsroom/article/0,,id=210027,00.html http://www.irs.gov/newsroom/article/0,,id=210027,00.html