Re: foreign account reporting due July 2
As this year is the first year with the penalties coming into play, there may be a reduced audit rate, but I wouldn't count on anything. If you are not audited the first year you are still a very high priority to be audited within a few years. You are also more likely to be the type of people to be selected. The type now filing, that was typically non-compliant that may not be audited at as great rates are the kids on semester overseas and American ex-pats working overseas. In general, the larger your account, the more likely you will be to be audited. There is a detailed instruction form, it is tricky to find, I will post as soon as I can.
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