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However, the IRS is yet release a this new FBAR form. There is also an amnesty in place until August 31st 2011 for taxpayers who failed to fill form FBAR in past years. Conscientious decisions in no way fill the FBAR form will result a punitive charge of $100,000 or 50% on the value in foreign keep an eye on the year not published. The increased foreign earned income exclusion, increased tax bracket income levels, and continuation of Bush era lower tax rates are all good news for everyone American expats.