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Major Changes in IRS Policies for Unreported Foreign Accounts

Spring B

Effective July 1, 2014, some IRS penalties on undisclosed foreign accounts will be lowered from 27.5% to 0%, and some will be raised to 50% - kind of depending on whether your bank is under investigation already or not. Additionally, more people are eligible for the Streamlined Filing Compliance Procedure - even people in the US and those with more taxes owed. Worth checking out details if you still have unreported foreign accounts.

See also

The US taxation systemTaxes questionsJ1 American income + J2 French incomegiving up ‘domicile of choice', UKHow to apply for an SSN
HaileyinHongKong

How do we choose the 0% penalty?  That sounds like the best option.