IRS will not impose penalties on delinquent Foreign Bank Account Reports
For taxpayers who have chosen to make voluntary disclosures to the IRS but who have failed to file the required Form 90.22-1, Report of Foreign Bank Accounts  over the years for which the disclosures are being made, the IRS has announced it will relieve penalties for late filings.
In order to avoid the penalty for failure to file a Form 90.22-1, the IRS asks that delinquent forms be filed by September 23, 2009. Copies of related tax returns must accompany the foreign bank account forms, as well as explanations stating why the reports are being filed late.
Delinquent Forms 90.22-1 should be mailed to:
Internal Revenue Service
11501 Roosevelt Blvd.
South Bldg., Room 2002
Philadelphia, PA 19154
Attn: Charlie Judge, Offshore Unit, DP S-611