Yes - you might need to act today.
Taxpayers with unreported income relating to offshore transactions who wish to voluntarily disclose the information to the IRS can find information on the process.
IRS Extends Deadline for Disclosing Hidden Offshore Accounts until Oct. 15, 2009 - http://www.irs.gov/newsroom/article/0,,id=213463,00.html
Please do not mix two requirements:
-- to report income regardless if it is received in the US or abroad according to the tax rules - amnesty doesn't cover that requirement.
-- to report foreign accounts under Title 31 (not under any provision of the Internal Revenue Code) - regardless in such account generated taxable income or not. - amnesty covers this requirement.
As a US citizen - you is required to report all taxable income worldwide. Regardless if the money are transfered to the US or left abroad - interest income should be reported.
Foreign accounts should be reported if the value of the account exceeds $10,000 at any time during the calendar year - you would check the box on the schedule B, and fill the Form TD F 90-22.1 - http://www.irs.gov/pub/irs-pdf/f90221.pdf
see details here -- http://www.irs.gov/businesses/small/article/0,,id=148849,00.html
Please find here exact wording from the reference above...
If you own or have authority over a foreign financial account, including a bank account, brokerage account, mutual fund, unit trust, or other types of financial accounts, then you may be required to report the account yearly to the Internal Revenue Service. Under the Bank Secrecy Act, each United States person must file a Report of Foreign Bank and Financial Accounts (FBAR), if
If you already filed tax return - form 1040X should be filed - include any interest on your account and attach schedule B.
Form TD F 90-22.1 - if needed - should be sent separately.
Let me know if you need any help.
Tax Preparer
Taxes, Immigration, Labor Relations