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To correct the omission you would need to go back and amend your filings for those years to report the accounts and to include the interest on your returns.
Even interest less than $1000 is reportable.
The IRS will not impose a penalty for the failure to file the delinquent FBARs if you properly reported on your U.S. tax returns, and paid all tax on, the income from the foreign financial accounts reported on the delinquent FBARs, and you have not previously been contacted regarding an income tax examination or a request for delinquent returns for the years for which the delinquent FBARs are submitted.
FBARs will not be automatically subject to audit but may be selected for audit through the existing audit selection processes that are in place for any tax or information returns.
File the FBAR for those years now and amend your returns.
You are required to rate in a positive way (look for the STARS or SMILEY FACES) if I am to be credited with responding.
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