Penalties for US Citizens and Canadian Greencard Holders who have filed US tax returns

You are lucky. If you are a US citizen or greencard holder and filed timely US returns for January 1, 2003 to December 31, 2010 showing all your income earned abroad you can avoid all IRS penalties if you send in the IRS offshore accounts that need to be disclosed by August 31, 2011. 


You will have to include a letter explaining why you had not filed the information returns before August 31, 2011. There is no voluntary extension for 2010 returns and you will have penalties on this return.