It was, in fact, Ronald Reagan who first proposed in the 1970s the Earned Income Tax Credit (EITC) that has done so much to reduce income tax liabilities for lower income people.

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The measure would repeal their current ability to deduct 6% of their oil and gas production income from their tax liabilities.

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It includes more obvious items, such as copies of original and amended tax returns, sources of income, properties owned directly or leased, and liabilities.

WSJ: IRS Unit Targets Wealthy With Tough Audits

The IRS will not impose a penalty for the failure to file the delinquent FBARs if there are no underreported tax liabilities and the taxpayer has not previously been contacted regarding an income tax examination or a request for delinquent returns.

FORBES: New Streamlined Filing Compliance Procedures for Non-Resident U.S. Taxpayers