Here is a link to an article written by a client of mine John Dillinger who is a U.S. expert in International  Tax  that I thought had a bit of positive news for US Citizens & Dual Citizens regarding the tax situation.

http://goo.gl/eaojf

Here is Johns’ contact information should you have any questions or need some help with your IRS Foreign Reporting Requirements:

John Dillinger, CPA, PFS, MS.tax