Hefty penalties can come your way if you meet the Foreign Bank Account Report (FBAR) filing requirements but failed to file—whether you didn’t know you had to file or you simply forgot.
Penalties range from around $16,000 to over $160,000 depending on your circumstances as an expat, and whether the IRS deems your failure to file to be willfull or not. See the IRS website for the latest FBAR penalties.
To avoid these fines, with the Streamlined Procedure you can make up years of back taxes and FBARS for an affordable price, IRS penalty free.