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Didn’t File FBAR on Your Foreign Bank Account? The Penalty Is $10,000. Streamlined Filing May Reduce It to Zero.
If you held a foreign bank account with a balance exceeding $10,000 at any point during the year, FBAR filing was required. Missing that deadline triggers IRS penalties starting at $10,000 per account, per year, for non-willful violations. Willful violations can reach 50% of the highest account balance per year. The IRS Streamlined Filing Compliance