What is FBAR? How much are FBARs Penalties?

What is FBAR? What are the FBARs penalties? Per the recent IRS audit statement, post-assessment FBARs penalty cases are considered priority cases and should be processed expeditiously. Moreover, these cases must be completed and approved within 60 days of assignment. What is FBAR? The history of the FBARs goes back...
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FBARs (Report of Foreign Bank and Financial Accounts)

Many American expatriates living abroad and dual citizens are required annually to report foreign bank and financial accounts to the U.S. government on Form TD F 90-22.1, (often referred to as FBARs) and are required to pay U.S. tax on income of those foreign accounts, as appropriate. FBAR stands for Report...
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