What are the penalties for not filing an FBAR, and how does the Streamlined program help?

FBAR penalties depend on intent. Non-willful violations — you simply didn't know — can run up to roughly $16,000 per violation (inflation-adjusted), while willful violations can reach the greater of about $160,000 or 50% of the account balance, plus potential criminal exposure. That's why fixing past years properly matters. The IRS Streamlined Filing Compliance Procedures exist for people whose failure was non-willful: you file (or amend) the last three years of tax returns and six years of FBARs, certify the conduct was non-willful, and pay any tax due. The domestic version carries a 5% penalty on the unreported foreign assets; the version for those who lived abroad can carry no penalty. This is the standard, far cheaper path for immigrants who genuinely didn't know. Don't quietly file old FBARs without advice — choosing the right program is the key decision. Talk to a cross-border tax attorney or CPA.