The Foreign Bank Account Report (FBAR) is an important form that U.S. taxpayers with foreign financial assets must file annually. It is important to understand your FBAR filing requirements, as failure to file an FBAR can result in substantial penalties. Additionally, it is important to keep accurate records of your foreign financial assets and to report any foreign income on your U.S. tax return. By staying compliant with FBAR filing requirements, you can avoid potential legal and financial consequences.