I forgot to do my tax return

So as long as the balance stays under $10,000, you don't have to file the information?  I am in the middle of working with my accountant to figure out my taxes (I have an extension).  She asked for that form for any foreign bank accounts, but on a joint account that has never had more than £1000, we shouldn't have to worry right?

My husband claims we pay taxes on it here in the UK.

ETA: We've given the accountants the information on this account, and we aren't trying to avoid any taxes.  Just I don't want the PITA of filling out another form we don't need to file.

Well now that I know about this lovely form, I am going to do one for this year but woe betide me if I have to go back and do them for years past.
Don't fancy going to jail for 24 years either  :\\\'(

The FBAR is a highly complex form required under the 1970 Bank Secrecy Act.  It is not a tax form.  If you had signature authority or a financial interest in aggregate in foreign bank or financial accounts (including many pensions, mutual funds, ISAs etc) and even for a second the balance exceeded $10,000 you are required to file.

The form instructions are abysmal but given that the penalty for non-wilful late or incorrect filing is $10,000 a time it is foolish not to file.

Failure to file where one knows it is due is doubtless something that FinCen or the IRS might regard as wilful.  Civil penalties for wilful failure are 50% of the balance or $100,000 whichever is greater.  Criminal penalties add more fines plus incarceration.  Jail time is quite common for these forms.

International tax compliance is on the front page of the President's Budget.  It is important to Congress and in terms of raising money for America.

Whether you pay tax on  bank or financial account is irrelevant as these are not tax returns.  They are information returns required under the Bank Secrecy Act.

What has changed is that the IRS are now determined to collect the penalties to raise revenue and to encourage others to comply.