What is an FBAR?

[Paladin69]

Listening to Trace Meyer here and he talks about needing to file an FBAR...  https://www.youtube.com/watch?v=kxQTcR4hoh8

My account at Mt. Gox has never had more than $10,000 in the account at one time, but I have done more than $10,000 in transactions over the many months.  I'm a bit confused on what to do here or what this means in terms of taxes owed.

[DeathAndTaxes]

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Foreign-Bank-and-Financial-Accounts-(FBAR)

I have never heard of transaction volume mattering for FBAR filing.  It only matters if the value of the account is >$10K. 

[Paladin69]

Awesome.  Very good to know.

[TheButterZone]

If you need to file an FBAR, prepare to get FUBAR?

[DeathAndTaxes]

If you need to file an FBAR, and didn't pay taxes on profits you should have paid taxes on anyways, prepare to get FUBARed!

FYPFY

Not really different than getting caught in any other type of tax evasion.