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Few questions to consider here, is your spouse a US citizen or resident? What was the amount held in foreign bank account? Were the required reporting forms completed in the past?
The Foreign Account Tax Compliance Act (FATCA) is an important development in U.S. efforts to combat tax evasion by U.S. persons holding accounts and other financial assets offshore.
Under FATCA, certain U.S. taxpayers holding financial assets outside the United States must report those assets to the IRS on Form 8938, Statement of Specified Foreign Financial Assets. There are serious penalties for not reporting these financial assets (as described below). This FATCA requirement is in addition to the long-standing requirement to report foreign financial accounts on FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). Please note: You don't file the FBAR with your federal tax return.
Reference link with detailed amounts: https://www.irs.gov/businesses/corporations/summary-of-fatca-reporting-for-us-taxpayers
