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You need to flie this right away. The penalty is as much as 10,000 for individuals. Not every single failure will produce a penalty. Most penatlies are related to reportable transactions.
If there is a reportable transaction you should file right away and include a cover letter explaining the circumstances.
You can read more about the penalties and conditions for penalties IF ANY at this link:
Scroll to penalties: http://www.irs.gov/instructions/i8886/ch01.html#d0e333