Tag Archives: Bank Secrecy Act

Federal Circuit Court of Appeals Weighs In on Willful FBAR Penalties

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Recently, a federal appellate court ruled in the ongoing battle between the IRS and taxpayers over the maximum penalty for willfully failing to file an FBAR to report offshore accounts as required under the Bank Secrecy Act. Our International Tax Group discusses: Federal Circuit rules in favor of the IRS, upholding higher statutory ceiling Lower courts have split on the issue What’s next? Read the full advisory here. [...]Read more