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Federal Circuit Court of Appeals Weighs In on Willful FBAR Penalties

December 16, 2019 By Edward Tanenbaum and Heather Ripley

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

Filed Under: International Tax Advisory Tagged With: Bank Secrecy Act, BSA, Court of Appeals, FBAR, Federal Circuit, FinCen 114, IRS, Norman, Treasury

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