Jury Determines 150-Percent FBAR Penalty and U.S. Seeks FBAR Related Forfeiture of $12 Million!”
Posted by William Byrnes on October 4, 2014
International Financial Law Prof Blog.
In Zwerner, the government assessed civil FBAR penalties equivalent to 50 percent of the highest account balance for each of tax year 2004, 2005, 2006 and 2007, aggregating $3,488,609.33 for an account that appears to have had a high balance of $1,691,054 during the relevant time period! The IRS asserted a 75-percent civil income tax fraud penalty for tax years 2004, 2005 and 2006. … The jury trial in Zwerner began on May 19, 2014 …
This entry was posted on October 4, 2014 at 12:37 and is filed under FATCA. Tagged: FATCA, FBAR. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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