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Worldwide Tax Daily Quotes Zhanna Ziering: Courts' Split on FBAR Penalty Cap Creates Litigation Ripples
Caplin & Drysdale

Worldwide Tax Daily Quotes Zhanna Ziering: Courts' Split on FBAR Penalty Cap Creates Litigation Ripples

Date: 8/17/2018

Contradictory district court rulings continue to muddy the water regarding whether penalties for willful foreign bank account reporting violations are capped at $100,000.

. . .

Penalty 'Shall Be Increased'

. . .

Zhanna A. Ziering of Caplin & Drysdale took stock of the current state of play after the three decisions. She advised practitioners with exam cases still within the statute of limitations to consider filing a protective refund claim while the courts hash this out.

The Norman decision has not necessarily swayed me . . . however, that essentially closes out one of the common forums. The Court of Federal Claims would have been the easiest forum to go into for refunds, Ziering said. Until the circuit court weighs in, that would not be smart because you are essentially going against the precedent.

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Excerpt taken from the article “Courts' Split on FBAR Penalty Cap Creates Litigation Ripples” by Andrew Velarde for Tax Analysts.

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