Supreme Court Issues Important FBAR Penalty Decision
On February 28, 2023, the United State Supreme Court issued its opinion in a highly watched case concerning the maximum penalty that may be imposed for a “non-willful” violation of the Report of Foreign Bank and Financial Account (FBAR) requirements. Under the Bank Secrecy Act, all U.S. persons with accounts at foreign institutions with an aggregate balance above $10,000 at any point during the year must annually report certain information about the accounts on an FBAR. The statute imposes a …
Supreme Court Issues Important FBAR Penalty Decision Read More »