Fed. Claims Court Upholds Full Offshore Reporting Penalties

Law360 (January 2, 2019, 4:36 PM EST) -- The U.S. Court of Federal Claims has upheld the full amount of civil penalties tied to a woman's undisclosed offshore account, rejecting the reasoning in two recent cases where the judges found that a decades-old penalty cap was still intact.

U.S. Claims Court Judge Susan G. Braden ruled against Alice Kimble in her refund suit seeking the nearly $700,000 in civil penalties she paid after the Internal Revenue Service concluded she willfully failed to disclose a Swiss account on a 2007 foreign bank and financial accounts form, or FBAR.

The amount was calculated under 31 U.S.C. Section 5321, which Congress had...

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