SCOTUS: Rules In Taxpayer’s Favor On FBAR Penalties

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Supreme Court Rules In Taxpayer’s Favor On FBAR Penalties​

Alexandru Bittner, a Romanian–American dual citizen, made a mistake when he failed to report his foreign accounts. That much is clear. Neither he nor the IRS has ever suggested that his failure to report funds held in foreign bank accounts was willful. What has been disputed is how much he should pay for that mistake. The answer to that question is $50,000 or $2.72 million—depending on who you ask.

Today, the Supreme Court offered its response: $50,000.

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Supreme Court Rules In Taxpayer’s Favor On FBAR Penalties