Skip to Main Content
 

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

August 17, 2018, Tax Analysts

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.

To view the full article, please visit Tax Analysts' website (subscription required).

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

________________________________________________

About Caplin & Drysdale
Having celebrated our 50th Anniversary in 2014, Caplin & Drysdale continues to be a leading provider of legal services to corporations, individuals, and nonprofits throughout the United States and around the world. We are also privileged to serve as legal advisors to accounting firms, financial institutions, law firms, and other professional services organizations.

The firm's reputation over the years has earned us the trust and respect of clients, industry peers, and government agencies. Moreover, clients rely on our broad knowledge of the law and our keen insights into their business concerns and personal interests. Our lawyers' strong tactical and problem-solving skills -- combined with substantial experience handling a variety of complex, high stakes, matters in a boutique environment -- make us one the nation's most distinctive law firms.

With offices in New York City and Washington, D.C., Caplin & Drysdale's core practice areas include:
For more information, please visit us at www.caplindrysdale.com.
Washington, DC Office:
One Thomas Circle NW
Suite 1100
Washington, DC 20005
202.862.5000
New York, NY Office:
600 Lexington Avenue
21st Floor
New York, NY 10022
212.379.6000

___________________________

Disclaimer
This communication does not provide legal advice, nor does it create an attorney-client relationship with you or any other reader. If you require legal guidance in any specific situation, you should engage a qualified lawyer for that purpose. Prior results do not guarantee a similar outcome.

Attorney Advertising
It is possible that under the laws, rules, or regulations of certain jurisdictions, this may be construed as an advertisement or solicitation.
© 2018 Caplin & Drysdale, Chartered
All Rights Reserved.

Related Professionals

Related Practice Area(s)