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Tax Notes Quotes Zhanna Ziering on Recent FBAR Penalty Case

June 30, 2020, Tax Notes

A district court has determined that violations resulting in non-willful foreign bank account reporting penalties relate to each FBAR form rather than each account in a novel statutory interpretation and a significant win for nonfilers.

. . .

Zhanna Ziering of Caplin & Drysdale also pointed to the “absurd penalty results” that the government’s interpretation would yield.

“The court’s thorough statutory analysis highlights why imposing the non-willful penalty per FBAR is the correct and fair answer,” Ziering said.

The court said the rule of lenity, which tells courts to resolve criminal statute ambiguities in favor of defendants, would add support for Bittner’s interpretation of 31 U.S.C. section 5321.

For the full article, please visit Tax Notes’ website (subscription required).


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