From the Tax Law Offices of David W. Klasing - Supreme Court Declines to Decide if FBAR Penalties Violate the 8th Amendment Prohibition on Excessive Fines ...Middle East

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From the Tax Law Offices of David W. Klasing - Supreme Court Declines to Decide if FBAR Penalties Violate the 8th Amendment Prohibition on Excessive Fines
IRVINE, Calif., Feb. 23, 2023 /PRNewswire/ -- Monica Toth was granted a Swiss bank account by her father, a successful businessman. When it was found that she willfully failed to comply with FBAR reporting requirements, the Internal Revenue Service assessed a penalty of $2,173,703. In her...

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