IRS Obtains a 150% Penalty From an 87-Year-Old Man in Florida for Willfully Not Filing FBARs
Articles/NewsPosted in on June 6, 2014
On May 28, 2014, a Federal District Court Jury in Florida awarded FBAR penalties amounting to $2,241,809 to the U.S. government for a man’s failure to disclose an offshore account that had a high balance of $1,691,054 during the years that the account was not in compliance with information reporting requirements. This FBAR penalty is equivalent to 150% of the highest account value in the undeclared foreign bank account.
Read More