News & Analysis as of September 22, 2024

Supreme Court of the United States › Foreign Bank Account Report

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The United States Supreme Court is the highest court of the United States and is charged with interpreting federal law, including the United States Constitution. The Court's docket is largely discretionary with only a limited number of cases granted review each term. The Court is comprised of one chief justice and eight associate justices, who are nominated by the President and confirmed by the Senate to hold lifetime positions. less -

FBARs, FATCA, and Foreign Nationals: Where are We Headed?

Buchalter on 8/30/2023

There has been a legal shakeup this summer in the world of “FBARs”—Reports of Foreign Bank and Financial Accounts. New developments have been popping up nearly every week, whether from a court decision, as a result of a...more

Wealth Management Update - April 2023 - 2

Proskauer Rose LLP on 4/26/2023

April Interest Rates for GRATS, Sales to Defective Grantor Trusts, Intra-Family Loans and Split-Interest Charitable Trusts - The April Section 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and...more

Federal Courts Weigh in on the FBAR: Providing Relief from Outrageous Penalties

Davies Ward Phillips & Vineberg LLP on 3/23/2023

In this bulletin, we highlight two recent federal court cases in which U.S. taxpayers won major victories against the United States with respect to their obligations to report non-U.S. accounts on FinCEN Form 114 – Report of...more

Supreme Court Hands Taxpayers a Victory in FBAR Penalty Case

Cadwalader, Wickersham & Taft LLP on 3/22/2023

Taxpayers recently won a significant victory at the Supreme Court in a penalty case involving a non-willful failure to file a Report of Foreign Bank and Financial Accounts (“FBAR”) under the Bank Secrecy Act (the “BSA”)....more

Major Win For Taxpayers: SCOTUS Limits FBAR Penalties to Per Report Not Per Financial Account

Polsinelli on 3/14/2023

After years of litigation, the United States Supreme Court, in Bittner v. United States, 598 U.S. ____ (2023), determined that the penalty for a non-willful failure to file a Report of Foreign Bank and Financial Accounts...more

Supreme Court Rules in Favor of Taxpayer in FBAR Case Penalty for Non-Willful Violations Apply on a Per-Report Basis

BakerHostetler on 3/10/2023

On Feb. 28, the U.S. Supreme Court ruled that non-willful penalties related to FBARs apply to each report filed, not on a per-account basis. The 5-4 decision resolved a split between the Fifth and Ninth circuits that focused...more

Supreme Court Rules Non-Willful FBAR Penalties are Calculated on a Per Report Basis

Cole Schotz on 3/8/2023

On February 28, 2023, in a significant tax case, Bittner v. US, the U.S. Supreme Court held that a U.S. person who fails to file his or her FBAR on a non-willful basis only is subject to a single penalty on the failure to...more

Supreme Court Rules For Taxpayers On Non-Willful FBAR Penalties

White and Williams LLP on 3/7/2023

Taxpayers who hold foreign accounts finally received clarity as the Supreme Court ruled that the $10,000 non-willful penalty for failure to file a FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) applies...more

U.S. Supreme Court Rules Against Government in FBAR Penalty Case

Fox Rothschild LLP on 3/6/2023

The U.S. Supreme Court has ruled that the $10,000 penalty for a nonwillful violation of the foreign bank account reporting rules in the Bank Secrecy Act applies on a “per-form” basis, not a “per-account” basis, handing...more

Unusual Groupings of Justices Decide Two Cases Involving Contradictory Applications of Textualism – SCOTUS Today

Epstein Becker & Green on 3/1/2023

The Supreme Court decided two cases today, and though neither of them presents the sort of widely consequential matter that, say, the President’s student loan forgiveness plan that was argued this morning does, each has...more

Supreme Court Rules that FBAR Penalties are Per-FBAR Form, Rejecting IRS's Per-Account Position

Holland & Hart LLP on 3/1/2023

Today, the Supreme Court issued a 5-4 decision in Bittner v. United States, ruling that the Bank Secrecy Act’s $10,000 maximum penalty for a nonwillful failure to file a timely and accurate FBAR report accrues on a per-FBAR...more

The Supreme Court Update - February 28, 2023

Dorsey & Whitney LLP on 3/1/2023

Today, the Supreme Court of the United States issued two decisions: Bittner v. United States, No. 21-1195: This case concerns the Bank Secrecy Act’s requirement that certain individuals file an annual report about their...more

Docket Check: US Supreme Court to Decide Key Criminal and Regulatory Cases This Term

Jackson Walker on 10/12/2022

The U.S. Supreme Court began its new term last week and is poised to answer some major questions in criminal and regulatory law. This term, the Court is tasked with construing the Bank Secrecy Act’s penalty provision, ruling...more

U.S. Supreme Court to Hear Foreign Financial Account Penalty Case

Levenfeld Pearlstein, LLC on 10/6/2022

$50,000 or $2.72 million? Those are the penalty amounts for the non-willful failure to timely file to report foreign financial accounts at issue in U.S. v Bittner, which will be argued before the U.S. Supreme Court in...more

Important Supreme Court Decision will Decide how Non-Willful FBAR Penalties are Calculated

Cole Schotz on 9/28/2022

This fall, the Supreme Court is set to hear an important case regarding the interpretation of the law that provides for penalties for failing to file an FBAR. The case will impact many taxpayers who have already been...more

July 2022 U.S. Federal Income Tax Updates

Seward & Kissel LLP on 7/26/2022

This Memorandum highlights several important U.S. federal income tax developments in the summer of 2022, including: (i) the Supreme Court agreeing to hear an FBAR penalty case, (ii) the Internal Revenue Service (“IRS”)...more

US Supreme Court to Review Non-willful FBAR Penalty

Fox Rothschild LLP on 6/30/2022

The U.S. Supreme Court has agreed to resolve a dispute concerning the maximum applicable penalty for non-willful violations of the foreign bank account reporting statute. The Ninth and Fifth circuit courts are split on...more

Per-Account or Per-Form Penalty?

BakerHostetler on 6/29/2022

Key Takeaways: ..The law regarding computation of FBAR penalties is unclear. ..The United States Supreme Court has agreed to hear a case to settle a conflict among the circuit courts. ..Until the Supreme Court...more

The Supreme Court - June 22, 2022

Dorsey & Whitney LLP on 6/22/2022

Marietta Memorial Hospital Employee Health Benefit Plan v. DaVita Inc., No. 20-1641: This case concerns the interpretation of the Medicare Secondary Payer Act’s (MSPA) anti-discrimination provisions regarding individuals with...more

Financial Services Weekly News - March 2016

Goodwin on 3/10/2016

Regulatory Developments - CFPB Now Accepting Complaints on Online Marketplace Lenders - On March 7, the Consumer Financial Protection Bureau (CFPB) announced two initiatives: it will now accept complaints from...more

Highway Funding Bill Includes Significant Changes to Tax Rules

Morgan Lewis on 8/10/2015

Unexpected changes in FBAR, corporate and partnership returns, and statute of limitations and mortgage reporting tax rules are embedded in funding bill H.R. 3236. When US President Barack Obama extended funding for...more

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Supreme Court of the United States › Foreign Bank Account Report

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