Supreme Court Rejects FBAR Penalty Case
Supreme Court Rejects FBAR Penalty Appeal Case: In the past few years, there have been several District Court and Appellate cases involving FBAR penalties. Courts across the nation are split on how FBAR Penalties are applied by the US Government, with key issues involving:
In one recent case US v. Kimble, a key issue is whether or not the lower standard of willfulness (aka reckless disregard) is sufficient proof for the courts to issue willfulness penalties.
Key FBAR Issue in Kimble
In Kimble, the key issue centered around whether signing a tax return under penalty of perjury can be considered reckless disregard. While there were several other issues that gave the impression of willfulness, the holding was founded on the basis of reckless disregard and the signing of the tax return — which led to willful FBAR penalties being issued against Kimble.
Certiorari Denied in Kimble
On October 4, 2021 the Supreme Court rejected Kimble and Certiorari was Denied.
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