ZenOps
07-12-2014, 07:39 AM
http://www.forbes.com/sites/irswatch/2014/05/29/zwerner-jury-determines-150-fbar-penalty-applies-what-next/
"In U.S.A. vs. CARL R. ZWERNER, on May 28, 2014 a Federal District Court jury in Florida determined that FBAR penalties in the aggregate amount of $2,241,809 with respect to an offshore account that had an apparent high balance of $1,691,054 during the years at issue was appropriate – an FBAR penalty equivalent to 150% of the highest account values in the previously undeclared foreign financial account."
Excessive? Canada is not under FBAR, but we are now under FATCA - so the US will probably confiscate around 30% to 40% for those US citizens who foolishly put money in Canadian banks without reporting it to the IRS.
"In U.S.A. vs. CARL R. ZWERNER, on May 28, 2014 a Federal District Court jury in Florida determined that FBAR penalties in the aggregate amount of $2,241,809 with respect to an offshore account that had an apparent high balance of $1,691,054 during the years at issue was appropriate – an FBAR penalty equivalent to 150% of the highest account values in the previously undeclared foreign financial account."
Excessive? Canada is not under FBAR, but we are now under FATCA - so the US will probably confiscate around 30% to 40% for those US citizens who foolishly put money in Canadian banks without reporting it to the IRS.