Daily Tax Report ®

Court Affirms Penalty For Woman’s Hidden Foreign Assets (1)

Nov. 8, 2019, 4:29 PMUpdated: Nov. 8, 2019, 9:41 PM

The Federal Circuit upheld a more than $800,000 penalty against a woman who hid a foreign bank account.

Mindy Norman was appealing a 2018 decision from the U.S. Court of Federal Claims which found that she willfully failed to file a Report of Foreign Bank and Financial Accounts (FBAR) in 2007 and that the IRS properly imposed a $803,530 penalty for it.

U.S. citizens are required to report any foreign financial accounts with an aggregate value of more than $10,000 to Treasury each year. The penalty the IRS imposed on Norman was 50% of...

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