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Taxpayer’s Ability to Hide Offshore Assets in Focus at Hearing

Oct. 4, 2019, 4:24 PM

A taxpayer’s sophistication in managing and possibly hiding a foreign bank account was at the center of Oct. 4 oral arguments.

The IRS in 2013 placed an $803,000 penalty on Mindy Norman, saying she failed to alert the government to a Swiss bank account in the 2007 tax year. U.S. citizens are required to report any foreign financial accounts with an aggregate value of more than $10,000 to Treasury each year.

Norman paid the penalty in full and filed a complaint in the U.S. Court of Federal Claims in 2015. She requested a ruling without a trial,...

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