Several recent court cases could have important implications for businesses and individuals who maintain accounts in foreign banks, brokerages, or other financial institutions.
In one case, the U.S. Supreme Court significantly curtailed the potential penalties for account holders who inadvertently fail to comply with reporting requirements related to their foreign accounts. That decision has generated hope among other petitioners who have incurred penalties in similar cases.
Any taxpayer with a foreign financial account should be aware of these easily overlooked reporting requirements and the recent court rulings that could affect them. (more…)