U.S. Supreme Court to Rule on Conflict Relating to How to Prevent U.S. Persons with Overseas Accounts from Circumventing U.S. Law
Tax attorney Chad Vanderhoef co-authored a blog for the Society of Trust and Estate Practitioners (STEP) about the Report of Foreign Bank and Financial Accounts (FBAR) form. The FBAR provides the Department of Treasury with information from United States persons with financial interests in accounts abroad. In the blog, Mr. Vanderhoef discussed the penalty for non-willful FBAR violations and the pending Supreme Court review of a case to resolve an appellate circuit split on how to compute the penalty for these violations.