IRS Found to Exceed Cap on Penalty for Offshore Reporting
Carlton Fields attorney Larry Kemm was featured in Law360, Accounting Today, and MLex for winning a significant case against the Internal Revenue Service in Texas federal court. Kemm successfully argued the IRS must adhere to a $100,000 cap on civil penalties for failure to report offshore bank accounts.
“The IRS has been aggressively imposing [Foreign Bank Account Reporting] penalties for the last several years, and this decision could have a huge impact on the manner in which the government is assessing penalties,” Kemm told Law360.