Reckless Disregard For FBAR Filing Results in Willfulness Penalties, Sixth Circuit (US v Kelly) 2024

Another Appeals Court Upholds Reckless FBAR Conduct as Willful

Several courts across the country have ruled on the issue of FBAR penalties and whether reckless disregard qualifies as willfulness. Some of the recent cases include:

-United States v. Collins
-United States v. Ott
-United States v. Kimble
-United States v. Horowitz

This time, it was the Sixth Circuit Court of Appeals who upheld a District court's ruling finding that a reckless FBAR violation still qualifies as a willful violation -- and thus results in significantly higher penalties than would be assessed under the non-willful standard. This is an important case, because not only does it detail willfulness and reckless disregard involving FBAR but it also highlights how an incomplete OVDP (Offshore Voluntary Disclosure Program) can impact the court's finding (which was also detailed in the prior case of United States v. Collins). Let's take a look at why the court held defendants should be assessed willfulness FBAR penalties by reviewing excerpts from the Court of Appeals.

Видео Reckless Disregard For FBAR Filing Results in Willfulness Penalties, Sixth Circuit (US v Kelly) 2024 канала Golding & Golding International Tax Lawyers