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High Court Asked to Review IRS Foreign Bank Reporting Penalty

June 3, 2021, 9:35 PM

A foreign bank account holder is taking her fight over a nearly $700,000 penalty from the IRS to the U.S. Supreme Court, according to a petition obtained by Bloomberg Tax.

Alice Kimble is challenging a ruling from the U.S. Court of Appeals for the Federal Circuit that upheld a nearly $700,000 penalty for willfully failing to disclose a Swiss Bank account. The appeals court reasoned that she knew about the account but didn’t disclose it to her accountant, and she didn’t review her tax returns but nonetheless stated under penalty of perjury that she had reviewed them and didn’t ...