The United States Supreme Court has some weighty cases to consider this term. One of the cases involved the interpretation of how foreign bank account penalties are calculated for failure to file the Report of Foreign Bank and Financial Accounts (known as “FBAR”).

The Supreme Court on November 2, 2022 heard oral arguments in this case, Bittner v. United States, and published their decision on February 28, 2023. The Court ruled in the taxpayer’s favor.

For more information, you can read the full article here.