Supreme Court Rejects Challenge to Foreign Account Reporting Law

The U.S. Supreme Court on April 2 rejected a Foreign Account Tax Compliance Act challenge brought by Sen. Rand Paul (R-Ky.) and a group of foreign account holders.

The group was appealing an August 2017 U.S. Court of Appeals for the Sixth Circuit ruling that it failed to meet the requirements for a federal court challenge of the individual reporting requirements of FATCA or the “passthru” penalty imposed on recalcitrant account holders.

The lower court said the account holders didn’t have standing for their claimed injuries, because the injuries resulted from foreign financial institutions’ voluntary and ...