Bloomberg Tax
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Tax
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

Supreme Court Denies Excessive Fees Fight Over Tax Penalty (1)

Jan. 23, 2023, 2:37 PMUpdated: Jan. 23, 2023, 3:05 PM

The US Supreme Court declined Monday to take up a Massachusetts woman’s challenge to a $2.17 million tax penalty she received for failing to report a Swiss bank account.

The case would have further tested an Eighth Amendment clause that prohibits excessive fines.

Monica Toth asked the court to decide if that constitutional protection extends to civil penalties against taxpayers under the Bank Secrecy Act for failing to file a Foreign Bank and Financial Accounts (FBAR) form when they hold bank accounts overseas worth $10,000 or more.

The US Court of Appeals for the First Circuit said the Excessive ...