The Schwarzbaum ”Adventures In FBAR Continue” - Government Seeks Clarification Of Willfulness

November 12, 2024 - Participants include:

 

Virginia La Torre Jeker - @VLJeker

John Richardson - @ExpatriationLaw

 

The Schwarzbaum chronicles continue ...

 

AI description of podcast:

 

"Join John Richardson from Toronto and U.S. tax lawyer Virginia La Torre Jeker  as they delve into the new fascinating developments in the case of Mr. Schwarzbaum, a man who's making the intricacies of FBAR penalties understandable to everyone.

This podcast episode explores the significance of the 11th Circuit's ruling that FBAR penalties are subject to the Eighth Amendment's Excessive Fines Clause, marking a monumental legal shift.

Despite the ruling not significantly benefiting Mr. Schwarzbaum, it highlights the excessive nature of certain fines, offering a small victory for him but a huge win for many others.

The U.S. Government has filed an appeal seeking to clarify the differences between "willfulness" in the civil FBAR penalty context and "willfulness" in the criminal penalty context. 

The U.S. Government appeal, seeking clarification on the definition of willfulness in both civil and criminal contexts, opens a broader discussion about the potential impacts on future legal interpretations and penalty enforcement.

With engaging discussions on the complexities of FBAR penalties, the episode also touches upon the potential motivations of the U.S. Government in preserving its penalty base and the possible future developments in this high-stakes legal battleground. Whether you're an FBAR enthusiast or just a curious listener, this conversation is sure to shed light on the intricate world of taxes and penalties."