FBAR penalties: 'Grossly disproportionate'
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The Eleventh Circuit splits with the First Circuit and reduces an FBAR penalty under the Constitution's Excessive Fines Clause.
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Last year's Supreme Court decision in Bittner v. U.S. dispelled the confusion regarding the "stacking" of FBAR penalties. But the Eleventh Circuit Court of Appeals has just added a new wrinkle to the penalty.
In other stories today:
The SEC approved the PCAOB's QC 1000, which will require firms to identify risks to their practice and design quality control systems that can safeguard against those risks.
The Public Company Accounting Oversight Board staff released a report Monday on last year's banking crisis.
The handoff of a company carries important tax implications alongside a plethora of succession challenges. Here's what financial advisors need to talk about with clients.
Michael Bannon explains which accounting firms might want to look into employee stock ownership plans — and why.
We have it within our power to change the pipeline issue. When will you start?
Chartered Accountant at G.Satapathy and Company, Chartered Accountants
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