According to Law360, Florida woman owes far less than the roughly $246,000 in penalties she initially faced for failing to report her foreign bank accounts due to the outcome of a recent U.S. Supreme Court case, a federal judge ruled in U.S. v. Hadley, case number 8:21-cv-01357, in the U.S. District Court for the Middle District of Florida.
In an order, Magistrate Judge Amanda Arnold Sansone granted a request Sali Hadley and the federal government made a day earlier to amend a previous district court decision by instead holding her liable for $24,500.
She and the government had said they agreed to the reduced penalty in light of the February ruling by the Supreme Court that effectively capped at $10,000 per year the penalty for nonwillfully failing to file reports of foreign bank and financial accounts.
The earlier decision by the district court in Florida, which ordered Hadley to pay the larger penalty for FBARs she nonwillfully failed to file in 2011 and 2012, was delivered before the high court ruling.
An appeal followed that saw the Eleventh Circuit order the Florida court to review Hadley's case.
Read more at: Tax Times blog
