US Supreme Court Agrees to Weigh Fines for Not Reporting Overseas Accounts
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The US Supreme Court agreed to decide how steep the penalties are for people who fail to file required reports with the federal government listing their foreign bank accounts.
The justices said they will hear arguments from Alexandru Bittner, a businessman who was assessed a $2.72 million penalty for not filing timely reports for five years when he was living in Romania. Bittner contends the maximum fine under federal law is $50,000.