In
United States v. Kaufman, the District Court for the
District of Connecticut held that civil monetary penalties for
failing to file an FBAR under 31 U.S.C. § 5321 must be assessed on a
per-form basis.
1 The district court rejected the
Government s claim that the statutory penalty cap of $10,000
applies to each account untimely or inaccurately reported. In
ruling for the taxpayer, the district court rejected the analysis
in
United States v. Boyd,
2 which had adopted the
Government s position that the $10,000 annual FBAR penalty
applies to each foreign account untimely or inaccurately
reported.
Background Facts
The taxpayer, Kaufman, had a financial interest in or signatory
On January 19, 2021, in
United States v. Henco Holding
Corp.,
1 the Eleventh Circuit reversed and
remanded a district court decision that had granted taxpayers
motion to dismiss the Government s transferee claims because
the Government had failed to timely assess tax liabilities under
§ 6501 against four defendants as transferees. The Eleventh
Circuit held that the Government was not required to separately
assess the defendants as transferees under § 6901 and that its
transferee-liability suit was not barred under § 6501. Thus,
the court held that the Government could timely assert transferee
liability under state law without satisfying the requirements of
§§ 6501 and 6901, so long as the IRS filed suit to
Board meeting(s)
48 hours posted notice with agenda, except in an emergency (or
pursuant to the condo/co-op documents).
48 hours posted notice with agenda, except in an emergency (or
pursuant to the governing documents).
Budget meeting(s)
14 days mailed, hand delivered, or electronically transmitted
(to those unit owners who consented in writing to receive
electronic notice) notice with a copy of the proposed budget, and
posted notice (or pursuant to the condo/co-op documents).
Pursuant to documents
Annual meeting(s) without election and membership meetings
generally
14 days mailed, delivered, or electronically transmitted (to
those unit owners who consented in writing to receive electronic