The Supreme Court ruled 5–4 in a fractured opinion on Feb. 28 that the IRS imposed an excessive fine on a businessman for failing to report foreign bank accounts, reducing the financial penalty from $2.72 million to $50,000. The decision came after the U.S. House of Representatives, now controlled by Republicans, voted in January to […]
Source: Supreme Court Slashes IRS Penalty Against Taxpayer for Not Reporting Foreign Bank Accounts