Victor Jaramillo Talks to Law360 on an International Tax Case To Watch in 2022
Courts will continue grappling this year with high-stakes cases brought by major U.S. multinationals that have accused federal tax authorities of overstepping, with disputes including FedEx's challenge to repatriation regulations and Facebook's fight against multibillion-dollar adjustments to its tax bill.
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While the government may still continue to argue that most individuals acted willfully, those accused by the IRS of nonwillful FBAR violations may face higher penalties than expected — at least in the Fifth Circuit.
"The worry is how the IRS will administer FBAR penalties," he said. "You hope the power isn't abused — that every revenue agent does not apply it per account, per year. You hope that it's used with discretion."
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