“New constraints on penalties the IRS will impose when taxpayers don’t properly report their foreign bank accounts show agency concerns that some will argue in court that huge penalties are unconstitutional, attorneys told Bloomberg BNA.  Practitioners said the guidance likely stems in part from an argument a taxpayer was prepared to make in court in 2014 that a penalty far greater than the value of his bank account, across multiple years, was an excessive fine under the Eighth Amendment. Some said that argument still could be made even under the new guidance, which limits the amount the government can take to 100 percent of the account.”

http://www.bna.com/new-fbar-limits-n17179927429/

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