Legal
US Court Rules That Man Must Pay $2.2 Million Penalty Over Swiss Account Failing

A US federal court jury has decided that an individual in Florida, Carl Zwerner, must pay over $2.2 million in civil penalties for failing to file required forms for his Swiss bank account.
A US federal court jury has decided that an individual in
Florida, Carl Zwerner, must pay over $2.2 million in civil
penalties for failing to file required forms for his Swiss bank
account, Reuters reports.
The jury found Zwerner liable for failing to report the account
to the US Treasury Department from 2004 to 2006, though it found
that he does not owe a penalty for 2007, court filings show, the
report said.
US tax rules regulations require all American taxpayers with at
least $10,000 in a foreign bank account to file a Report of
Foreign Bank and Financial Accounts, known as a FBAR, the report
pointed out.
The US Justice Department, which has brought the case against the
man, tried to penalise him for 50 per cent of the value of the
account of the four years that he allegedly did not file the
reports. His account, held with ABN AMRO, was worth more than
$1.5 million, the report said, citing court documents.
The news service said that Zwerner’s lawyer did not respond to
requests for comment.