Source: https://taxattorneyoc.com/blog/2018/05/30/united-states-v-colliot-defendant-u-s-district-court-w-d-texas-2018-1-u-s-t-c-%C2%B650259-may-16-2018-district-court-holds-fbar-penalty-limited/
Timestamp: 2019-04-25 06:20:52+00:00

Document:
Motion to Withdraw Motion for Extension of Time to File Response [#56] are both DISMISSED as moot.
31 U.S.C. § 5321(a)(5) and 31 c.F.R. § 1010.820(g)(2). Mot. Summ. J. [#52-12] Ex. L at 2.
against Colliot. Mot. Summ. J. [#52]. This pending motion is ripe for review.
Implementing Regulations Under the Bank Secrecy Act, 52 Fed. Reg. 11436, 11445-46 (1987).
assess penalties under § 532 1(a)(5) and its related regulation, § 103.57, to the IRS. Mot. Summ.
maximum of 50 percent of the balance in the unreported account at the time of the violation.
violations in excess of the $100,000 regulatory cap. Resp. Mot. Summ. J. [#57] at 3.
apply § 10 10.820 to cap the penalties levied on Colliot.
penalty to be assessed so long as that penalty does not exceed the ceiling set by § 532 1(a)(5)(C).
Treasury “may impose a civil penalty” falling within the penalty threshold set by § 5321 (a)(5)(C) (emphasis added)).
rulemakingpurports to cabin that discretion by capping penalties at $1 OO,OOO.3 31 C.F.R.
unless they are shown to be unreasonable or contrary to the provisions of the enabling statute.”).
does not implicitly invalidate or supersede § 10 10.820.
rulemaking, which caps penalties for willful FBAR violations at $100,000. 31 C.F.R.
therefore remained good law when the FBAR penalties in question were assessed against Colliot.
IRS enacted and then left in place the $100,000 penalty cap.
proceeds from the sale or maturity of the Treasury bills.
the appropriate next steps in this case.
DENIED IN PART as described in this opinion.
SIGNED this the /5y of May 2018.

References: § 5321
 § 1010
 § 532
 § 103
 § 10
 § 532
 § 5321
 § 10