US court fines taxpayer $700,000 for offshore disclosure mistake

Pedro Gonçalves
clock • 1 min read

The US Court of Federal Claims has decided to apply the maximum fine possible to a taxpayer after a clerical error caused an offshore account to not be disclosed. The court ruled against Alice Kimble that was seeking a refund from the Internal Revenue Service (IRS) and ordered her to pay $700,000 in civil penalties for willfully not disclosing a 2007 Swiss account in her financial accounts form. Alice Kimble, held Swiss accounts at both HSBC and UBS in the early 2000s, and was not aware until 2008 that she was obliged to report them to the IRS on her tax return and on Foreign Bank Acc...

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