The Enrolled Agent tax pro in me has long wondered how Congress has legally authorized the IRS to impose a draconian penalty of $10,000 for a failure to report foreign financial accounts when the totality of all such accounts exceeds $10,000 for a nano-second during any one year. So, why not a billion dollars for a billionaire if the penalty suits their fancy?
The Enrolled Agent tax pro in me has long wondered how Congress has legally authorized the IRS to impose a draconian penalty of $10,000 for a failure to report foreign financial accounts when the totality of all such accounts exceeds $10,000 for a nano-second during any one year. So, why not a billion dollars for a billionaire if the penalty suits their fancy?