On 28 February 2023, the United States (US) Supreme Court held in Bittner v United States that the US$10,000 penalty1 for nonwillful failure to file FBAR2 reports imposed under 31 USC Section 5321 applies per annual report/filing, not per account. The 5-4 decision rejected the Government's argument that the nonwillful penalty applies on a per account basis and resolves divergent positions held by two appellate courts. The Court did not address, except by way of dicta, the more serious penalty for willful failure to file.In Bittner, the Fifth Circuit held that a separate violation had occurred for each foreign account not timely reported on an FBAR and imposed a penalty...