Second Circuit Tackles Required Records Exception

, New York Law Journal

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In his Tax Litigation Issues column, Morvillo Abramowitz Grand Iason & Anello principal Jeremy H. Temkin writes: As part of its recent attack on undisclosed accounts, the DOJ has issued numerous subpoenas requiring taxpayers to produce records regarding their foreign financial accounts. Not surprisingly, several taxpayers who failed to comply with reporting requirements have sought refuge in the Fifth Amendment. Recently, the Second Circuit joined five other circuit courts in holding that the application of the Fifth Amendment in these circumstances is precluded.

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