PENALTY KILL? - Tax attorneys are already taking the U.S. Supreme Court up on its new interpretation of penalties associated with taxes on foreign income, a ruling that spells both good and bad news for those with money overseas, Law.com’s Brad Kutner reports. In Bittner v. U.S., the high court was asked whether a violation under the Bank Secrecy Act is the failure to file a single annual report, no matter the number of foreign accounts, or whether there is a separate violation for each account that is not properly reported. The majority in Bittner ruled that, under the tax code, penalties for non-willful violations accrue only on a per-report basis. The decision is expected to make big impacts in not only future tax disputes, but also many currently running and possibly even already decided tax penalties cases, according to Kenneth Ahl, a tax attorney with Archer & Greiner, and his co-counsel at the firm, Mark Oberstaedt.

ON THE RADAR - Glancy Prongay & Murray filed a shareholder derivative complaint naming Generac Holdings on Monday in Wisconsin Eastern District Court. The complaint, which targets certain board members, concerns the ‘SnapRS,’ a safety feature of the company’s ‘PWRcell’ solar power storing system. The complaint contends that the defendants failed to disclose that the SnapRS is defective, tending to overheat, melt or catch fire, causing sales partner Pink Energy to lose $155 million and declare bankruptcy. Counsel have not yet appeared for the defendants. The case is 2:23-cv-00302, Sterbcow et al v. Jagdfeld et al. Stay up on the latest deals and litigation with the new Law.com Radar


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