On May 22, 2018 we posted A Taxpayer Victory on a FBAR Penalty Case - FBAR Limited to $100M!  where we discussed the Colliot case, where a U.S. District Court found that a prior un-amended valid regulation, that caps penalties for willful violations of foreign bank account reporting at $100,000 controls even though under 31 U.S.C. § 5321, which Congress in 2004 had amended increased the maximum civil penalties for willful failure to file a FBAR to greater of $100,000, or 50 percent of the amount in the account.

For those taxpayers who made a voluntary disclosure and payment within the last two years the issue becomes, can they file for refund under this precedent, since OVDP provided that in no case will the penalties in the OVDP program be higher than the penalties provided under law?