Hsbc Offshore Account Holders On Irs Radar

It is understood by Thorn Law Group that the U.S. Internal Revenue Service and Department of Justice are investigating HSBC in an effort to unearth U.S. Taxpayers who may have averted taxes by depositing funds into undisclosed accounts with HSBC.

Following their successful investigations into offshore Swiss bank, UBS, and those taxpayers with undisclosed accounts, it is assumed the Internal Revenue Service (IRS) and the Department of Justice (DOJ) are investigating HSBC banks in order to find U.S. Taxpayers who may have averted taxes by depositing funds into undisclosed offshore bank accounts in India.

The case of U.S. V. Cohen looks to have sparked an interest with federal prosecutors. On October 6, 2010, a federal jury in Florida convicted a father and son of not disclosing a $33 million hotel sale from U.S. Tax authorities through an account at HSBC. U.S. Tax authorities understands there is a chance that many more HSBC account holders are doing the same. According to government officials, it is believed that HSBC Indian account holders, and probably HSBC itself, have been the recent targets of the investigations, just as UBS and its account holders were until recently.

Kevin Thorn, Managing Partner of Thorn Law Group, a law firm that represents many taxpayers throughout the States and around the globe with undisclosed offshore accounts, believes the investigations into HSBC and other banks in India and Singapore, as well as the undisclosed offshore account holders themselves, will only continue and will intensify in the very near future.

Mr. Thorn insists that, taxpayers with undisclosed offshore accounts at HSBC and other banks around the world are advised contact a tax attorney in short order to make sure they are in compliance. Failure to conform with the proper disclosure requirements and filing requirements may well lead to audits, substantial financial penalties and, in some cases, criminal prosecution. Thorn advises that it is especially important for United States taxpayers with accounts at HSBC of Indian dissent to reveal themselves and come into compliance before the government starts an investigation into their accounts.

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