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HSBC Account Holder Pleads Guilty to False Filings

Posted in Offshore Account Update, UBS / HSBC on April 18, 2011 | Share

On April 13, 2011, another U.S. taxpayer, Josephine Bhasin, with an offshore account held with HSBC pled guilty to charges of willingly filing false tax returns, false amended tax returns, and false FBARs.  Ms. Bhasin of Huntington, NY, will receive a maximum sentence of 3 years in jail and a maximum fine of $250,000. These criminal penalties are in addition to civil penalties, which Ms. Bhasin has agreed to. The agreement includes a civil penalty of 50% of the high year of Ms. Bhasin’s HSBC account during 2004 to 2009.

The request to serve a John Doe Summons has been granted on behalf of the IRS and  has been a strong weapon in the arsenal of the government for building cases against U.S. taxpayers.  Some taxpayers are believed to be evading taxes with the alleged help of foreign banking giant, HSBC.

A voluntary disclosure can help prevent this outcome. Find out your options today!

The attorneys at Thorn Law Group have experience in assisting U.S. taxpayers into compliance through voluntary disclosure. If you have an undisclosed offshore account contact Thorn Law Group now before it's too late!

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"Mr. Thorn and the attorneys at Thorn Law Group were so knowledgeable about the IRS Voluntary Disclosure Program and about the way the IRS Criminal Investigation Division works. Mr. Thorn helped put my mind at ease and walked me through the whole Voluntary Disclosure process. With the help of Thorn Law Group, and Mr. Thorn specifically, we were able to get back into compliance and were able to avoid criminal prosecution."
M Patel