HSBC Has Been Providing Responsive Documents to the Internal Revenue Service in Regards to United States Taxpayers with Undisclosed Offshore Accounts
A recent Times of India article reported that, UK-based HSBC has been cooperating with the Internal Revenue Service by providing responsive documents concerning the enforcement investigations of undisclosed offshore accounts held by U.S. Taxpayers.
Washington, DC (PRWEB) May 12, 2013 - On May 8, 2013, The Times of India, reported that the Internal Revenue Service (IRS) now has the co-operation of UK-based HSBC in the probe of undisclosed overseas accounts that it believes are or were held by U.S. Taxpayers. For a copy of the full article, go to http://articles.timesofindia.indiatimes.com/2013-05-08/us-canada-news/39115419_1_hsbc-india-hsbc-group-irs
HSBC has stated, “We have co-operated fully by providing responsive documents in our possession in the U.S. to the IRS.” It also added, “As matters progress, it is possible that any fines and/or penalties could be significant.”
Any undisclosed offshore account held by a U.S. Taxpayer at HSBC is now open to possible investigation by the IRS for the evasion of federal income taxes, which could lead to severe civil penalties and/or possible criminal incarceration.
Kevin E. Thorn, represents numerous U.S. taxpayers who have undisclosed offshore bank accounts around the world. Many of his clients are participating in the IRS Amnesty Programs, and he states, "U.S. taxpayers with undisclosed offshore accounts face substantial risk by not coming forward at this time. Ever since the “John Doe” Summons, which orders a bank to produce records, and which was served on the HSBC in 2011 by the IRS, and since that date many foreign banks have been co-operating with the IRS in handing over information about their employees and customers.”
He continues, “He continues, “The Department of Justice and the Internal Revenue Service, will continue to put pressure on all foreign banks fighting penalties with the U.S., to turn over American client information in order to bring United States taxpayers back into compliance."
For additional information on the news that is the subject of this release, contact Kevin E. Thorn, Managing Partner of Thorn Law Group at 202-270-7273 or visit us at https://www.thorntaxlaw.com/.
About Thorn Law Group, PLLC: Thorn Law Group, PLLC is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems.
Kevin E. Thorn
Managing Partner Thorn Law Group, PLLC