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HSBC: Next Offshore Bank Account Target

Posted in Offshore Account Update, UBS / HSBC on April 11, 2011 | Share

Looks like the Department of Justice is at it again!  HSBC is the latest Bank on the chopping block and on April 7, 2011, the DOJ announced that the government has expanded its focus to include undisclosed foreign bank accounts with HSBC. The government has reason to believe that many unnamed taxpayers have been investing with HSBC India through HSBC USA in order to evade taxes and has decided to use the same technique as it used with UBS and served a “John Doe” Summons.

If the Court allows this, the Summons would force HSBC USA to provide the government with bank records identifying more U.S. taxpayers (mostly w/undisclosed offshore bank accounts) that have opened and/or invested with foreign HSBC branch.
What does all this mean?

Time to Disclose!  All those US taxpayers with undisclosed bank accounts with HSBC should take advantage of the current IRS Voluntary Disclosure Program.  And they should hurry up now; the program closes on August 31, 2011. Find a qualified tax attorney that specializes in offshore accounts and IRS voluntary disclosures!  Reduce civil and criminal penalties 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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