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HSBC Account Holders with Undisclosed Offshore Bank Accounts: You’re Next!

Offshore Account Update, UBS / HSBC

Posted in on July 20, 2011

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.

If granted, 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. 

This means bad news for US taxpayers with undisclosed accounts at HSBC and it is therefore, time to come clean and disclose! US taxpayers with undisclosed bank accounts with HSBC should take advantage of the current IRS Voluntary Disclosure Program; it ends August 31, 2011.

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 today!


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