IRS Reaches Out to HSBC For Info on Private Banking Customers
Offshore Account Update, UBS / HSBCPosted in on June 29, 2016
The IRS and the Department of Justice have been on a long campaign of trying to get banks to turn over information on U.S. accountholders. A program called the Swiss Bank Program divided financial institutions into four different categories, with Category 3 and 4 banks in compliance with U.S. tax laws and Category 1 and 2 banks suspected of aiding U.S. citizens in evading tax obligations.
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