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HSBC: Undisclosed Account Holders Next on DOJ Radar!

IRS Office of Professional Responsibility, UBS / HSBC

Posted on June 10, 2011 |

On April 7, 2011, judge signs Order giving the Internal Revenue Service the right to serve a summons on HSBC USA.  The summons would provide the government with the identity of current taxpayers whose accounts are already in question.

Over the last few months, the U.S. government has come to believe that many unnamed US taxpayers have been investing with HSBC India and Singapore through HSBC USA. These taxpayers were instructed under faulty tax advice from HSBC banking representatives in order to evade federal taxes.  U.S. taxpayers should come forward and disclose all previously undisclosed foreign accounts with HSBC before the U.S. government contacts them. 

Round Two has begun and those with undisclosed accounts have one last chance to come forward!

For a consultation, contact Kevin E. Thorn, Managing Partner, at ket@thornlawgroup.com or (617) 692-2989


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