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Offshore Account Investigations: Just the Beginning for HSBC Clients

Offshore Account Update, UBS / HSBC

Posted on June 20, 2011 |

U.S. citizen and New York resident, Josephine Bhasin, pled guilty to charges of willingly filing false tax returns, false amended tax returns, and false FBARs in relation to an undisclosed offshore account she held with HSBC. Ms. Bhasin will receive a maximum sentence of 3 years in jail and a maximum fine of $250,000. These criminal penalties are in addition to civil penalties, which Ms. Bhasin has agreed to; the arrangement includes a civil penalty of 50% of the high year on the account during 2004 to 2009.

The recent Order allowing the IRS to obtain a John Doe Summons had helped the government in building cases against U.S. taxpayers who are believed to be evading taxes through the foreign banking giant, HSBC.

A voluntary disclosure can help prevent this outcome as well as minimize any criminal and civil penalties that you may be exposed to.

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!

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

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