Offshore Account Holders With Indian Ties Under Scrutiny

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It is assumed by Thorn Law Group that the U.S. Internal Revenue Service and Department of Justice are investigating HSBC in an effort to attain U.S. Taxpayers who may have bypassed taxes by depositing funds into undisclosed accounts with HSBC.

Following their successful investigations into offshore Swiss bank, UBS, and those taxpayers with undisclosed accounts, it is supposed the Internal Revenue Service (IRS) and the Department of Justice (DOJ) are investigating HSBC banks in order to find U.S. Taxpayers who may have bypassed taxes by depositing funds into undisclosed offshore bank accounts in India.

The case of U.S. V. Cohen is said to have sparked an interest between federal prosecutors. On October 6, 2010, a federal jury in Florida convicted a father and son of ignoring to report a $33 million hotel sale from U.S. Tax authorities through an account at HSBC. U.S. Tax authorities presumes there is a potential that many more HSBC account holders are doing the same. According to government officials, it is believed that HSBC Indian account holders, and potentially HSBC itself, have been the recent targets of the investigations, just as UBS and its account holders were until recently.

Mr. Kevin Thorn, Managing Partner of Thorn Law Group, a law firm that represents many taxpayers throughout the United States of America and internationally with undisclosed offshore accounts, “believes the investigations into HSBC and other banks in India and Singapore, as well as the undisclosed offshore account holders themselves, will only continue and will intensify with the coming months.”

Managing Partner Kevin E. Thorn is emphatic that, “taxpayers with undisclosed offshore accounts at HSBC and other banks around the world would greatly benefit to contact a tax attorney quickly to make sure they are in compliance.” Failure to go along with the proper disclosure requirements and filing requirements can lead to audits, substantial financial penalties and, in some cases, criminal prosecution. Thorn advises that it is especially important for United States taxpayers with accounts at HSBC of Indian dissent to be proactive and come into compliance before the government opens an investigation into their accounts.

About the Author:
You should immediately consider consulting a <a href="http://www.thorntaxlaw.com";">Offshore Accounts Tax Attorney</a> who is versed in the intricacies of international tax law disputes. For more information on these developments and offshore accounts issues, go to <a href="http://www.thorntaxlaw.com";">Thorn Tax Law</a> or call 202-270-7273</b></a>



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