...tax years 2003 to 2008, in which he reported the existence of his previously undeclared account at HSBC Bank Bermuda. He made such filings notwithstanding the availability of the IRS’s...
...directed HSBC USA to produce records identifying US taxpayers with accounts at HSBC India. The US government believes many of these account holders have kept their accounts hidden from the...
In an effort to reach all taxpayers, including those ensnared in the pending HSBC subpoena to disclose customer names of non-resident indian customers with offshore accounts, the IRS has published...
...to her undeclared bank accounts. Separately a request to serve a Summons has been granted on behalf of the Internal Revenue Service (IRS) against HSBC. The Summons has been a...
...domestic and foreign, for each such client; • documents pertaining to the opening of the account, for the establishment of the foreign entities created, including but not limited to account...
...to report income earned on those undisclosed accounts.” US law requires such account holders to annually declare any offshore account that contains at least $10,000 in a special filing. In...
...of foreign bank or financial account (FBAR) relating to his undeclared bank accounts for the calendar years 2004-2009, during which the accounts had the highest balance. We expect that HSBC...
...of requests for such data. Don’t fall prey to people who encourage you to claim deductions or credits you are not entitled to or willingly allow others to use your...
...risk of criminal prosecution. FinCEN Final Regulations – Applicable to FBARs for 2010 and Subsequent Years On February 24, 2011, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) published final...
...report foreign financial accounts if the total value of the accounts exceeds $10,000 at any time during the calendar year. A willful failure to report a foreign account can result...
...an anonymous basis, a taxpayer may initially approach the Division anonymously to seek informal guidance on an issue and later make a formal letter ruling request providing the identity of...
...account, and criminal prosecution for non-disclosure and non-reporting will likely follow. Successful criminal prosecution will result in a fine of 50% of the highest value of the account or entity,...
