Tag Archives: offshore

HSBC Bank Expects Significant Penalties from US Government for Violations

Global bank HSBC has said it may face “significant” penalties from the US authorities with regard to an ongoing probe into suspected tax evasion by the US-based clients of its Indian unit, among other cases. The US tax department is

Opting Out of the Offshore Voluntary Compliance Initiative Programs

As with other IRS’ 2009 and 2011 offshore voluntary compliance initiatives, the 2012 program gives no discretion to the IRS agents to reduce penalties. If a participant does not believe that he or she should have to pay the 27½%

Benefits and consequences of entering or failing to enter the Offshore Voluntary Disclosure Initiative program

Over the past several years our law firm has counseled hundreds of non-compliant U.S. taxpayers in the exploration of their legal options with respect to the Offshore Voluntary Disclosure Initiative programs.  As a result, we have succinctly summarized some of

To Opt Out or Not Opt Out: That is the Question

When is it appropriate to make a quiet disclosure vs. making a disclosure through the Offshore Voluntary Disclosure Program?  This question is not necessarily easy to answer. IRS agents handling OVDI/OVDP cases do not have discretion regarding offshore-related information return