HSBC Under IRS Scrutiny


In its ongoing efforts to weed out tax evaders who hide their money in offshore bank accounts, the IRS is taking steps to track down US taxpayers who may be keeping their money in HSBC India.

On April 7, the government sought an order from the federal court to authorize the IRS to compel HSBC to divulge details of US residents who may be using accounts at HSBC India to evade federal income taxes. This order is known as a John Doe summons that the IRS can serve on the bank, which is named such because it seeks information on tax infringements by people whose identities are unknown. The federal court granted the government’s petition.

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