IRS Petitions for HSBC to reveal Tax Cheats


The IRS has petitioned for a federal court authorization to enable it to obtain information on HSBC Bank’s American account holders using their foreign accounts to evade taxes. Most of these account holders are believed to be wealthy Americans of Indian descent who hold HSBC bank accounts in India worth in excess of $100,000.

The IRS says there are 9,000 high net worth Indian US residents who maintain at least $100,000 in their bank accounts in HSBC India but only 1,921 of them have disclosed details of their accounts. In a statement to a San Francisco court, senior IRS offcial Daniel Reeves said, “This indicates that thousands of US taxpayers of Indian origin who maintain more than $100,000 in accounts with HSBC, may have failed to disclose their HSBC India accounts to the United States Government.” He went on to say, “It is also likely that those taxpayers may have failed to report income earned on those undisclosed accounts.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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