American HSBC Account Holders Receive IRS Letters

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In what is widely seen as a move to further clamp down on tax evasion through offshore accounts, the Justice Department has sent numerous letters to account holders of HSBC offshore accounts, in particular in India or Singapore. This initiative is a joint effort by the Justice Department and the IRS to track down more taxpayers who use offshore accounts to hide their assets after the IRS’ dispute with UBS Bank of Switzerland last year.

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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.

© Darrin Mish, Tampa Tax Attorney, The Law Offices of Darrin Mish, P.A. | Attorney Advertising

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