For those who thought the UBS scandal with the IRS was bad, get ready for the latest crackdown news: India. Yep, the IRS has spread its wings even further and are now pushing HSBC to disclose its members who are suspected of having secret bank accounts in India.
According to Wall Street Journal, “Thousands of U.S. taxpayers of Indian origin have opened up accounts with HSBC in India since 2002, when the bank allegedly began soliciting their business, according to the U.S. government.”
Although India does not have as strict of a banking secrecy policy as Switzerland does, the IRS is expecting this effort to be fruitful, which will lead the agency to spread its foreign tax evasion crackdown to more countries in the upcoming years. It’s reported that 9,000 “premier” clients have deposited in the Indian branch of HSBC, totaling a whopping $400 million. Yet only 1,921 account holders have disclosed their foreign bank account to the IRS. This crackdown effort is to extract more offshore tax evaders.
The IRS offered its voluntary disclosure program this year in response to the popularity and success from the last voluntary disclosure program in 2009. While this year’s leniency program is slightly different, it still offers consumers a great way to reduce their IRS penalties and potential jail time.
However, offshore tax evasion defense is no easy walk in the park. If you have undisclosed foreign funds, I highly recommend you to hire a well-qualified offshore tax evasion defense expert. At Tax Resolution Services, we have one of the nation’s leading offshore tax evasion defense experts, Brian Compton, working with our clients to negotiate IRS settlements.
Exercise your option to stay out of IRS trouble by practicing tax compliance now. The IRS is the most aggressive collection agency on the planet–do not underestimate the resources of a multi-billion dollar agency.
Tax Resolution Services is a team of expert tax attorneys, CPAs, and Certified Tax Resolution Specialists. Our leading offshore tax evasion division will help you with your IRS problems. Give us a call today at (888) 699-7630 for a free tax relief consultation or visit www.TaxResoluion.com.
More Tax Help, IRS News and Tax Relief Tips:
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- Offshore Tax Evasion Defense Expert Discusses Pros and Cons of Second IRS Offshore Voluntary Disclosure Initiative
- UBS To Disclose Offshore Account Holders Details to IRS: Act NOW to Reduce Severe Penalties
- Consumers Must Act Quickly to Take Advantage of Amnesty Program as IRS Pushes for FBAR Compliance
- Tax Relief News: Consumers Need to Act Now to Take Advantage of Expiring IRS Amnesty Program For Offshore Accounts