Time Running Out for HSBC India accountholders sought by IRS

- By : Parag Patel

…funds directly from their HSBC USA accounts to HSBC India. U.S. clients of HSBC India could transfer funds from their accounts at other U.S. banks to HSBC India by writing…

HSBC and NRI Bank Accounts: Could It Spread to Other Banks?

- By : Parag Patel

…be reported to the IRS,” said the US Justice Department. “The government alleges that, according to HSBC’s website, in 2002, HSBC India opened a ‘representative office’ at an HSBC USA…

HSBC Expected to Disclose Account Holders Names

- By : Parag Patel

…tax on interest earned and that HSBC India would not report these details to the IRS. HSBC has 470 branches in the US under HSBC Bank USA. In addition, the…

HSBC Bank Expects Significant Penalties from US Government for Violations

- By : Parag Patel

HSBC India. HSBC said in a regulatory filing last night that it is cooperating with the US Department of Justice and the Internal Revenue System (IRS) in their probes into…

HSBC India Customer New Indictment Uncovers More HSBC Details

- By : Parag Patel

HSBC’s work with Americans born in India and highlighted the role of two unnamed HSBC bankers in New York. The charges against Ahuja come amid a widening U.S. crackdown on…

Fifth HSBC India Customer indicted for tax evasion this year

- By : Parag Patel

…and Shanghai Banking Corporation Ltd. (HSBC). During 2009, Desai maintained approximately $8.8 million in his undeclared accounts at HSBC in India. Desai attempted to evade his income taxes for tax…

Another HSBC Customer Likely Going to Jail

- By : Parag Patel

…U.S. prosecutors investigating offshore tax evasion. HSBC’s Swiss unit gave lists of employees to aid the U.S. probe, a spokesman said in April. Last month, London-based HSBC, Europe’s largest bank,…

What HSBC India Accountholders Can Expect From the IRS

- By : Parag Patel

…on HSBC India to reveal account information (including names, addresses, etc.) of U.S. residents with HSBC accounts in India. The government official stated that HSBC India accountholders’ discovered via the…

HSBC officially provides information on clients having accounts in India to the US Department of Justice and IRS

- By : Parag Patel

HSBC this week publicly announced that it has provided available information in its possession to the US authorities probing whether any US-based client used accounts in HSBC India to evade…

HSBC Customer Avoids Jail in Tax Evasion Case

- By : Parag Patel

A New Jersey businessman who cooperated with prosecutors avoided prison after admitting he conspired with five HSBC Holdings bankers to hide his Indian bank accounts from U.S. tax authorities. Vaibhav…

IRS’ Takes Legal Action Against Offshore HSBC Indian Accounts

- By : Parag Patel

…are unknown. If approved, the John Doe summons would direct HSBC USA to produce records identifying U.S. taxpayers with accounts at HSBC India. In court documents, the U.S. Justice Department…

In Addition to HSBC, Credit Suisse Also Being Investigated for Offshore Activities

- By : Parag Patel

…a “John Doe” summons requesting information from HSBC regarding U.S. residents who may be using accounts at HSBC in India to evade federal income taxes. If HSBC produces these records,…

Another Local New Jersey client of HSBC India Pleads Guilty

- By : Parag Patel

…Foreign Bank and Financial Accounts, or FBARs. HSBC’s Geneva-based private bank is one of at least 11 Swiss firms under investigation by U.S. prosecutors investigating offshore tax evasion. HSBC’s Swiss…

Another U.S. taxpayer with an offshore HSBC bank account pleads guilty

- By : Parag Patel

…include a Schedule B reporting her interest in or signature authority over foreign financial accounts at HSBC India. In 2008, Bhasin’s bank accounts at HSBC India were valued at approximately…

Is HSBC the next UBS nightmare?

- By : Parag Patel

…names would be covered under a summons, which would have to be issued by the Internal Revenue Service and enforced by the Justice Department. A HSBC spokesperson predictably said “HSBC

HSBC customer Josephine Bhasin Criminal Sentencing Very Light

- By : Parag Patel

HSBC customer Josephine Bhasin was sentenced last month. Josephine Bhasin of New York earlier pleaded guilty before U.S. Magistrate Judge E. Thomas Boyle in Central Islip, N.Y., to filing a…

Latest Guilty Plea for an Another HSBC Offshore Bank Accountholder

- By : Parag Patel

…2008, Michael Schiavo, 53, of Westford, Mass., held an account in his name at HSBC Bank Bermuda (formerly the Bank of Bermuda, but not an NRI bank). In 2006, with…

HSBC Payment of Largest Penalty and FATCA Encourages Taxpayers to Disclose

- By : Parag Patel

Last month, HSBC Holdings agreed to pay $1.92 billion in fines to U.S. authorities, which is the largest collective settlement in the Treasury Department’s history. The penalty assessment was based…

IRS Targets Non-Resident Indians with HSBC Accounts

- By : Parag Patel

HSBC, one of the largest banks international banks in the world, is facing rough time with allegations on its holding bankers being involved with a New Jersey Indian American businessman…

HSBC Client Pleads Guilty to Conspiring to Hide Indian Accounts From IRS

- By : Parag Patel

An Indian-American businessman on Tuesday pleaded guilty to conspiring to defraud US tax authorities by hiding his bank accounts in HSBC India, a case which has led the IRS to…

Foreign HSBC Bank Customer Avoids Jail: Given Three Years’ Probation

- By : Parag Patel

…prosecutors said Ahuja transferred millions of dollars from the U.S. to undeclared accounts in India at HSBC. Ahuja earned $2.76 million in interest income on an HSBC India account that…

Another foreign bank customer found guilty of foreign income under-reporting and FBAR violations.

- By : Parag Patel

A doctor has been convicted of failing to disclose to US federal authorities that he maintained offshore HSBC bank accounts in India and France and hid approximately $8 million in…

IRS Launches Second Offshore Voluntary Disclosure Initiative After Successful Prosecution

- By : Parag Patel

…allegedly from HSBC Bank. Dahake, of Somerset, NJ, is among the first taxpayer who is charged with the conspiracy, on whether HSBC is helping clients to hide their assets from…

One Month Countdown: The Deadline is Nearing for U.S. Taxpayers with Undisclosed Accounts to Come Forward

- By : Parag Patel

…bank, Credit Suisse. Based on the government’s investigation into Credit Suisse, many believe the bank may have a larger problem than UBS did two years ago. On another front, HSBC

Numerous Criminal Prosecutions of Taxpayers with Unreported Offshore Accounts

- By : Parag Patel

…guilty to filing a false tax return for the year 2008. Bhasin owned accounts at HSBC in India that, in 2008, were valued at approximately $8.3 million, and generated approximately…

OVDP Ineligibility Possibility Increases

- By : Parag Patel

…taxpayer was contacted by the government (or otherwise investigated or under criminal/civil audit) they were no longer eligible for OVDP. For example, HSBC India, which provided numerous U.S. accountholders names,…

COURT AUTHORIZES SERVICE OF JOHN DOE SUMMONS SEEKING THE IDENTITIES OF U.S. TAXPAYERS WITH OFFSHORE ACCOUNTS AT CIBC FIRSTCARIBBEAN INTERNATIONAL BANK

- By : Parag Patel

…the U.S. District Court for the Northern District of California issued an order authorizing the Internal Revenue Service to serve a “John Doe” summons requesting information from HSBC regarding U.S….

2016 US Dept of Justice (DOJ) Tax Division: FBAR penalty collection cases

- By : Parag Patel

…over four accounts maintained at Hong Kong and Shanghai Banking Corporation Limited (HSBC) India. Millions of dollars flowed into these accounts. Desai failed to file FBARs for the accounts, did…

How Will the IRS Find Out By Your Foreign Account? Let’s Count the Dozens of Ways

- By : Parag Patel

…withdrawals. 2. IRS Investigations of numerous banks, including Credit Suisse, Julius Baer, HSBC, Basler Kantonalbank, Bank Leumi, Bank Hapoalim, and numerous others. The banks were required to disclose of your…

With No More Amnesty Program: Explore the IRS’s Traditional Voluntary Disclosure program

- By : Parag Patel

…as such large banks as Credit Suisse and HSBC, have heighten the risks of not disclosing a foreign account. Taxpayers who have not disclosed their offshore bank accounts should do…