HSBC alerts U.S. clients amid offshore tax evasion probe

[RamboLiberal]

Source: USA Today

A major bank at the center of an expanded federal crackdown on wealthy Americans suspected of offshore tax evasion has told Indian-American clients to "be aware" of the IRS' offer of lower penalties for those who voluntarily disclose secret overseas assets they hold.

HSBC's former head of services for Indians living outside their homeland recently wrote to the clients confirming that the London-based banking giant had received an IRS summons seeking the names of Americans who hold accounts at the bank.

In the letter, a copy of which was obtained by USA TODAY, Sanjay Nair did not address whether HSBC plans to turn over the information. But he urged Indian-American clients to consult with a U.S. tax adviser "if you have any concerns about your U.S. tax reporting relating to your HSBC India account(s)."

"You may wish to be aware of an IRS voluntary disclosure program, which encourages U.S. taxpayers to bring themselves voluntarily into compliance with the U.S. tax laws," Nair added, referring to an offer set to expire Aug. 31.



Read more: http://www.usatoday.com/money/industries/banking/2011-07-15-hsbc-alerts-clients_n.htm

[DeSwiss]

1. Fair warning....

- K&R

[FreakinDJ]

2. Yet Foreign Profits Tax Exemption allows Corps to cheat $60 Billion

America where are your priorities

[DeSwiss]

3. Yep.

- And http://www.transnationale.org/countries/cym.php">then some......

[sarcasmo]

5. +1

[Hubert Flottz]

4. K&R