In India, and worldwide, the Internal Revenue Service (IRS) and the Department of Justice (DOJ) are investigating allegations that banks, including HSBC, are assisting United States taxpayers in committing tax evasion through the use of hidden offshore accounts. United States taxpayers with undisclosed offshore accounts at HSBC and other banks around the world should ensure that their foreign assets and accounts are properly reported to the IRS.
IRS officials introduced the 2012 Offshore Voluntary Disclosure Program to encourage U.S. taxpayers with undisclosed offshore accounts to come into compliance.
Terms of the 2012 IRS Amnesty program involve:
- A 27.5 percent penalty of the undisclosed offshore accounts based on the highest total account balances over an eight-year period of each account.
- U.S. taxpayers must pay back interest and taxes on any unreported income for up to eight years, as well as delinquency and/or accuracy related penalties.
- U.S. taxpayers must file all amended and original tax returns, as well as include payments for taxes, interest, and accuracy related penalties.
U.S. taxpayers who successfully complete the 2012 IRS Offshore Voluntary Disclosure Program will avoid severe civil penalties and criminal prosecution. Thorn Law Group currently represents United States taxpayers who are making voluntary disclosures of their offshore accounts.
Thorn Law Group attorneys are experienced at representing individuals and entities in private disputes regarding undisclosed offshore accounts with the United States government. Thorn Law Group attorneys are knowledgeable of the international tax rules and regulations of numerous jurisdictions, and are able to counsel clients on their rights and options when dealing with issues relating to foreign banks that have mismanaged client assets and violated other fiduciary obligations.