IRS FBAR Net (Noose?) Tightens to Include Offshore Bank Accounts at HSBC

In February I offshore bank accounts at HSBC had been indicted for FBAR (Foreign Bank Account Report) violations and related tax attorneys had been contacted regarding their clients’ undisclosed foreign bank accounts held at HSBC. Apparently letters had come from Department of Justice prosecutor Kevin Downing who has been taking the lead in FBAR prosecutions notifying the criminal tax investigation by the IRS. HSBC moved quickly to distance itself from its clients. A spokesman for HSBC was quoted in the same Reuters article as saying that HSBC “fully supports government moves for appropriate disclosure by its citizens” and “does not condone or assist offshore bank accounts.

Clients who havecriminal tax evasion charges by taking advantage of the IRS voluntary disclosure policy, and coming forward, but it is clear that time is running out.

If you would like to consult with an experienced voluntary disclosure, or other tax lawyers at Brager Tax Law Group, A P.C.