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Sunday, August 7, 2011

US CRACKDOWN ON TAX EVASION: HSBC alerts U.S. clients having accounts in India!

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PTI / The Hindu / WASHINGTON, August 7, 2011.

HSBC in its letter, informed its American clients having bank account in HSBC India that the IRS has served a summons on the bank seeking information with regard to financial accounts of U.S. persons maintained with its branches in India. File Photo
HSBC in its letter, informed its American clients having bank account in HSBC India that the IRS has served a summons on the bank seeking information with regard to financial accounts of U.S. persons maintained with its branches in India. File Photo - AP.

The HSBC Bank, which is at the core of a U.S. crackdown on offshore tax evasion, has alerted its clients having an account in India, including Indian Americans, to consult a tax advisor after it received summons from Internal Revenue Service (IRS) seeking its account- holders’ names.


“In the interest of our customers, we would like to highlight that if you have any concerns about your U.S. tax reporting relating to your HSBC India account(s), you should consider consulting with a U.S. tax advisor to determine the appropriate course of action,” said Sanjay Nair, head customer propositions, retail banking and wealth management, HSBC in a letter to its customers.

HSBC in its letter, informed its American clients having bank account in HSBC India that the IRS has served a summons on the bank seeking information with regard to financial accounts of U.S. persons maintained with its branches in India.

“While we haven’t seen the letter HSBC sent to its clients, we’ve reviewed excerpts and it confirms what we’ve known all along: the IRS and other law enforcement officials will pursue action against non-compliant tax filers aggressively,” Wayne Holton, a CPA with the accounting firm Citrin Cooperman, told PTI.

“Indian-Americans with overseas accounts through HSBC should make the assumption that the bank will be cooperating with the IRS, which issued a summons asking for names of account holders,” Holton said, adding that individuals with foreign accounts at HSBC India need to be working with tax professionals to become compliant before the August 31 deadline for voluntary disclosure.



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