According to Today's Wall Street Journal the Justice Department is expected to file a lawsuit Thursday that seeks to force HSBC India to reveal the names of U.S. customers with secret accounts, according to a person familiar with the matter.
The department is expected to file the legal action in a San Francisco federal court.
The move opens up a new front in the U.S. crackdown on tax evasion and comes days before the April deadline for taxpayers to file individual returns.
In February 2011, the Internal Revenue Service announced a second leniency program that offers reduced penalties to tax scofflaws that voluntarily report their offshore accounts. The agency offered the first program in 2009 in the wake of the U.S. case against UBS.
The Justice Department sent signals this year that London-based HSBC Holdings PLC's India operations were in its sights. Prosecutors indicted a New Jersey businessman In January on charges that he conspired to evade taxes by hiding offshore bank accounts in India maintained by HSBC.
The January indictment didn't identify the bank by name, saying only that the institution "was one of the largest international banks in the world and was headquartered in England." A person familiar with the case said the bank was HSBC.
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- jerseytaxblog
- Prof. Brunetti is a Tax Professor at Fairleigh Dickinson University, where he has been teaching tax courses for over forty years. Prof. Brunetti is the author of articles and books in the income tax and estate planning field Prof. Brunetti wrote the tax accounting course for the AICPA. and his book Federal Taxx Accounting (CCH) in in its third edition.He lectures on topics that include tax accounting, corporate taxation and estate planning In addition Frank Brunetti is the Chair of the Tax, Trusts and Estates Group at the Scarinci Hollenbeck, LLC, Lyndhurst, NJ. Mr. Brunetti has been practicing law for over forty six years in the areas of estate and wealth preservation, tax planning for business entities and complex tax matters Mr. Brunetti provides representation in federal and state tax matters, IRS controversies, estate and business planning and guidance for the preparation of wills and trusts as well as the administration of estates He is admitted to the New Jersey and New York Bars as well as the United States Tax Court
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