Undisclosed HSBC Account Holder Pleads to 50% Penalty

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HSBC Offshore Account Holder recently pled guilty to false filing claims and agreed to pay a 50% penalty on her undisclosed account, valued at $8.3 million. Kevin E. Thorn believes that these recent indictments by the Department of Justice should encourage other U.S. taxpayers with undisclosed offshore accounts to come forward before the government opens an investigation into them.

The recent indictments and draconian penalties should encourage more U.S. taxpayers with undisclosed offshore accounts, especially held at HSBC, to come forward before the government contacts them.

On April 13, 2011, another U.S. taxpayer, Josephine Bhasin (United States v. Bhasin, E.D.N.Y., No. 11-cr-00268-ADS), with an offshore account held with HSBC pled guilty to charges of knowingly filing false tax returns, false amended tax returns, and false FBARs. Ms. Bhasin of Huntington, NY, could receive a maximum sentence of 3 years in jail and a maximum fine of $250,000. These criminal penalties are in addition to civil penalties. Ms. Bhasin has agreed to a civil penalty of 50% of the high year of her HSBC account during 2004 to 2009.

The request to serve a John Doe Summons has been granted on behalf of the Internal Revenue Service (IRS) against HSBC. The Summons has been a useful weapon in the government’s arsenal; information gathered is being used to build cases against U.S. taxpayers. It is believed that HSBC, one of the foreign bank giants, has aided in the evasion of taxes.

Kevin E. Thorn, Managing Partner of Thorn Law Group, a law firm that represents many taxpayers throughout the U.S. and around the world with undisclosed offshore accounts, believes “that the recent indictments and draconian penalties should encourage more U.S. taxpayers with undisclosed offshore accounts, especially held at HSBC, to come forward before the government contacts them. The 2011 Offshore Voluntary Disclosure Initiative offers amnesty and is only open until August 31, 2011.” Thorn continues, “It is critical for taxpayers to come forward before the bank identifies them to the Department of Justice and the IRS if they want to minimize their penalties and criminal exposure.”

Mr. Thorn encourages, “All U.S. taxpayers to contact a tax controversy attorney immediately in order to assess and minimize their criminal exposure throughout these ongoing investigations. The deadline for the 2011 Offshore Voluntary Disclosure Initiative is rapidly approaching.”

For additional information on the news that is the subject of this release, contact Kevin E. Thorn, Managing Partner of Thorn Law Group at 202-270-7273 or visit us at http://www.thorntaxlaw.com.

About Thorn Law Group, PLLC:

Thorn Law Group, PLLC is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems.

Contact:
Kevin E. Thorn, Managing Partner
Thorn Law Group, PLLC
202-270-7273
http://www.thorntaxlaw.com

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