The Department of Justice Tax Division has been investigating HSBC in Switzerland since 2010. With the recent Swiss Leaks (team of journalists from 45 countries) that unearthed secret bank accounts maintained for criminals, traffickers, tax dodgers, politicians and celebrities, the Swiss government took action by raiding the Geneva office. Undoubtedly, this is only the beginning of the issues that HSBC will encounter as more information comes to light. Any United States taxpayers that have undisclosed accounts or assets with HSBC need to immediately come forward and take advantage of the IRS OVDP or Streamline Filing programs.
About Five Stone Tax Advisers
Five Stone Tax Advisers has years of experience negotiating directly with the IRS to get the best possible outcome for you. Our International Tax Advisory and Compliance unit has a team of tax attorneys, certified public accountants and enrolled agents that form a single sourced point of contact that will provide services for all the legal, compliance and financial reconstruction aspects of offshore account cases.