by Brian Mahany
The list of foreign banks under scrutiny by the IRS and Justice Department keeps growing. Although everyone remembers UBS, there are many, many more. HSBC India, HSBC Bermuda, Bank Leumi,Bank Hapoalim, State Bank of India (SBI), ICICI Bank, Punjab National Bank and HDFC Bank are all on the radar screen too as well as others. It’s not just the banks that are facing problems. It’s the estimated 1,000,000 Americans with unreported overseas accounts that may soon find themselves in trouble too.
Earlier this year several Credit Suisse bankers were charged with helping Americans evade taxes. Not surprisingly, the bank cooperated with US authorities. “Cooperation”, by the way, often means turning over lists of Americans with foreign accounts.
Even as the IRS offers a tax amnesty for Americans with offshore bank accounts (the Offshore Voluntary Disclosure Initiative or OVDI), the government continues to expand its efforts to uncover these unreported accounts.
Not only is Credit Suisse cooperating, the Swiss government has been in near constant negotiations with Treasury officials here. The proverbial secret numbered Swiss account is falling by the wayside.
If you have an account – or had one as the IRS is even looking at people who recently closed a foreign account – at Credit Suisse or one of the other banks mentioned, contact a tax attorney immediately. The penalties for unreported offshore accounts OR unreported foreign income are severe and could involve prison.
For a completely confidential consultation, contact attorney Brian Mahany at (414) 704-6731 (direct) or by email at Our tax lawyers have helped dozens of taxpayers across the nation and many located outside the U.S. too.
Mahany & Ertl, LLC – America’s Tax Lawyers. Milwaukee, Wisconsin; Detroit, Michigan; Portland, Maine & San Francisco, California. Services performed nationwide.