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IRS Seeks Names of U.S. Account Holders at HSBC (India)

April 18, 2011, Taxmann-The Tax & Corporate laws of India-International Tax
Just a few short weeks ago, we described in these pages (Indictment of Offshore Account Holder Portends – a New Round of Aggressive Enforcement [2011] 4 ILT 163) a recent grand jury indictment of a U.S. taxpayer who held an unreported account at HSBC (India), and predicted that the criminal charges in U.S. v. Dahake heralded a new wave of U.S. tax enforcement against taxpayers of Indian descent with accounts at that bank.

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