News & Events

DOJ announces it's expanded its focus to include undisclosed foreign bank accounts with HSBC.

The Department of Justice has recently announced an investigation into HSBC Bank through the issuance of a "John Doe" Summons. Kevin E. Thorn, a tax controversy attorney with experience as a former Internal Revenue Service attorney, comments on the unfolding investigation.

Kevin E. Thorn believes that the growing number of offshore related indictments has made taxpayers increasingly interested in the IRS’s 2011 Amnesty Program; taxpayers see the program as an opportunity to disclose their unreported offshore accounts.

As more taxpayers with undisclosed offshore accounts are being indicted by the DOJ, Kevin E. Thorn would like to emphasize the opportunity furnished by the New Amnesty Program for those who have yet to come forward.

Pressure to intensify going forward as the government obtains more information from banks and often from other taxpayers.