HSBC trying to avoid becoming next UBS
Jacksonville Business Journal
Taxation Partner Kevin Packman was quoted in a Daily Business Review article titled, "HSBC trying to avoid becoming next UBS."
The article reports that the newest target of the Justice Department and Internal Revenue Service appears to be HSBC, the London-based retain bank prominent in Asia. Since June of this year, at least 15 HSBC clients have been investigated for tax evasion by United States authorities. However, many tax attorneys believe that several of those targeted are just confused about reporting income in two countries. Mr. Packman noted that the Justice Department is lumping in those who simply did not know the international reporting rules on income tax with the true tax scofflaws. “I look at this stuff as low-hanging fruit. The size of the account should not matter. Whether it’s $1 million or $15 million, the focus should be on intent and willfulness,” he said. “I have people who failed to report accounts with $100,000, and they are being treated the same way as those who intentionally evaded tax.”
To read the full article, please click here.
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