IRS is Likely to Look at HSBC Accounts

IRS is Likely to Look at HSBC Accounts

If the HSBC information is provided to the U.S., the IRS would gain valuable insight from reviewing the data. It would see what types of accounts were held, in what regions, and how HSBC’s Swiss banking operation worked. About 15,000 U.S. taxpayers with offshore accounts came forward under a voluntary amnesty program last year, giving authorities a trove of information with which to hunt. All this information is likely to give the IRS and the DOJ new leads for its continued efforts to go after offshore tax cheats.