Jul 14, 2011

India Bank Account Records Are Sought by The Taxman

notice). U.S. summons banks to record the taxman with offshore bank accounts in India will force Americans to identify.

Americans (including American citizens resident in the UK) pay federal income taxes on income all over the world, and more than $ 10,000 with the remainder must report all foreign bank accounts. For willful failure to report foreign financial accounts to 50% of funds in accounts at the time of the offense is punishable by penalties.

A Bank team in charge of the IRS to help thousands of yanks to hide their accounts to dodge the taxman. The IRS claims that the Bank of New York and California in particular units (NRI Services Division), so-called "non-resident Indians" living in the U.S. (NRI) to boost the bank accounts set up.earned tax authorities would not notice.

Swiss banking giant of a recent IRS with American arm made a similar strategy. Swiss bank eventually paid U.S. $ 780M, and Swiss bank accounts as well as over 5,000 clients settled the case.

UK banks in Switzerland recently with their bank accounts with the bank details of about 5,000 residents of the UK. It is working through the data.has led.

Offshore banking practices relating to fraud by the IRS in the large part of the ongoing investigation. U.S. taxman is the speed of fresh evidence. It seems inevitable that the Queen and the UK Revenue and Customs will adopt similar strategies.

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