A client the HSBC bank who emigrated from India to the US pleaded guilty of hiding income from the IRS in India. Vaibhav Dahake admitted to concealing offshore bank accounts. He also stated that five unnamed bank employees working in Indian branches of HSBC helped him conceal the accounts. Prosecutors will attempt to find the identity of more bank clients who evade their taxes by hiding their funds in the Indian Branches of HSBC. The Feds are getting tougher on the people who hide their money in offshore accounts.
There are numerous clients of large banks like HSBC and USB that evade their tax bills by hiding their funds in offshore accounts which are hard to trace. Not paying your taxes on time or avoiding the tax bill all together will lead to stiff penalties and seizure of assets, defense from which a tax attorney is crucial.
Not all people who have issues paying their taxes hide their funds. Many people simply don’t have the funds when tax time rolls around. If a person can’t pay their taxes they end with exorbitant tax bills. The IRS charges a failure to pay interest for every month the taxes aren’t paid along with other penalties on the balance. With help from a tax lawyer some of the amount owed can be possibly be reduced. Whether a person has avoided their taxes or ran into financial troubles which make tax payment impossible, the assistance of a tax attorney can help reduce the tax burden.
