The IRS is Dramatically expanding its efforts to unearth unreported offshore income, and prosecute offenders who try to hide money in international bank accounts in order to avoid paying income taxes.

Federal tax authorities are looking to force HSBC India to reveal the names of 9,000 U.S. taxpayers of Indian descent. They have reason to believe that there are thousands of bank accounts with unreported income of $100,000 or more generated by U.S. residents. This income is taxable under the current IRS codes.

The IRS is in a multi-year campaign against undeclared offshore accounts held by U.S. taxpayers, previously focused on accounts held by banks in Switzerland, including UBS AG.

UBS admitted two years ago it had plotted to defraud the U.S. government by helping wealthy Americans hide their assets in swiss bank accounts. UBS paid $780 million to avoid criminal prosecution and turned over 4,000 names.

If you are considering depositing money in an offshore bank account, check with your attorney or CPA first to make sure you aren’t breaking federal law. We see many cases involving hidden bank accounts, and can help you if the IRS is auditing your complex financial transactions.