Got a few million bucks you want to protect from the tax man, a nosey spouse or a greedy business acquaintance? Sovereign Management & Legal Ltd. says it has the answers.
The company’s aggressive online marketing has attracted enough customers that the Internal Revenue Service and U.S. prosecutors noticed. In December, they filed a court petition in New York to get records of Sovereign’s customers from HSBC Bank USA and from several delivery and money and wire transfer services, including the Federal Reserve Bank of New York.
And at the end of the year the IRS added Sovereign to its list of firms that trigger higher penalties — from 27.5 percent to 50 percent — for taxpayers who voluntarily disclose previously undeclared offshore accounts.
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