IRS targets US taxpayers’ FCIB accounts

(CNS Business): The Internal Revenue Service has obtained a federal court order that will allow them to access bank records of US taxpayers suspected of hiding accounts at Canadian Imperial Bank of Commerce's FirstCaribbean International Bank (FCIB), a Barbados-based bank with branches in 18 Caribbean countries, including the Cayman Islands, but with none in the US. The court authorized the IRS to serve a John Doe summons on Wells Fargo Bank related to a US correspondent account maintained by FCIB, directing it to produce records of deposits and payments by check and wire that will allow the IRS to identify US taxpayers with accounts at FCIB and other banks that used FCIB’s Wells Fargo correspondent account. Read more and comment on CNS Business