UPDATE 2-U.S. IRS eyes U.S. accounts at Caribbean bank

Tue Apr 30, 2013 6:04pm EDT
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* IRS gets court order for 'John Doe' summons -Justice Dept.

* Summons to go to Wells Fargo on correspondent account

* CIBC FirstCaribbean is focus of U.S. government interest

By Nanette Byrnes

April 30 (Reuters) - The U.S. Justice Department said on Tuesday that a federal court had authorized the Internal Revenue Service to seek information on U.S. taxpayers who may have accounts at Canadian Imperial Bank of Commerce FirstCaribbean International Bank (FCIB).

In a move resembling a recent IRS inquiry into Americans with Swiss bank accounts, the Justice Department said a court order would let the IRS serve a 'John Doe' summons seeking records of FCIB's U.S. correspondent account at Wells Fargo & Co . A correspondent account is a bank deposit account maintained by one bank for another bank.

The order would allow the IRS to identify U.S. taxpayers with "interests in financial accounts at FCIB and other financial institutions that used FCIB's Wells Fargo correspondent account," the Justice Department said in a statement.

"Our work here shows our resolve to pursue these cases in all parts of the world, regardless of whether the person hiding money overseas chooses a bank with no offices on U.S. soil," IRS Acting Commissioner Steven Miller said in a statement.

A spokesman for Wells Fargo said the bank would "review the summons and respond as legally required."   Continued...