Last year, on November 1, 2022, a federal grand jury has indicted U.S. citizen Chunsheng "Jay" Huang on charges of filing false tax returns and failure to report a foreign bank account. Huang allegedly maintained undisclosed links to corporations in the People's Republic of China (PRC) and failed to disclose his financial interest in an account with the Industrial and Commercial Bank of China (ICBC) according to the United States Department of Justice.
According to accusations, over a decade and a half, Huang served both a California-based firm and PRC-based companies. Huang seemingly utilized an ICBC bank account, held in his sister-in-law's name, to receive payments from two Chinese firms and failed to report these earnings in his federal tax returns spanning 2016 to 2020.
A requirement of U.S. federal law, is for citizens and residents to disclose foreign income for tax calculations. If the value of foreign bank accounts exceeds $10,000 at any point during a year, owners must file a FinCEN Form 114. Yet, for 2019 and 2020, the indictment purports that Huang failed to file the requisite report for his ICBC account.
