Panama Papers leak puts spotlight on offshore accounts

Ivan H. Golden discusses the impact of the leaked Panama Papers in this Law360 article. 

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The Panama Papers leak last month is yet another reminder that U.S. taxpayers who are still using undeclared offshore accounts to hide wealth or avoid tax are at serious risk of discovery and should carefully consider disclosing their accounts before it is too late.

On April 3, the International Consortium of Investigative Journalists (ICIJ) reported that it had obtained millions of documents from Panamanian law firm Mossack Fonseca. The leaked documents identified more than 214,000 offshore accounts that government officials, celebrities, athletes and wealthy individuals and…[read more]