Panama Papers: Department of Justice Continues Investigation on U.S. Citizens

In early May, a massive leak of documents from the Panamanian law firm Mossack Fonseca & Co. known as the Panama Papers showed evidence of the firm creating hundreds of thousands of shell companies and offshore accounts for clients worldwide.  Dozens of names on the Panama Papers were of American citizens.  The Department of Justice was already investigating ties American citizens have to Mossack Fonseca prior to the release of the papers.  The leak has only pushed for deeper investigations into those already under investigation and efforts to discover other Americans who might have ties to the firm or made use of shell corporations to evade U.S. taxes.

Considering the immense scrutiny being placed on offshore assets, it is highly advised to migrate your assets onshore and become tax compliant.  The IRS has a number of programs such as the Offshore Voluntary Disclosure Program or the Streamlined Filing Compliance Procedures which can significantly limit your tax exposure.  Contact us for further assistance in enrolling in these programs.