We had posted on October 30, 2017 Another Offshore Law Firm Gets Hacked! where we discussed that Appleby, an Offshore Law Firm/Corporate Agent's Recent Data Breach is yet Another Example of How the IRS Can Discover your Unreported Foreign Account and how the Super-rich clients of offshore law firm Appleby are bracing themselves for the exposure of their financial secrets, after the firm admitted data had been stolen in a cyber attack last year.
Now the International Consortium of Investigative Journalists (ICIJ) has issued the Paradise Papers which is a global investigation into Appleby's the files.
The Paradise Papers include Nearly 7 Million:
- Loan Agreements,
- Financial Statements,
- Trust Deeds and
- Other Paperwork
The records range from complex, 100-page corporate transaction sheets and dollar-by-dollar payment ledgers to simple corporate registries of countries, such as Antigua & Barbuda, that do not publicly list names of company shareholders or directors.
As a whole, the Paradise Papers files expose offshore holdings of political leaders and their financiers as well as household-name companies that slash taxes through transactions conducted in secret. Financial deals of billionaires and celebrities are also revealed in the documents.
The Paradise Papers Files Include Far More Information About U.S. Taxpayers, At least 31,000 of Them,
Than Previous ICIJ Investigations!
ICIJ collaborated with more than 380 journalists working on six continents in 30 languages. Many team members spent a year using online platforms to communicate and to share documents.
Journalists tracked down court records, obtained financial disclosures of politicians in Africa, Europe, and Latin and North America, filed freedom of information requests and conducted hundreds of interviews with tax experts, policymakers and industry insiders.
Marini & Associates, PA has assisted several hundred clients with coming into U.S. tax compliance and avoiding the draconian penalties that the IRS may impose on U.S. persons with undisclosed foreign accounts.
Do You Have Undeclared Foreign Income?
Want to Know if Which OVDP Program is Right for You?