The Internal Revenue Service has made going after Americans who violate U.S. tax law through the improper use of tax shelters a top priority. A new report that exposes millions of leaked documents reveals the large extent of tax shelter abuse occurring in the U.S.
The International Consortium of Investigative Journalists reports that 90 journalists from 47 countries have used new technology to examine roughly 2.5 million documents from the last 30 years. Their findings reveal that the large number of people relying on tax shelters to hide income far exceeds previous projections, and include American doctors and dentists, middle-class Greek villagers, a Spanish princess, family members of despots, Wall Street executives and ultra-rich from across the world. The list also includes the names of 4,000 Americans and celebrities.
“We expected to find only the mega rich using [offshore accounts],” said Gerard Ryle, director of the consortium. “But in fact we found it was being used by a much broader section of society.”
The report has major implications for several countries around the globe, many of which are now launching probes into their own citizens as a result of the extensive information found. The group that published the report said the findings have significant consequences for the countries impacted by tax shelter abuse, as many have suffered sizable economic losses as a result of these crimes.
Section 363 Sales in Bankruptcy: What Businesses, Lenders, and Buyers Need to Know
When a company enters Chapter 11 bankruptcy, many assume the process will culminate in a lengthy reorganization plan. However, distressed businesses are increasingly being sold through a different mechanism — a sale under Section 363 of the United States Bankruptcy Code. A Section 363 sale allows a company, as a debtor-in-possession in bankruptcy, to sell […]
Zoning Laws Explained: What You Need to Know Before Buying Property
Before buying property, it is critical to determine whether local zoning laws may affect your plans. If you plan to redevelop the property, you will want to confirm that local zoning regulations permit development as intended. If acquiring property that is already developed, you must verify that the use is permitted in the underlying zoning […]
Special Needs Trusts in New Jersey: Planning for Your Loved One’s Future
For parents of a child with a disability, estate planning raises concerns that go well beyond deciding who will inherit their assets. Parents may spend years making sure their child has the right care, services, and support. Eventually, they must also confront a difficult question: Who will take over when they can no longer do […]
What Every Real Estate Investor Should Know Before Buying a Rental Property
Before buying a New Jersey rental property, an investor should verify realistic operating numbers, the property’s legal and regulatory status, lead-based paint and flood compliance, the existing leases and tenant protections, and the right ownership structure. A rental property is more than a piece of real estate; it is an operating business subject to legal, […]
Can You Change an Irrevocable Trust in New Jersey?
In New Jersey, an irrevocable trust can sometimes be modified even though its name suggests otherwise, and one of the primary tools for doing so is a process called decanting. Whether decanting is available depends on the specific terms of the trust and the discretion given to the trustee. Key takeaways: New Jersey has no […]
How Intellectual Property Valuation Will Impact Business Transactions
Intellectual property valuation determines the monetary value of a business’s IP assets, and it drives outcomes in licensing deals, joint ventures, mergers and acquisitions, financing, and ownership disputes. The most valuable assets of a business are often the things that cannot be seen or touched: a proprietary process, a copyrighted work, brand recognition, or the […]
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