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.
The Due Diligence Process for NY Condominiums and Cooperatives
While the New York City real estate market can be extremely competitive, moving too quickly often backfires. Before purchasing a condominium or cooperative in New York City, it is important to do you homework. Purchasing property in NYC can involve a dizzying number of legal issues. These include condo and co-op rules, rent restrictions, and […]
Smart Contract Legal Issues: Drafting Agreements for Blockchain
Smart contracts feature a unique blend of legal agreement and technical code. This innovation has the potential to reshape how business is conducted. At the same time, smart contract legal issues around enforceability, jurisdiction, identity, and compliance are common. The legal framework for these self-executing agreements is still evolving. What Are Smart Contracts? Smart contracts, […]
Are Stay Interviews the Key to Retaining Top Talent?
Retaining top talent continues to be one of the greatest challenges facing employers today. Even in an employer’s market, the loss of a key employee can disrupt operations and result in significant costs. While compensation plays a role, long-term retention often depends on workplace culture, communication, and employee engagement. One increasingly popular strategy for improving […]
Secured transactions form the backbone of a wide range of business dealings, including business loans, mortgages, and inventory financing. Because the stakes are often high and relatively minor oversights can have drastic consequences, lenders and borrowers should thoroughly understand how to form an enforceable security agreement that protects their legal rights. What Is a Secured […]
Don’t Cash a “Paid in Full” Check Without Understanding the Legal Implications
Cashing a check marked “paid in full” can be a risky endeavor, particularly if you don’t fully understanding the legal implications. If you are owed more than the amount of the check you accept and deposit, you may waive your right to collect the full disputed amount. That is why you should consider either rejecting […]
Changes to Qualified Small Business Stock Will Benefit Startup Founders and Investors
The One Big Beautiful Bill Act of 2025 (OBBBA) significantly impacts federal taxes, credits, and deductions. A key change relating to Qualified Small Business Stock (QSBS) allows greater tax-free gains for investments in startups and other qualifying small businesses. Company founders and other investors should understand how the enhanced tax strategy works or risk missing […]
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