The Internal Revenue Service, lawmakers and Americans began paying more attention to the International Consortium of Investigative Journalists following its public release of hundreds of names and financial details of offshore account holders in April.
Now, the ICIJ has released a new report, which gives the public access to extensive offshore tax haven records through its new Offshore Leaks Database.
Photo by NeONBRAND on Unsplash
The system contains hundreds of thousands of records detailing corporations, rather than individuals, that hold sizable assets in popular tax-havens. The consortium gained this information from roughly 2.5 million emails and financial documents it received in 2012, according to the Huffington Post. While lawmakers and the IRS will have ultimate say over whether any of the data in the documents constitute potential tax law violations, the release of the documents may increase the already-intense scrutiny of corporations and their use of certain tax practices to limit their liability.
This is particularly true after a 2012 report from the Tax Justice Network found that untaxed wealth invested in offshore tax havens ranged from $28 to $32 trillion, an amount that is equal to two years’ worth of U.S. economic output.
Several corporations, including Apple, Starbucks, Disney, and Microsoft have made headlines as of late due to lawmakers’ questioning over their taxes, and some – including Starbucks and Disney – have lobbied for more flexibility over their use of certain benefits and deductions. While scrutiny of many big-name firms continues, some analysts predict that new international agreements between several countries and the U.S. may provide more insight and transparency in corporate tax practices, which could potentially lead to more legal challenges of certain tax safeguards. Already, the Group of Eight (G-8) has named tax evasion and tax avoidance a key talking point at this year’s summit, indicating that a heavier emphasis on tax compliance is soon to become a global issue.
Eviction Is Not Always the End: Understanding Post-Possession Rent Claims in New Jersey and New York
No. An eviction does not automatically end a tenant’s obligation to pay rent. Post-eviction rent claims are common because recovering possession resolves who has the right to occupy the premises, but it does not extinguish the tenant’s contractual obligations under the lease. Whether unpaid or future rent remains owed depends on three factors: the lease’s […]
Company Dissolved? Legal and Financial Consequences to Expect
A company is dissolved; legally, it ceases to exist. Accordingly, dissolution results in significant legal and financial consequences. It is a process that must be properly managed to avoid continuing liability. The Corporate Dissolution Process Corporate dissolution is the legal process of formally closing a corporation, paying its debts and distributing the remaining assets. Most […]
The Legal Implications of Signing a Triple Net Lease
A triple net lease is a commercial lease in which the tenant pays the property’s real estate taxes, insurance, and maintenance costs, known as the three nets, in addition to base rent. They are most often used in freestanding retail and office buildings and in large single-tenant industrial properties, with terms that typically run 10 […]
When to Settle and When to Fight: A Litigator's Framework
Every lawsuit comes with a cost, and knowing when to settle a lawsuit is one of the most consequential decisions a business owner will face. Experienced litigators understand how to minimize cost and obtain certainty for their clients. For many business owners, the decision is viewed almost entirely through a financial lens: What will it cost […]
A corporate attorney advises businesses on formation, ownership, governance, contracts, transactions, compliance, disputes, and the legal risks that arise as a company grows. The role is not limited to filing documents or reviewing agreements. A corporate attorney helps a business understand when a commercial decision has legal consequences, how to structure that decision properly, and […]
A Whistleblower Just Filed a Complaint Against Your Company: Here's What to Do Now
Few situations create more uncertainty than learning that an employee has filed a whistleblower complaint. Questions arise immediately: Is the allegation legitimate? Should the employee be placed on leave? Do we need to notify our insurance carrier? Are we now prevented from disciplining the employee if there are unrelated ongoing work related issues? There is […]
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!
