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.
Rule 26 Expert Discovery: When an Expert Witness Uses AI, Is It Discoverable?
Case law following the 2010 amendments to Federal Rule of Civil Procedure 26 offers guidance on how courts are likely to address whether an expert witness’s AI records are subject to discovery. Key Takeaways Rule 26 Expert Discovery After the 2010 Amendments This article addresses the question courts and lawyers have faced in recent cases: […]
“Show how 3M is 0% at fault.” The absurd tale of how a 350-page ChatGPT history for 3M’s expert witness was produced during a deposition is more likely than you think. It’s an inevitable trend, and an unsettled question for federal courts as experts make generative AI part of their workflow. Key Takeaways Expert Witness […]
The Screenshot Problem: Why Nothing Is Really Private Anymore
Screenshots have changed the risks of electronic communications. The screenshot problem is that messages intended for one person or a small group can be copied, forwarded, preserved, and ultimately presented to opposing counsel, regulators, journalists, customers, or a jury. Businesses should recognize that a truly private digital conversation is increasingly unreliable and ensure their policies, […]
BESS Project Agreements: Allocating Risk Among Developers, EPC Contractors, and Equipment Suppliers
Developers, engineering, procurement, and construction (EPC) contractors, and equipment suppliers each play a critical role in completing a BESS project. However, when equipment costs rise, deliveries are delayed, or regulations change, determining who bears the financial consequences can become contentious. Well-drafted project agreements are essential to sound risk allocation. Key Takeaways This article is Part […]
IP Infringement: What Steps Can You Take If You're Affected?
IP infringement occurs when someone uses your intellectual property without your permission or beyond the scope of the permission you granted. Common examples of IP infringement include copying a product’s patented features or using a trademarked logo in a way that is likely to confuse consumers about the source or affiliation of goods or services. […]
Public Allegations, Unfinished Investigation: What New Jersey Businesses Should Do Next
When facing public allegations of wrongdoing, companies should not let the speed of the public conversation dictate the speed of an investigation. An investigation designed to confirm a preferred narrative rather than establish the facts can create serious problems later, particularly if litigation, regulatory scrutiny, or employment claims follow. Key Takeaways When public allegations surface […]
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!
