If you have offshore assets that are not yet properly disclosed, you should consider contacting an attorney immediately for assistance, before a civil or criminal investigation begins. On April 3, 2016, the International Consortium of Investigative Journalists (ICIJ), with the help of German newspaper Süddeutsche Zeitung, revealed approximately 11.5 million documents on 214,000 shell companies that operated between the 1970s and 2016, causing extreme embarrassment and panic for many of the world’s leading figures. Although shell companies are not illegal to own, using them to avoid paying your taxes is.

The full reveal of the Panama Papers is planned for Monday, May 9, 2016. According to the head of ICIJ, quite a few American names will be exposed. The Internal Revenue Service (IRS) has been cracking down on tax evasion practices both home and abroad in recent years.

You may qualify for one of the IRS’ Offshore Voluntary Disclosure Programs that will allow you to come into compliance, pay reduced penalties, and manage the risk of a criminal investigation.

If you think you need to participate in a voluntary disclosure program, contact one of our attorneys today.