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Captain's Corner — international business

IRS Gets Better At Finding Secret Stashes

cross-border foreign entities international business offshore tax

Tax evaders have for years used offshore entities to hide money. Now, the IRS uses extensive data mining and are combing through the data from the Panama Papers, while courts are now handing down prison sentences rather than just financial penalties. IRS has been more focused on egregious cheaters than noncompliant small fry, and pathways exist for Americans abroad who had not paid taxes, for example by opting to file taxes going forward. Such pathways may not be suitable for those who intentionally cheated the IRS by using offshore entities - FATCA has required foreign financial institutions to report tax information to...

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