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Monthly Archives: November 2017

More Then 31,000 US Taxpayers Exposed in Paradise Papers!

We had posted on October 30, 2017 Another Offshore Law Firm Gets Hacked! where we discussed that Appleby, an Offshore Law Firm/Corporate Agent's Recent Data Breach is yet Another Example of How the IRS Can Discover your Unreported Foreign Account and how the Super-rich clients of offshore law firm Appleby are bracing themselves for the exposure of their financial secrets, after the firm admitted data had been stolen in a cyber attack last year.

Now the International Consortium of Investigative Journalists (ICIJ) has issued the Paradise Papers which is a global investigation into Appleby's the files.

The International Consortium of Investigative Journalists and 95 media partners explored 13.4 million of these leaked files which were obtained by the German newspaper Süddeutsche Zeitung.

The Paradise Papers include Nearly 7 Million:
  •  Loan Agreements,
  • Financial Statements,
  • EMails,
  • Trust Deeds and
  • Other Paperwork 

which represents nearly 50 years of records at Appleby, a leading offshore law firm with offices in Bermuda and beyond. The documents also include files from a smaller, family-owned trust company, Asiaciti, and from company registries in 19 secrecy jurisdictions.

The records range from complex, 100-page corporate transaction sheets and dollar-by-dollar payment ledgers to simple corporate registries of countries, such as Antigua & Barbuda, that do not publicly list names of company shareholders or directors.
As a whole, the Paradise Papers files expose offshore holdings of political leaders and their financiers as well as household-name companies that slash taxes through transactions conducted in secret. Financial deals of billionaires and celebrities are also revealed in the documents.
The Paradise Papers Files Include Far More Information About U.S. Taxpayers, At least 31,000 of Them,
Than Previous ICIJ Investigations!
ICIJ collaborated with more than 380 journalists working on six continents in 30 languages. Many team members spent a year using online platforms to communicate and to share documents.
Journalists tracked down court records, obtained financial disclosures of politicians in Africa, Europe, and Latin and North America, filed freedom of information requests and conducted hundreds of interviews with tax experts, policymakers and industry insiders.   

Marini & Associates, PA has assisted several hundred clients with coming into U.S. tax compliance and avoiding the draconian penalties that the IRS may impose on U.S. persons with undisclosed foreign accounts.

Do You Have Undeclared Foreign Income?

 Want to Know if Which OVDP Program is Right for You?

Contact the Tax Lawyers at 
Marini & Associates, P.A.  

for a FREE Tax Consultation
Toll Free at 888-8TaxAid (888) 882-9243

Read more at: Tax Times blog

OECD Report Finds That Tax Haven Islands Are Now Sharing Information

According to Law360, The Cayman Islands, Bermuda and Mauritius, three of the world’s most famous tax havens, are among the countries deemed “compliant” or “largely compliant” with international standards for tax information exchange, according to a series of reports released Monday by the Organization for Economic Cooperation and Development.

The island nations, which all pledged in the early 2000s to implement OECD’s standards, were part of a group of 10 countries whose compliance was reviewed by the group's Global Forum on Transparency and Exchange of Information for Tax Purposes.

Mauritius shares the “compliant” badge with Ireland and Norway, while “largely compliant” Bermuda and the Cayman Islands find themselves in a group with Australia, Canada, Germany and Qatar. The Global Forum deemed Jamaica “partially compliant” with the standards and launched a “supplementary report” to boost its compliance rating.

The reports released 08/21/17 were the first results of what the OECD body calls a “new and enhanced peer review process” that began in mid-2016. According to the Global Forum, this second round of reviews has focused on the availability of information about beneficial ownership of certain assets, as required by the Financial Action Task Force international standard.

In its peer review of Bermuda, the Global Forum said that the Caribbean country is still working on implementing recommendations that it made during a 2013 review of its compliance with information exchange and transparency standards, including increasing legal requirements for maintaining ownership, identity and accounting information. Monday’s report for the country doubled down on those recommendations, while asking it to strengthen its compliance with beneficial ownership information standards.

In its review of the Cayman Islands, the Global Forum gave credit to the country for making progress on recommendations that the OECD body made in 2013 during the first round of peer reviews, though it also made a similar recommendation to the country regarding the maintenance of beneficial ownership information.

The Global Forum released a similarly optimistic report earlier this summer in which it found that every country surveyed but one — Trinidad and Tobago — had taken steps to make their tax agencies better at sharing information with one another about foreign-held assets. The Global Forum said that dozens of countries, ranging from Andorra to Guatemala, had made progress on those standards, taking steps to open up their banking records and retain and share information.

Since 2008, the OECD has worked to establish an international standard for tax authorities to communicate with one another and track down foreign income of their residents. Similar efforts have been made by the G-20, the international forum of industrialized and emerging economies. The 142 member countries of the OECD initiated the Common Reporting Standard in 2014 and aim for nations to begin exchanging tax information this year or the next.

Do You Have Undeclared Offshore Income?
 Want to Know if the Streamlined Program is Right for You?

Contact the Tax Lawyers at 
Marini& Associates, P.A.  
for a FREE Tax Consultation
or Toll Free at 888-8TaxAid (888) 882-9243


Read more at: Tax Times blog