Archive | February, 2017

The Panama Papers: Street Protests in Panama

February 22, 2017  |   Posted by :   |   Panama Papers   |   0 Comments

On 2/19/17 thousands of Panamians protested in the streets carrying signs “No More Governments of Thieves and the Corrupt”. They were demonstrating over the most recent scandal emerging from the Panama Papers the Brazilian firm, Odebrecht who paid $788m in bribes to win construction contracts in 12 countries (including $59m in bribes in Panama). Odebrecht […]

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IRS Offshore Voluntary Disclosure Program: Declines and Withdrawals

February 21, 2017  |   Posted by :   |   OVDP   |   0 Comments

Taxpayers with undisclosed offshore holdings who applied for the IRS Offshore Voluntary Disclosure Program (OVDP) through the pre-clearance process but were either denied access to the OVDP, or later withdrew from the program face increased risks. On February 1, 2017 the IRS Large Business and International Division of the IRS released a 13-item list for […]

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Panama Papers Update: Mossack & Fonseca Law Firm Founders Arrested

February 16, 2017  |   Posted by :   |   Panama Papers   |   0 Comments

On 2/10/17 The Guardian reported that Juergen Mossack & Ramon Fonseca, founders of Panamanian law firm Mossack Fonseca were arrested and jailed following Panama probe into creating companies linked to Brazil corruption in the bribery case of Brazilian Company Odebrecht. The case is part of the sprawling Brazilian Lava Jato corruption scandal. The Panama Papers […]

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IRS Tax Audit Rates (2017)

February 08, 2017  |   Posted by :   |   IRS Tax Audits   |   0 Comments

In a groundbreaking study the released a study of IRS tax audits for the 2015 Fiscal Year (thru 9/30/15, the most recent tax year for which IRS tax audit statistics have been released), which revealed the following: 1. The overall IRS audit rate has dropped from 1.1% (2010), 1 in 90 taxpayers to .8% […]

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Tax Planning for US Investors – Doubling Net Return on Investment

February 02, 2017  |   Posted by :   |   Asset Protection,International Tax Planning   |   0 Comments

By David E. Richardson and Gary S. Wolfe US investors (incl. US resident citizens, Green Card holders or income tax residents under the substantial presence test and any US citizen located abroad) face significant US Income, Estate and Gift tax issues on their investment portfolios namely: 1) Imposition of Federal and State (e.g. CA) “blended […]

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