The International Consortium of Investigative Journalists (ICIJ) has leaked the financial records relating to more than 120 thousand offshore companies, trusts, and individuals ranging from American professionals, European billionaires, and global arms dealers. According to ICIJ, the cache of 2.5 million files reveals the identities of individuals behind shady companies and private trusts in such offshore locations as the British Virgin Islands and the Cook Islands.
The files also disclose the details of secret transactions. Offshore financial institutions often use multi-layered global structures to hide funds, and because offshore accounts often are held anonymously, it is very difficult for tax authorities to track money through these layers.
Using the power of FACTA, the IRS is now aggressively pursuing tax collection from U.S. citizens with offshore assets.
Givner & Kaye focuses on sophisticated income tax planning and compliance, tax litigation and procedure, estate planning, and asset protection plans for individuals and businesses in Encino, Sherman Oaks, Tarzana, Woodland Hills, Agoura, Westlake Village, Thousand Oaks, Studio City, Burbank, Glendale, Pasadena, Bel Air, Brentwood, Pacific Palisades, Marina Del Rey, Manhattan Beach, Torrance, Irvine, Newport Beach, Las Vegas and adjacent areas. Call Los Angeles Estate Planning and Asset Protection Plan Attorneys Givner & Kaye at (310) 207-8008 today.