April 18, 2016
If you’ve done any dodgy dealings with a Panamanian law firm, you might want to consider coming clean: US tax officials are trying to figure out how to use the Panama Papers in their investigations, and have advised Americans to disclose their offshore accounts before they are discovered by the government. NBC reports that Internal Revenue Service and Treasury representatives met with their counterparts from around the world last week to discuss cooperation in the aftermath of the disclosures of the vast trove of leaked documents that detail global tax dodging. “People hiding assets offshore should recognize the continued changes and progress in the international tax arena,” the IRS said in a statement to NBC. “More than ever, their best option remains to come forward voluntarily and participate in the IRS Offshore Voluntary Disclosure Program.”