In the link below, The Guardian provides a user-friendly background to the “Panama Papers” in which someone(s), in a release of data reminiscent of WikiLeaks, apparently leaked(?) / hacked(?) / stole(?) [it’s too early to tell] a Panamanian law firm’s documents related to the firm’s association with more than 200,000 companies. While it is unclear whether the law firm and / or any of its clients committed any wrongdoings, what is clear is that people need to plan appropriately for global taxes. The Panama Papers suggest numerous global leaders have invested in these companies and, for those persons, the optics are less than ideal to their constituencies, at best.
Remember that with the US’ FATCA and the IRS’ aggressive and broad reach into global finances, there is no legal secrecy for US persons. Take care to accurately report and disclose income and assets. There are still US persons that should consider entering the IRS’ Offshore Voluntary Compliance Program (“OVDP”) or Streamlined Procedures to address potential exposure. The team at Schwartz International would be pleased to assist. In the meantime, here’s the link to The Guardian’s piece.