We had previously 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. Today we posted More Then 31,000 US Taxpayers Exposed in Paradise Papers! which discusses that the International Consortium of Investigative Journalists (ICIJ) has issued the Paradise Papers which is a global investigation into Appleby's the files and which reveals information regarding more then 31,000 US Taxpayer' s offshore structures!
Now Sen. Bernie Sanders (I-VT) called for the U.S. Senate to investigate offshore tax evasion following the revelations of the Paradise Papers, adding to the growing voices in Congress who have called for government to take action to address the investigation’s findings.
In a letter to Senate Budget Committee chair Mike Enzi (R-WY), Sanders called on the budget committee to launch a bipartisan investigation to determine how much the use of offshore havens has contributed to the U.S. national debt.
“The Paradise Papers reveal how corporations, billionaires and senior officials in the Trump Administration use complicated financial maneuvers to hide their income from the Internal Revenue Services,” Sanders wrote. “The Budget Committee has a responsibility to U.S. taxpayers to get to the bottom of this serious issue.”
Sanders joins Senate Minority Leader Charles Schumer (D-NY) and several other members of Congress who have called for further examination of Paradise Papers revelations and their implications for a tax bill recently proposed by Republicans that would significantly reduce corporate taxes.
“Middle-class American families can’t set up their own Grand Cayman subsidiaries. Instead, they’re left paying a bigger share of taxes than they should.”
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.
Read more at: Tax Times blog