According to Venar Ayar, principal and founding tax attorney for Ayar Law Group in Southfield, Michigan, the Panama Papers are really just the latest development in a new age of financial asset compliance that's on the fast track to global financial transparency.
"I don't think the real story here is about hiding money, or which wealthy zip codes house the most offshore account holders," said Ayar. "The real story is about how the modern world is changing the face of legal disclosure."
Ayar, who holds a Master in Law of Taxation degree and has extensive experience with foreign asset tax laws, said regardless of the next layer this "scandal" reveals, there are three important lessons you can take away from the Panama Papers:
1. "Hiding" Money Offshore Doesn't Work Anymore
Perhaps 20 years ago being non-compliant and hoping nobody would notice might have worked, but not today. In a world of financial transparency, the odds are you will be discovered. With government-sanctioned measures like the Foreign Account Tax Compliance Act (FATCA), rogue bank employees who may leak or steal your data, and the rapid pace of technological innovation, you can't afford not to be compliant.
2. Internationalization Increases the Likelihood of Asset Disclosure Requirements
The world is becoming a smaller place. People and companies cross borders all the time to live and do business, but the underlying principle of US foreign asset disclosure rules is the same. Whether you have a simple checking account in Canada or an exotic Panamanian trust structure, you will need to follow the asset disclosure rules for it.
3. For Peace of Mind, Move Forward with a Clean Slate
If you have, or believe you may have, a requirement to disclose your foreign assets to the IRS, treat the Panama Papers as a wakeup call to make sure you are compliant. If you're not there yet, consider the Offshore Voluntary Disclosure Program (OVDP), Streamlined Domestic Offshore Procedures (SDOP), and Streamlined Foreign Offshore Procedures (SFOP).
For press inquiries, please contact SherrieHandrinos@gmail.com or call 734-341-6859.
About Ayar Law Group
Ayar Law Group, an award-winning, boutique tax law firm, represents individuals and businesses with tax problems that require creative resolutions. Because our focus is exclusively on tax problem resolution, we have the experience and knowledge to minimize clients' financial exposure and protect their assets whether those assets are in the United States or abroad. Our offices are located in Southfield, Detroit, Troy, Novi, and Farmington Hills, Michigan. For more information, visit www.ayarlawgroup.com.
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