Partner Lawrence Hill and counsel Richard Nessler (both New York-Tax) recently co-authored an article, titled “The Panama Papers And The Voluntary Disclosure Conundrum,” a featured article published on June 9, 2016 in Global Tax Weekly.

This article provides a general overview of the recently leaked Panama Papers from the law firm Mossack Fonseca, highlights recent investigations launched in the United States in response to the Panama Papers, explains the requirements for US citizens to disclose offshore accounts by filing an annual Report of Foreign Bank and Financial Account (FBAR), and provides an in depth explanation of the Internal Revenue Service’s various voluntary disclosure initiatives. According to the authors, “[t]he U.S. government’s interest in the Panama Papers together with FATCA implementation should raise serious concerns to non-compliant taxpayers that the window for making a voluntary disclosure may be slamming on them.”

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