On April 14th, Michael Sardar, of Kostelanetz & Fink LLP was quoted in an article on Vice News by John Dyer. The article discusses that the recent Panama Papers leak revealed how global elites use offshore companies to avoid paying taxes and elaborates that they are sheltering their wealth for other reasons as well.
Excerpt from the article:
Developments like the Panama Papers leak and the US government's crackdown on American customers of Swiss banks should have convinced wealthy people by now to declare their foreign funds, said Michael Sardar, an attorney at the New York law firm of Kostelanetz & Fink who specializes in helping clients approach the US government to disclose their illegal foreign accounts.
But Sardar knows some people don't take his advice for various reasons — including because they think their husband or wife will someday want to take half of their hard-earned riches.
"If nobody knows about it, and nobody finds out about it... The problem is, how well can you sleep?" asked Sardar. "Every year you file that tax return, there's that question. Do you have a foreign account? Each year you say no, it's harder to conceal that from the IRS. Every year, you're magnifying and increasing the problem."
read the full article