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Video instructions and help with filling out and completing Large corporation estimated tax payments safe harbor
In 2022 11.5 million files were leaked from mossack fonseca the world's fourth largest offshore law firm these were called the Panama papers hundreds of thousands of offshore entities and shell companies connected to over 200 countries and territories appear in the papers prominent world leaders politicians businesspeople and the super wealthy were exposed to have been using offshore accounts for tax avoidance and other purposes so why should you care every year about seventy billion dollars that the US could be using for infrastructure law enforcement health care or education is missing it's hidden deep within shell companies and anonymous entities and places like the British Virgin Islands now let's back up what exactly is a shell company anyway setting up a shell company is really quite easy you can go to a place like Panama or the British Virgin Islands or Delaware or Nevada and usually the places where you're doing it have have tough laws where they will not reveal sort of who the beneficial owner is and they just sort of layer on different aspects of anonymity so for example you could have fake directors where you pay a little bit extra and someone pretends to be the public face of this company just because you have a shell company does not mean necessarily that you're doing anything illegal say for example you want to have some business activities but you don't want certain business partners to know what you're doing the more normal one is some form of legal tax avoidance I think that a lot of people in the u.s. think the tax evasion and tax avoidance is something that happens in a far-off place with palm trees and ocean breezes and the reality is it's a big deal here I mean the US Treasury estimates that something like 300 billion dollars a year is laundered through the United States foreigners are coming in and buying a property with anonymous shell companies and some of that is perfectly legitimate but some of it is clearly money laundering and corrupt officials and other people's in their cash to park it and property and making it impossible for the people who live there to afford it you know our government is is claiming that it doesn't have enough enough money for infrastructure or for health care or for police or for education and at the same time there's just huge of tax avoidance and tax evasion going on through this secrecy world worldwide tax authorities have collected more than a half a billion dollars based on the Panama papers leak of the 214,000 entities identified in the Panama papers about 1/2 of them are located in the British Virgin Islands how did this tiny area become such a huge tax haven mo sak Fonseca is a panama-based law firm founded in 1977 after instability in Panama was pushing clients away during the 80s the firm discovered the British Virgin Islands were ripe new territory for.