Earlier this week, millions of records from a law firm in Panama were leaked to the general public, according to news reports. The records implicate prominent individuals around the world in what appear to be schemes using existing mechanisms to avoid paying taxes by concealing assets in tax shelters in Panama and other foreign countries.

Gunster attorney Martin PressGunster tax attorney Martin Press was interviewed for a USA Today article on the so-called Panama Papers leak.

The government’s crackdown on U.S. taxpayers with overseas assets began with investigations of Swiss bank accounts, Press says in the April 7 article – but has expanded significantly since then.

Since the 2009 U.S. government crackdown, more than 54,000 people have disclosed overseas holdings, paid billions in taxes and penalties, and revealed how money was sheltered, according to the article.

Those disclosures provide the government with a bounty of information, Press tells USA Today.

And the likelihood of being investigated just marketedly increased, he adds.

Read the article: Panama Papers firm linked to over 1,000 U.S. companies (USA Today, 4/7/16)

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