The use of offshore accounts to avoid taxes is not particularly new. However, in a globalized world, are they still a safe way for tax dodgers to hide their income? Check out some of these recent tax scandals to see.
Recently CNN reported on a raid of Gladys Knight’s Signature Chicken & Waffles restaurant by Georgia’s Department of Revenue. Shanga Hankerson, Knight’s son, was accused of stealing roughly $650,000 by withholding sales taxes owed to the state.
Earlier this year, a set of documents known as the “Panama Papers” was released by an anonymous individual. These documents resulted in the financial exposure of thousands of individuals holding offshore accounts (with records dating back to the 1970s).