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High net worth individuals and small businesses have a greater risk of being audited by the IRS. Learn why the IRS tends to audit high net worth individuals and small businesses, and what you can do to avoid an audit in the future.

In recent years, there have been several major leaks of data related to offshore financial accounts. The Paradise Papers is the fifth major leak. The Paradise Papers contain more than 1,400 gigabytes of data, including an estimated 13.4 million documents that expose insider details about the world of offshore banking.  An estimated 6.8 million of the leaked documents come from Appleby, which is a law firm that provides assistance to individuals and businesses in setting up offshore companies and registering those organizations.

If you are like many U.S. taxpayers with investments held overseas, you may think your money is safely tucked away, far from the reach of the IRS. You may be under the impression that your account information is private, and the IRS will never become aware of it. You may also believe that the mere fact that your money is not technically held in the United States means that you won’t have to declare any earnings. Unfortunately, this couldn’t be further from the truth.