In the US
If you want corporate privacy and avoidance of state corporate income taxes, you incorporate in Delaware, because they have the most business friendly corporate laws in the country. There's a single address in Delaware where 285,000 corporations are registered. Including several hundred owned by Donald Trump, and at least one owned by the Bill and Hillary Clinton. The latter have had to make tax returns public for the last couple decades so they aren't hiding income, probably just something their tax attorney set up for them to simplify their taxes when they do speaking engagements all over the US / world, but as the talking heads on TV would say "the optics of it are not good".
If you want to try to avoid US federal taxes, that is to legally delay owing them for as long as possible, you have to incorporate offshore. For foreign sourced income you can leave that money offshore and until bring it into the US your corporation won't owe US taxes on it (you still need to pay any applicable foreign taxes to stay legal with other countries) This is what every company from Apple to Google to whatever company starts with the letter Z has been doing for years.
If you want to try to dodge US federal taxes - that is to not pay taxes you legally owe - you'd do the same but need to use a few shell companies to route US income offshore. The US is reportedly getting better at detecting that sort of thing, so it probably isn't as easy to get away with as it used to be. Whether you'd use these Panamanian lawyers to help you set up part of your shell company network, or hire a US firm, or hire from someone else, I have no idea. If the Panama Papers show a shell company owned by an anonymously held Delaware corporation, the trail will end there. Well, at least publicly, but the interest of the IRS might be piqued so there could be a few tax dodgers who thought they were in the clear due to not using Swiss banks who are starting to panic right about now!
Biting the hand that feeds IT
