I read that it's unlikely that U.S. citizens would use this Panamanian firm for offshore dealings because of the tax reporting laws between Panama & the U.S. Th

I read that it's unlikely that U.S. citizens would use this Panamanian firm for offshore dealings because of the tax reporting laws between Panama & the U.S. They would use a different firm. Is this correct, and can anyone elaborate or point me to sources on this?