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Showing posts from September, 2015

Changes in Due Dates

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Per H.R. 3236 "Surface Transportation and Veterans Health Care Choice Improvement Act of 2015" signed into law by President Obama on July 31, 2015, due dates of FinCEN 114 (aka FBARs) and some IRS tax returns just changed. For tax years starting after December 31, 2015:


Partnership tax returns (Form 1065) are due March 15th with a 6 month extension available. Partnership tax returns were previously due April 15th with a 5 month extension;Trust tax returns (Form 1041) are still due April 15th, now with a 5.5 month extension available; C corporation tax returns (Form 1120) are due April 15th with a 5 month extension available. C corporation tax returns were previously due March 15th with a 6 month extension. There are special rules for C corporations with fiscal years ending on June 30th; and FBARs - Report on Foreign Accounts (FinCEN Form 114) are due April 15th with a 6 month extension available under Treas. Reg. section 1.6081-5.FBARs were previously due on June 30th wi…

The New Money-Laundering Sting: Come to the U.S., Get Arrested

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Lawyer Patrick Poulin says he helped clients set up offshore corporations in the Caribbean. And that’s what he was working on when he flew to Miami from the Turks and Caicos last year to meet with two Americans who wanted him to invest $2 million from a real estate deal.


Instead, they arrested him at the airport.


The clients, who went by the names of “Bob” and “Abraham,” according to Poulin, were really federal agents who were targeting him as part of a money laundering sting. Poulin eventually pleaded guilty to conspiracy and spent a year in prison.














Lawyer Patrick Poulin Source: Patrick Poulin via Bloomberg
















“My lawyer told me I should have known,” Poulin, 42, said in a telephone interview from his home in Quebec.


The U.S. has since brought charges against at least four other businessmen working as “incorporators” -- people who help clients establish offshore shell companies for tax planning or other reasons. The cases come amid a campaign by U.S. prosecutors to pursue suspect foreign inc…