Money Laundering: What You Need to Know, Part II

How It Works

Traditional Money Laundering occurs in a three-step process. These three steps include placement, layering, and integration. Placement involves criminal derived funds to be introduced into the financial system. Layering disguises the ownership and source of the crime. Finally, integration allows the financial funds to be re-introduced into a legitimate economy. […]

FBAR Deadline Approaching

The FBAR (Foreign Bank and Financial Accounts Report) deadline is one week away. The FBAR form must be received by the Department of Treasury no later than June 28, 2013. Normally the due date falls on June 30.  This date, however, falls on a weekend, which moves the date to June 28. No extensions will be available and I’ll reiterate, that the forms must be received, not just postmarked by the deadline. […]

Keeping the Connection

“Out with the old and in with the new” or in this case out with the old tax season and in with the new tax season. Even though the last tax season is gone and past, it does not mean that the connection between tax professionals and their clients should come to an end. Rather, this should be the time to keep the connection and maintain contact to help make preparations for the new tax season an easier, less stressful, and more successful one. […]