Does Lori Loughlin Have an “Ignorance of the Law” a Defense to a Charge of Money Laundering?    By Anthony Diosdi

Does Lori Loughlin Have an “Ignorance of the Law” a Defense to a Charge of Money Laundering? By Anthony Diosdi

Uncategorized
Actress Lori Loughlin has been indicted on fraud and money laundering charges by a federal grand jury for their alleged roles in a college admission scandal. Federal prosecutors ultimately filed a superseding indictment against Loughlin alleging that she conspired to commit mail and wire fraud, honest services mail and wire fraud, and money laundering. According to the indictment Loughlin knowingly laundered bribes through charities and corporations set up by William “Rick” Singer, from outside the United States, for the purpose of promoting a fraudulent scheme. In particular, prosecutors allege that Loughlin paid Singer approximately $500,000 to get her daughters admitted to University of Southern California (“USC”) as crew recruits, even though neither daughter had previously rowed as crew. Prosecutors claim that Loughlin made payments to Key Worldwide Foundation, a non-profit…
Read More
Demystifying the Taxation of Deferred Foreign Earnings

Demystifying the Taxation of Deferred Foreign Earnings

Uncategorized
    By Anthony Diosdi Introduction For those who advise clients in international tax, the 2018 tax season was not easy. This is partially due to the enactment of the revised Internal Revenue Code Section 965 transition tax. The new Section 965 was enacted by the Tax Cuts and Jobs Act of 2017. Section 965 taxes retained earnings of foreign corporations attributable to U.S. shareholders. This included income which consisted of post-1986 earnings and profits (“E&P”) allocated to U.S. shareholders through complex calculations. As a result of the Section 965 revision, U.S. shareholders of foreign corporations with retained earnings were required to repatriate as much as 31 years of accumulated foreign earnings in a single year. The good news is the tax rate for foreign repatriated earnings is discounted. Shareholders of…
Read More