Publications Archives

What CPAs Need To Know About Employee Retention Credit Fraud

By Christopher M. Ferguson and David Taylor The CPA Journal March/April 2023 Most taxpayers have likely received a solicitation recently claiming that they may be entitled to thousands of dollars in employee retention tax credits. The solicitations involve the Employee Retention Credit (ERC), a payroll

ChatGPT – A Piece Of The Puzzle, Not A Panacea

By Garrett L. Brodeur and Liz Grant Bloomberg Tax Management Memorandum May 1, 2023 After a string of failures in the cryptocurrency industry and the emergence of artificial intelligence (‘‘AI’’), many observers would likely agree that crypto is tired and AI is wired. AI is

Puerto Rico’s Act 60 Tax Incentive Program Attracting Heightened IRS Scrutiny Of Sourcing And Transfer Pricing

By Jay R. Nanavati and Mariana Gusdorf Journal of Tax Practice & Procedure Volume 25, Issue 1, 2023 Since their passage in 2012, Puerto Rico’s Acts 20 and 22, known together as Act 60 since 2019, have encouraged many individuals and businesses, especially from the

Natural Disasters And Tax Consequences: Individuals And Businesses Take Note

By Sidney Kess New York Law Journal April 26, 2023 It seems that natural disasters are occurring more frequently. Both the East Coast and West Coast have recently been devastated by various storms, and some central states have been hit by tornadoes. The IRS has

Enforcing The Nation’s Tax Laws Fully, Fairly, And Consistently: The Role Of DOJ In Tax Enforcement

By Caroline D. Ciraolo Temple Law Review Volume 95, 2023 INTRODUCTION This Essay is based on my presentation to Temple University Beasley School of Law for the 2022 Frank and Rose Fogel Lecture Series. This is not intended to be a transcript of my remarks

Reassessing The Erroneous Refund Penalty: The IRS Flexes An Obscure Authority

By Megan L. Brackney The CPA Journal March 2023 Under IRC section 6676, the IRS has the authority to assess penalties against taxpayers for making erroneous claims for refund or credit. In a 2013 report, the Treasury Inspector General for Tax Administration found that the

Tax Refunds For Individuals: A Closer Look

By Sidney Kess New York Law Journal March 27, 2023 In February 2023, the IRS reported (https://www.irs.gov/newsroom/filing-season-statistics-for-week-ending-feb-3-2023) that it has issued nearly eight million refunds to individuals with respect to 2022 returns averaging $1,963, down slightly from last year’s average of $2,201. Almost 87% of

Tax Penalties To Avoid: Taxes Are High Enough Already

By Sidney Kess New York Law Journal February 22, 2023 Tax penalties can be costly and are not tax deductible. There are more than 150 penalties, some civil and some criminal. According to Table 26 in the IRS Data Book for fiscal year 2021 (//www.irs.gov/pub/irs-pdf/p55b.pdf),

Key Changes From SECURE Act 2.0

By Sidney Kess New York Law Journal January 27, 2023 In 2019, the SECURE Act introduced a number of changes to rules for retirement plans and IRAs. Now SECURE Act 2.0, which was included in the Consolidated Appropriations Act, 2023, has more than 90 provisions

Crypto In Bankruptcy: Tax Apocalypse For Celsius Customers?

By Garrett L. Brodeur Bloomberg Tax Management Memorandum January 30, 2023 Introduction: In the aftermath of a series of bankruptcy filings by major cryptocurrency companies, a recent ruling on an ownership dispute in the bankruptcy case of Celsius Network LLC has placed certain interest-bearing account