By: Megan L. Brackney The CPA Journal June 2019 Edition Although some are unaware of the fact, taxpayers can recover fees and costs from the government if the IRS has taken an unreasonable position against them. The IRS may be responsible for fees due to unreasonable
By Sidney Kess The CPA Journal May 2019 Financial planning is a generic term for all of the services that CPAs perform that deal with a client’s individual wealth. It is also a specific term that relates to a single service that is performed. In
By Sidney Kess The CPA Journal May 2019 The tax impact on investment income can be mitigated through the transfer of assets into retirement accounts. Not all accounts and investments are taxed equally, however, and the most efficient strategy is not always immediately apparent. Sidney
By: Michael Sardar The CPA Journal May 2019 Edition The Tax Cuts and Jobs Act (TCJA), signed into law on December 22, 2018, delivered sweeping changes to the federal tax code. These changes brought with them ambiguity and uncertainty, which will likely lead to federal tax
By Sidney Kess and Michael Kelley The CPA Journal April 2019 For many investors in art, coins, or fine wine, their investments are their passion. This joy can turn into tax pain, however, when it comes time to sell. The capital gains tax on collectibles
By: Claude M. Millman The CPA Journal April 2019 Edition Government contracting is big business. More than 4 million contractors serve the U.S. government, and they collectively receive more than $500 billion per year. While many people think of those federal contracts when they refer to
By: Michael Sardar Tax Stringer April 2019 Edition Download Publication On March 13, 2018, the IRS announced that it would end its long-running Offshore Voluntary Disclosure Program (“OVDP”) on September 28, 2018. With the closure of one of the IRS’s most successful compliance enforcement programs, practitioners
Caroline Rule, as Counsel to the New York Council of Defense Lawyers, authored an Amicus Curiae brief in the New York Court of Appeals in regards to the case People v. Neulander in which the prosecution is appealing the Appellate Division, Fourth Department’s grant of a new trial to Mr. Neulander
By Sidney Kess and James R. Grimaldi The CPA Journal February 2019 The Tax Cuts and Jobs Act of 2017 (TCJA) contains both positive and negative news for Roth IRAs. Sidney Kess and James R. Grimaldi, in their article titled “New Risks and Potential Rewards
By: Ian Weinstock The CPA Journal March 2019 Edition The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) Form 114, the Report of Foreign Bank and Financial Accounts—colloquially known as FBAR— has become famous due to the huge potential penalties imposed on taxpayers whose failure to file
