On April 10, 2024, as part of the Dirty Dozen campaign, the Internal Revenue Service warned the public about three tax traps specifically targeted at wealthy individuals. The three tax traps include: Improper art donation deductions Charitable remainder annuity trust Monetized installment sales Improper Art Donation Deductions While there are
By Megan L. Brackney and Vishan Chaudhary The CPA Journal January/February 2024, Featured Columns, Taxation In their article for The CPA Journal, Megan L. Brackney and Vishan Chaudhary outline an approach for tax advisors responding to clients who ask for advice or assistance on what might sound like evasion of
On April 19, 2024 Bryan C. Skarlatos will participate in a webinar, sponsored by Stafford, titled “Tax Ethics: Best Practices for Ensuring Compliance With Circular 230 and Other Applicable Rules.” Bryan will discuss Circular 230 concerns regarding ethical encounters facing tax professionals, including how current norms impact the profession. This
The Director of the Financial Crimes Enforcement Network (FinCEN), Andrea Gacki, recently highlighted FinCEN’s initiatives to boost transparency in the U.S. financial system. Beneficial Ownership Information Registry: Director Gacki described FinCEN’s launch of the beneficial ownership information registry (/boi), where small businesses can report information about their beneficial owners, i.e.,
Kostelanetz LLP has filed an amicus brief on behalf of the American College of Tax Counsel (ACTC) in Diane Zilka v. Tax Review Board City of Philadelphia (No.23-914), a case involving Philadelphia’s wage tax where the petitioner is seeking a writ of certiorari from the U.S. Supreme Court. Philadelphia’s wage
Christopher M. Ferguson was quoted in a Tax Notes article titled “ERC Abuse Revives Debate Over Contingency Fees” on March 12, 2024. The article discusses recent debates and concerns over contingency fee arrangements related to tax refund claims. In the article, Mr. Ferguson explained that the IRS views contingency fee arrangements as a
This three-day program, hosted by the Practicing Law Institute in New York, NY, is designed to ensure all attendees – from beginners to experts – will benefit. The first two days will present a logical and comprehensive study of the framework and intricacies of Subchapter K. The third day will
Megan L. Brackney was quoted in a Forbes article titled “Did You Get IRS Notice CP-59? Take It Seriously And Act Fast” on March 8, 2024. The article discusses a new IRS enforcement campaign aimed at individuals who have not filed their tax returns. From the article: “According to New York
Bryan C. Skarlatos was quoted in a March 11, 2024 Tax Notes article titled “Beneficial Ownership Reporting and the Constitution” on the implications of a federal district court case ruling that the Corporate Transparency Act is unconstitutional and fails to satisfy the Commerce Clause. The article discusses the case, its
On March 25, 2024, Bryan C. Skarlatos and his co-chair Michael Desmond will deliver the opening remarks for the Practicing Law Institute’s program, Nuts and Bolts of Tax Controversy 2024. This event will take place both virtually and in-person at PLI New York. Event Description This event is designed for
