Kostelanetz & Fink has filed an amicus brief on behalf of the American College of Tax Counsel (“ACTC”) in the U.S. Supreme Court case of Alexandru Bittner v. United States (No. 21-1195). The brief asks the Supreme Court to reverse a decision by the Fifth Circuit Court of Appeals that
On August 16, 2022, the Department of Justice published a press release announcing that a federal court in the Central District of California has authorized the IRS to serve a John Doe summons on the cryptocurrency prime dealer SFOX. That summons directs SFOX to identify and produce records relating to
On August 4, 2022, Don Fort moderates a panel entitled “Illuminating the Shadow Economy: Using Publicly Available Data to Gain Visibility into Financial Crime” for the Association of Certified Financial Crime Specialists’ Fincrime Virtual Week 2022. Description: The evolving shadow economy – from short-term rentals to crypto and NFTs –
On August 23, 2022, Caroline D. Ciraolo participates in a panel entitled “The Future of Voluntary Disclosures: Coming in From the Cold” for The CPA Academy. Description: For more than 70 years, the IRS maintained a voluntary disclosure policy designed to encourage taxpayers to come in from the cold and
On May 18, 2022, Don Fort participates in a panel entitled “The US Treasury’s National Illicit Finance Strategy: A Closer Look” with AML RightSource. Description: Members of the AML RightSource Advisory Board will provide their insight on the U.S. Department of the Treasury’s 2022 National Illicit Finance Strategy, a comprehensive
On April 29, 2022, Christopher M. Ferguson participates in a panel entitled, “So Your Client Wants to Pay You in Cryptocurrency…” for the Graduate Tax Program at New York Law School’s 19th Annual Tax Lawyering Workshop: Tax Practice In A Changing World. The program meets virtually via Zoom and offers
As we previously reported, the IRS recently updated Form 14457 (Voluntary Disclosure Practice Preclearance Request and Application) to include a section requiring disclosure of virtual currency. Virtual currency is a digital representation of value stored in electronic form and usable as a medium for exchange. Virtual currency can sometimes operate
By Juliet L. Fink On February 15, 2022, the IRS announced updates and additions, both technical and substantive, to the Form 14457, Voluntary Disclosure Practice Preclearance Request and Application, and its instructions. The updates reflect input from practitioners and taxpayers and take into account trends in the type of financial
