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Tag: Estate and Tax Planning

IRS Completes Its 2023 Dirty Dozen List of Tax Scheme Warnings

On April 5, 2023, the IRS announced the final entries to its annual Dirty Dozen list for 2023, sounding the alarm about various schemes and potentially abusive transactions that target taxpayers and businesses all year round, but particularly during tax season. The list warns of swindles through electronic communication, like

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 refunds were made through direct

Caroline Ciraolo Participates In A Panel Entitled “Tax Treaties for the Estate Planner” At The California Lawyers Association 2023 Estate And Gift Tax Conference

Caroline Ciraolo participates in a panel titled “Tax Treaties for the Estate Planner” at the California Lawyers Association’s 2023 Estate and Gift Tax Conference at University of California College of the Law, San Francisco, California on March 10, 2023. Description: The panel discusses important issues under income, and estate and

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), the IRS assessed $37.3 billion

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 impacting retirement plans and IRAs.

Three Kostelanetz Attorneys Promoted to Counsel

NEW YORK (January 10, 2023) — Kostelanetz LLP is thrilled to announce that we have promoted three of our attorneys — Nicholas S. Bahnsen, Stephen Josey, and Wilda Lin — to Counsel. The promotions became effective on January 1. “Nick, Stephen, and Wilda have provided outstanding counsel to our clients

Kostelanetz News Brief: 2022 National Tax Security Awareness Week Advises Taxpayers And Tax Professionals About How To Protect Against Tax-Related Identity Theft

The IRS recently summarized highlights from the 7th Annual National Tax Security Awareness Week. This event, which is a joint effort sponsored by the Security Summit partners (the “Summit partners,” comprised of the IRS, state tax administrators, and the tax software and tax professional community), raises awareness of security issues

Tax Changes In The Inflation Reduction Act of 2022

By Sidney Kess The CPA Journal November/December 2022 Issue The Inflation Reduction Act of 2022 (IRA; PL 117-169) was signed into law on August 16, 2022. This massive measure, which is intended to tamp down inflation and reduce the federal budget deficit, includes many tax provisions affecting individuals and businesses.