ERC Voluntary Disclosure Program Coming Later This Month The IRS announced today that it is sending an initial round of more than 20,000 letters disallowing questionable ERC claims. The IRS also advised that it will open a voluntary disclosure program later this month establishing procedures
On November 22, 2023, the U.S. Treasury Department Financial Crimes Enforcement Network (FinCEN) issued an alert urging financial institutions to be vigilant about identifying and reporting possible fraud schemes related to the COVID-19 Employee Retention Credit (ERC). FinCEN issued the alert “in close coordination” with
Following the sad passing of Kostelanetz counsel Sidney Kess in September, the CPA Journal published a remembrance entitled “Loss of a CPA Giant, Mentor, and Friend.” The article looks back on Sid’s remarkable seven decades of work in the accounting and tax law fields, as
On October 30, 2023, the Legal Aid Society of New York awarded Claude M. Millman and Ashley Morales 2023 Pro Bono Publico Awards for their outstanding achievement in pro bono services. Each year, the Legal Aid Society works with over 100 law firms and 2,000
NEW YORK (November 2, 2023) — Kostelanetz LLP has been recognized for its “professional excellence” in all of our firm’s primary practice areas — Tax Law; Litigation and Controversy – Tax; Criminal Defense: White-Collar; Commercial Litigation; and Trusts & Estates — by the 2024 U.S. News – Best Lawyers® “Best
Kostelanetz has filed an amicus brief on behalf of Professors Reuven Avi-Yonah, Clinton Wallace, and Bret Wells in the U.S. Supreme Court case of Charles G. Moore v. United States (No. 22-800). The case involves a constitutional challenge to the transition tax under Section 965
The Internal Revenue Service has announced the much-anticipated procedures by which employers that applied for the Employee Retention Credit (“ERC”) can withdraw their claims. According to the IRS, many of the 3.6 million ERC claims filed are improper, due in part to misleading claims about
Claude M. Millman was quoted in a September 21, 2023 City & State New York article titled “City & State’s Government Procurement conference focuses on modernization.” City leaders, lobbyists and procurement specialists gathered at the Museum of Jewish Heritage for City & State’s Government Procurement
Sharon McCarthy Also Named to Top 100 Lawyers in New York and Top 50 Women Lawyers in New York NEW YORK (September 25, 2023) — New York Metro Super Lawyers has selected 11 Kostelanetz attorneys for inclusion on its 2023 list, recognizing the firm’s experience
On September 8, 2023, the IRS announced a “sweeping effort” to target America’s wealthiest taxpayers. IRS Commissioner Daniel Werfel described enforcement actions, which will be funded by the Inflation Reduction Act of 2022 and will include the scrutiny of returns filed by 75 partnerships with over $10
