By Ian Weinstock and Heather Fincher For nearly thirty years, taxpayers have been waiting for the IRS to issue regulations related to foreign trusts and foreign gifts. Since 1996, when Congress enacted a myriad of provisions to prevent tax avoidance through the use of foreign
The Internal Revenue Service recently wrapped up its 2024 “Dirty Dozen” campaign by warning taxpayers about promoters selling bogus tax strategies and fraudulent offshore schemes designed to reduce or avoid taxes. In its April 11 announcement, the IRS reminded taxpayers to “[r]ely on a reputable
Ciraolo Named to Top 50 Women and Nanavati Selected Among Top 100 Lawyers for 2024 WASHINGTON, D.C. (April 22, 2024) — Super Lawyers has selected Caroline D. Ciraolo and Jay R. Nanavati as “Top” attorneys in Washington, D.C., with Caroline being named to the rating agency’s “Top 50
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
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
NEW YORK (January 29, 2024) — Kostelanetz partner Claude Millman has been selected to City & State’s Fifty Over 50 list honoring “the contributions and legacies of fifty venerable New Yorkers,” according to City & State. The awards are also sponsored by AARP NY. Describing
Proposed Bill Would Bar ERC Claims After January 31 and Increase Promoter Penalties Today, House Ways and Means Committee Chairman Jason Smith (R-Mo.) and Senate Finance Committee Chairman Ron Wyden (D-Ore.) proposed a bipartisan bill that would bar the filing of Employee Retention Credit (“ERC”) claims after
On December 21, 2023, the IRS announced a much-anticipated Voluntary Disclosure Program (“the Program”) that allows businesses to repay funds received as a result of filing erroneous Employment Retention Credit (ERC) claims. Program participants are required to pay back 80 percent of improper ERC refunds
BALTIMORE (December 14, 2023) — Caroline D. Ciraolo has been selected for inclusion on the 2024 Maryland Super Lawyers list as a “Top Rated Tax Attorney in Baltimore, MD.” Caroline co-founded Kostelanetz LLP’s Washington, D.C., office in 2017 and maintains an office in Baltimore to better serve Maryland-based clients.
Last week, partners and associates from Kostelanetz attended the American Bar Association’s 40th Annual National Institute on Criminal Tax Fraud and the 13th Annual National Institute on Tax Controversy. Partners Bryan C. Skarlatos, Caroline D. Ciraolo, Megan L. Brackney, and Michael Sardar, along with Director of Investigations
