On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which includes tax provisions intended to provide an economic stimulus to both businesses and individuals. The stated policy of the new legislation is to increase cash
In the event of a loss of client records or due to poor record keeping, a tax preparer may need to help his client reconstruct the records and/or make estimates. This session covered tips and ideas on how to handle such issues from tax-return preparation
On March 20, 2020, the IRS issued Notice 2020-18, which provides updated guidance on the extension of the April 15, 2020 tax return filing and payment deadlines due to the Coronavirus pandemic. On March 24, 2020, the IRS issued FAQs to answer various questions regarding Notice
In new IRS guidance, certain foreign trusts receive a significant break from information reporting and the potential refund of penalties. The IRS will now exempt eligible U.S. persons from reporting transactions with, or ownership of, certain tax-favored foreign trusts that are operated exclusively (or nearly
In a TaxNotes article entitled, “Practitioners Fault Accelerated Assessable Penalty Collection,” Megan Brackney is quoted on how “the IRS’s collections practice for assessable penalties related to foreign information returns is increasingly placing taxpayers in a bind, and practitioners are eager to provide suggestions on how
City and State notes the list represents “New York’s 100 most influential lawyers . . . based on their achievements, track record and sway in political and policy matters.” The list describes Mr. Millman as a “seasoned attorney who appears regularly on lists of top lawyers” who
Megan Brackney was named by Lawline as one of the “Top Women Faculty of 2019” for a CLE program she taught entitled “Tax Procedure: IRS Methods of Obtaining Information From and About Taxpayers.” Lawline noted that the program “has received 500 views and counting since the
Drawing on their deep experience representing clients facing some of the most challenging and complex tax controversy matters, Kostelanetz & Fink partners Bryan Skarlatos and Megan Brackney have for years been bringing their expertise into the classroom as adjunct professors at New York University School
In the TaxNotes article entitled, “Justice Department Interested in Voluntary Disclosure Lies,” Nathan J. Richman discusses the panel entitled “Update: Tax Division, U.S. Department of Justice,” moderated by Caroline D. Ciraolo at the Midyear Meeting of the American Bar Association Section of Taxation in Boca Raton,
This panel discussed the rules protecting communications from disclosure, using real-world examples. The panelists also discussed hot topics and best practices. Panelists: Paul Butler, Kostelanetz & Fink, Washington, DC; Abbey Barber, Thompson Knight, Dallas, TX; Peter K. Reilly, Special Counsel, IRS Office of Associate Chief Counsel
