Publications Archives - Page 4 of 26

Enforcing The Nation’s Tax Laws Fully, Fairly, And Consistently: The Role Of DOJ In Tax Enforcement

By Caroline D. Ciraolo Temple Law Review Volume 95, 2023 INTRODUCTION This Essay is based on my presentation to Temple University Beasley School of Law for the 2022 Frank and Rose Fogel Lecture Series. This is not intended to be a transcript of my remarks

Reassessing The Erroneous Refund Penalty: The IRS Flexes An Obscure Authority

By Megan L. Brackney The CPA Journal March 2023 Under IRC section 6676, the IRS has the authority to assess penalties against taxpayers for making erroneous claims for refund or credit. In a 2013 report, the Treasury Inspector General for Tax Administration found that the

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

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),

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

Crypto In Bankruptcy: Tax Apocalypse For Celsius Customers?

By Garrett L. Brodeur Bloomberg Tax Management Memorandum January 30, 2023 Introduction: In the aftermath of a series of bankruptcy filings by major cryptocurrency companies, a recent ruling on an ownership dispute in the bankruptcy case of Celsius Network LLC has placed certain interest-bearing account

Tax Identity Theft: What’s Happening And What You Can Do About It

By Sidney Kess New York Law Journal January 5, 2023 Tax identity theft occurs when thieves acquire a taxpayer’s identity to obtain a bogus tax refund or shift tax liability to an innocent taxpayer. The real taxpayer may be unable to e-file a legitimate tax

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

Seven Ways To Decrease Stress At Work

By Sidney Kess and Andrea Millar The CPA Journal November/December 2022 Issue Professionals’ workload seems to get more grueling each year with endless deadlines, changing laws, additional pressures in a COVID environment, and less staff to do the work. CPAs hunker down and tend to

Coffee, NFTs, And Noncompliance?

By Garrett L. Brodeur and Mahima Chaudhary Tax Notes Federal November 28, 2022 Abstract: In this article, Brodeur and Chaudhary examine Odyssey, a new blockchain-based rewards program from Starbucks, and its potential tax pitfalls for unwary customers. Digital assets are becoming mainstream, and commercial enterprises