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Publications

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 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

New Crypto Tax Question Foreshadows IRS Enforcement Priorities

By Garrett L. Brodeur Tax Notes Federal September 5, 2022 Abstract: In this article, Brodeur argues that recent changes to the Form 1040 cryptocurrency question highlight an area in which the IRS sees significant enforcement potential and foreshadow a continued shift in the agency’s priorities.

Tips On Qualified Small Business Stock Exclusions

By Stephen Josey Law360 Tax Authority July 27, 2022 On May 27, the Internal Revenue Service provided much-needed guidance to taxpayers and tax professionals regarding the scope of the qualified trades or businesses requirement for claiming the qualified small business stock, or QSBS, exclusion. As