The Director of the Financial Crimes Enforcement Network (FinCEN), Andrea Gacki, recently highlighted FinCEN’s initiatives to boost transparency in the U.S. financial system. Beneficial Ownership Information Registry: Director Gacki described FinCEN’s launch of the beneficial ownership information registry (/boi), where small businesses can report information
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
Christopher M. Ferguson was quoted in a Tax Notes article titled “ERC Abuse Revives Debate Over Contingency Fees” on March 12, 2024. The article discusses recent debates and concerns over contingency fee arrangements related to tax refund claims. In the article, Mr. Ferguson explained that the IRS views
Megan L. Brackney was quoted in a Forbes article titled “Did You Get IRS Notice CP-59? Take It Seriously And Act Fast” on March 8, 2024. The article discusses a new IRS enforcement campaign aimed at individuals who have not filed their tax returns. From the
Bryan C. Skarlatos was quoted in a March 11, 2024 Tax Notes article titled “Beneficial Ownership Reporting and the Constitution” on the implications of a federal district court case ruling that the Corporate Transparency Act is unconstitutional and fails to satisfy the Commerce Clause. The
Bryan C. Skarlatos was quoted in a February 9, 2024 Wall Street Jounral article titled “An Early Bird’s Guide to Preparing Tax Returns” on recent tax return changes and steps taxpayers should take to file their 2023 tax returns. The article discusses the basics that
Daniel C. Davidson was quoted in a February 14, 2024 Law360 article titled “First Purely Tax Crypto Indictment Signals More On Tap” on the financial activities likely to capture the IRS criminal unit’s attention in the crypto sphere. The article discusses possible implications of the
By Michael Waalkes The CPA Journal January 2024 Due to recent taxpayer-favorable court decisions requiring the Department of the Treasury to use formal notice-and-comment procedures under the Administrative Procedure Act (APA), the process by which the IRS publicly identifies listed transactions has undergone significant changes.
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
