On April 22, 2021, the IRS issued Rev. Proc. 2021-20, which allows the recipient of an original Paycheck Protection Program (PPP) loan (the taxpayer) to deduct on its 2021 return expenses actually incurred in 2020 that were not previously allowed as deductions, so long as
In this first episode of the Financial Crimes – Dirty Money Stories podcast, Executive Vice President John Byrne of AML RightSource interviews K&F partner Jay Nanavati about his experience as both a prosecutor and a white collar defense attorney and how prosecutors often don’t have
Kostelanetz & Fink has joined with a group of Fortune 1000 General Counsel and more than 40 other law firms in The Alliance for Asian American Justice, a national pro bono initiative aimed at providing legal assistance to victims of anti-Asian violence or hate and
Robert M. Russell was quoted in a recent Tax Notes article entitled “Senate International Plan Not Without Taxpayer ‘Silver Linings,’” published on April 15, 2021. Russell comments on various proposals within the Senate Democrats’ international tax framework, released on April 5, 2021. The article notes:
By Bryan C. Skarlatos and Caroline Rule Journal of the American Academy of Matrimonial Lawyers Volume 33 Issue 2 (2021) When it comes to unreported foreign bank accounts, there is good news and bad news. The good news is that a previously unreported foreign bank
In Crandall v. Commissioner (available here), in a win for taxpayers who have gone through the IRS’s offshore voluntary disclosure program (OVDP), the United States Tax Court held that the IRS was bound by the terms of a closing agreement and could not assert a
By Lawrence (Larry) Sannicandro Tax Notes State Volume 100 (posted on April 5, 2021) In the wake of major social and racial change, many organizations are making a concerted effort to promote diversity, inclusiveness, and equality in the workplace. These efforts are commendable, but more
