Representatives of the IRS Local Taxpayer Advocate and the New York State Department of Taxation and Finance were available to help tax professionals with unresolved tax problems. Click here for more information
In part two of their interview, James Creech and Caroline Ciraolo discuss nationwide coordination of tax issues by the DOJ Tax Division, working in government, mentoring, and work-life balance. Click here for Podcast Click here for Part One
For years, wrongfully incarcerated individuals who received compensation for their time behind bars were required to pay income taxes on the settlements they received from government organizations responsible for their wrongful incarceration. Congress changed the law in 2015 to exempt exonerees from paying income taxes
By Megan L. Brackney Procedurally Taxing January 8, 2020 The Gifts That Keep on Giving Two young people moved to the U.S. as students. They met in graduate school and married. After graduation, they were offered jobs and were sponsored by their employers so that they
By Megan L. Brackney Procedurally Taxing January 7, 2020 Reasonable Cause For all of the foreign information return penalties, reasonable cause is a defense. See I.R.C. §§ 6038, 6038A(d)(3), 6038D(g), 6039F(c)(2), 6677(d); Treas. Reg. § 1.6038-2(k)(3)(ii). The IRS applies the same standards for reasonable cause for failure to file income tax returns under I.R.C. §
NEW YORK (Jan. 06, 2020) — Kostelanetz & Fink is pleased to announce that Christopher M. Ferguson has been named a partner in the firm. Mr. Ferguson joined Kostelanetz & Fink’s New York office in 2003 and is a key member of K&F’s team with
By Megan L. Brackney Procedurally Taxing January 6, 2020 The IRS has been assessing more and more foreign information return penalties on taxpayers. It is difficult to find statistics on this point, as the IRS’s reports on tax penalties lump all “nonreturn” penalties into one category, which
In part one of a two-part interview, James Creech and Caroline Ciraolo discuss working at a tax controversies law firm, involvement in the Tax Section, and the Department of Justice Swiss Bank Program. Click here for Podcast Click here for Part Two
By Eric Smith The CPA Journal December 2019 Edition Thanks to legalized sports gambling, U.S. casinos generated a record amount of gaming revenue in 2018. As might be expected, it is becoming increasingly common for individuals to have questions regarding the taxation of gambling income and
Common errors include neglecting to report all taxable income or valuable deductions and credits Even with the increasingly widespread use of sophisticated tax-preparation software, it’s easy to make costly errors, omissions or both. In the dazzlingly complex world of income taxes, however, amending a return
