Page 60 – Kostelanetz LLP

Tax-Efficient Required Minimum Distributions

By Sidney Kess, James R. Grimaldi, and James A.J. Revels CPA Journal January 2018 Issue Individual retirement accounts are a popular and effective method of saving for retirement. For some individuals, however, there is a catch: starting at age 70½, account holders must make required minimum

First Look at the Tax Cuts and Jobs Act of 2017: Impact on Individuals

By Sidney Kess CPA Journal January 2018 Issue On December 20, 2017, Congress passed the Tax Cuts and Jobs Act (H.R. 1) designed to cut taxes on individuals and businesses, stimulate the economy, and create jobs. The tax cuts are projected to cost the government

IRS Form 3520, Penalties, And Whether To Make A Protective Filing

By Caroline Rule The CPA Journal December 2017 Edition Whether a taxpayer is required to file IRS Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts, is frequently unclear, yet penalties for a failure to file can be severe.

Planning for Charitable Giving by High-Income Taxpayers

By Sidney Kess, James R. Grimaldi, and James A.J. Revels CPA Journal November 2017 Issue For 2015, the most recent year for which statistics are available, the average charitable contribution deduction for those with adjusted gross income (AGI) of $200,000–$250,000 was $11,370 (Statistics of Income

The Equifax Data Breach: What CPAs and Firms Need to Know Now

By Sidney Kess and Walter Primoff CPA Journal December 2017 Issue In the wake of the Equifax computer breach—in which key personal information of 145 million Americans was stolen—it may be correct to assume that anyone with a credit history is affected. In the words of

Lifetime Planning with Life Insurance

By Sidney Kess and Edward Mendlowitz CPA Journal December 2017 Issue Life insurance is one of the most important tools in modern financial planning, but it is not always the most appreciated. It has a role to play in virtually all phases of the typical

Helping Business Owners Understand Valuation Approaches

By Sidney Kess and Edward Mendlowitz CPA Journal November 2017 Issue Individuals who own businesses frequently need to have the business valued. Sometimes it is for a specific purpose, such as for postsale retirement planning; other times, it might be because of estate tax planning,

Statutory Maximum/Minimum Sentences And Application Of Offense Levels

By Caroline Rule ABA Section of Litigation November 2017 Edition Most federal district court judges are accustomed – even in this age of “advisory” U.S. Sentencing Guidelines (Guidelines or U.S.S.G.) – to sentencing a criminal defendant by first calculating the applicable “Offense Level,” which provides for

The Trust Fund Recovery Penalty

By Kevin M. Flynn The CPA Journal November 2017 Edition Under Internal Revenue Code (IRC) section 6672(a), an individual can be held personally liable for a penalty for the willful failure to collect, account for, and pay to the IRS the employment taxes of a business.

Choice Of Forum Matters: Tax Court And District Court Reach Different Conclusions On Same Facts Regarding Penalties

By Bryan C. Skarlatos & Henry Stow Lovejoy Journal of Tax Practice & Procedure October – November 2017 Edition Taxpayers in a dispute with the IRS have a choice of forum in which to litigate. The Tax Court provides a pre-payment judicial review while taxpayers who pay in