By Ian Weinstock and Heather Fincher For nearly thirty years, taxpayers have been waiting for the IRS to issue regulations related to foreign trusts and foreign gifts. Since 1996, when Congress enacted a myriad of provisions to prevent tax avoidance through the use of foreign trusts and gifts, taxpayers have
Andy Weiner was quoted in a Bloomberg Tax article titled “Wealthy Taxpayers Alerted to Leaked Data Years After IRS Breach,” on April 24th. The article discusses IRS notices going out to taxpayers whose tax return information was compromised by Charles Littlejohn, sentenced to five years in prison for mishandling the return information
Kostelanetz LLP has filed an amicus brief on behalf of the Center for Taxpayer Rights in support of petitioner Philip G. Groves in Groves v. Commissioner, T.C. No. 9974-22L, a case involving the IRS’s assessment of tax penalties. The petitioner is challenging penalty liability on the ground that the IRS
On May 6, 2024, Kostelanetz attorneys Brian Wille and Usman Mohammad filed an amicus brief with the United States Court of Appeals for the D.C. Circuit in a tax whistleblower case captioned In re Sealed Case, D.C. Circuit Case No. 24-1001. Kostelanetz filed the amicus brief on behalf of another
The Internal Revenue Service recently wrapped up its 2024 “Dirty Dozen” campaign by warning taxpayers about promoters selling bogus tax strategies and fraudulent offshore schemes designed to reduce or avoid taxes. In its April 11 announcement, the IRS reminded taxpayers to “[r]ely on a reputable tax professional they know and
Ciraolo Named to Top 50 Women and Nanavati Selected Among Top 100 Lawyers for 2024 WASHINGTON, D.C. (April 22, 2024) — Super Lawyers has selected Caroline D. Ciraolo and Jay R. Nanavati as “Top” attorneys in Washington, D.C., with Caroline being named to the rating agency’s “Top 50 Women” and Jay being selected among
On April 10, 2024, as part of the Dirty Dozen campaign, the Internal Revenue Service warned the public about three tax traps specifically targeted at wealthy individuals. The three tax traps include: Improper art donation deductions Charitable remainder annuity trust Monetized installment sales Improper Art Donation Deductions While there are
By Megan L. Brackney and Vishan Chaudhary The CPA Journal January/February 2024, Featured Columns, Taxation In their article for The CPA Journal, Megan L. Brackney and Vishan Chaudhary outline an approach for tax advisors responding to clients who ask for advice or assistance on what might sound like evasion of
On April 19, 2024 Bryan C. Skarlatos will participate in a webinar, sponsored by Strafford, titled “Tax Ethics: Best Practices for Ensuring Compliance With Circular 230 and Other Applicable Rules.” Bryan will discuss Circular 230 concerns regarding ethical encounters facing tax professionals, including how current norms impact the profession. This
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 about their beneficial owners, i.e.,
