The Financial Crimes Enforcement Network (FinCEN) today announced that it would extend the filing deadline for Reports of Foreign Bank and Financial Account (FBARs Form FinCEN 114) for people impacted by recent natural disasters in the United States, including Hurricane Helene, Hurricane Debby, Hurricane Beryl, and Tropical Storm Francine. For
Kostelanetz partner Megan L. Brackney has been selected Chair-Elect of the American Bar Association (ABA) Section of Taxation for 2025-2026. The election of new Officers and Council Directors was held on August 2, 2024, at the American Bar Association’s 2024 Annual meeting in Chicago. Megan’s term as Chair-Elect will
NEW YORK (August 16, 2024) — Best Lawyers in America® has selected Kostelanetz LLP partners Caroline D. Ciraolo and Bryan C. Skarlatos for one of the ranking agency’s highest honors, naming both as a “Lawyer of the Year” for 2025. Caroline has been recognized as “Lawyer of the Year” for
Service Hopes Taxpayers Will Take a Second Look at Paid Claims The Internal Revenue Service (IRS) today announced the temporary reopening of the Voluntary Disclosure Program (VDP) for potentially erroneous Employee Retention Credit (ERC) claims. Participation in the VDP allows businesses to repay improper ERC payments at a 15% discount
NEW YORK (August 15, 2024) — Best Lawyers in America® has recognized 15 Kostelanetz attorneys for its 2025 edition. Individual lawyers at Kostelanetz LLP have been recognized for their work in the firm’s key practice areas of tax law, tax controversy, and tax fraud, including litigation; white-collar criminal defense; commercial litigation; and trusts
50,000 low-risk claims could be paid as soon as September The Internal Revenue Service (IRS) touted its rejection of thousands of ERC claims in the agency’s latest update on Employee Retention Credit (ERC) claims today. The announcement contains updated information on claims disallowances but also some good news for businesses
The IRS celebrated National Whistleblower Appreciation Day on July 30 to recognize the important role whistleblowers play in supporting the United States tax administration, but, in issuing his statement of appreciation, IRS Whistleblower Office Director John Hinman clearly used the opportunity to respond to tax professionals’ growing dissatisfaction with IRS
Taxpayers Could Face Penalties, Interest, and Audits If Claims Are Found to Be Erroneous The Internal Revenue Service (IRS) is stepping up its rhetoric regarding potentially fraudulent Employee Retention Credit (ERC) claims, urging businesses to withdraw erroneous claims before the IRS reviews them and issues penalties. Today, the IRS shared
Before the end of the U.S. Supreme Court’s term in June, the Court issued a landmark decision in SEC v. Jarkesy, et al., holding that the Seventh Amendment entitles a defendant to a jury trial when the U.S. Securities and Exchange Commission (“SEC”) pursues civil penalties for securities fraud. The
Three Partners Also Named Leading Lawyers for High-Net-Worth Private Clients NEW YORK (July 22, 2024) — Kostelanetz LLP has been recognized by Chambers and Partners as a top-tier, Band 1 firm for high-net-worth private tax clients in its 2024 High Net Worth (HNW) Guide. In addition to the firm’s recognition, Megan L. Brackney, Bryan C. Skarlatos, and Caroline
