By Caroline Ciraolo, Don Fort, and Ian Weinstock Bloomberg Tax August 28, 2023 High-net-worth US taxpayers, working with professional advisers, have transferred assets into personal retirement plans established in Malta to limit and potentially eliminate tax on distributions. These so-called Malta pension plans rely on a specific interpretation of the
The New York State Bar Association (NYSBA) Tax Section published Report No. 1478 on June 18, 2023 to provide comments on the IRS’s recent proposal (in Notice 2023-27) to tax certain NFTs as “collectibles” under section 408 of the Internal Revenue Code. As a member of the NYSBA Tax Section
On April 5, 2023, the IRS announced the final entries to its annual Dirty Dozen list for 2023, sounding the alarm about various schemes and potentially abusive transactions that target taxpayers and businesses all year round, but particularly during tax season. The list warns of swindles through electronic communication, like
On April 13, 2023, Kostelanetz and the Morehouse Spelman Pre-Law Society co-host a panel entitled “What’s Tax Got To Do With It? How the U.S. Tax System Impacts Racial Inequities.” Kostelanetz associate Abigail Burke moderates a Q+A to explore the rise of the U.S. tax system and its lasting impacts
On April 21, 2023, Megan L. Brackney leads a presentation titled “Ethical Standards for Return Positions – How Sure Do You Have to Be?” for the 20th Annual Tax Lawyering Workshop, an annual workshop in professional responsibility for tax lawyers hosted by New York Law School’s Graduate Tax Program in
