Kostelanetz partner Caroline Ciraolo and Director of Investigations Don Fort participated in multiple panels at the 61st annual Hawaii Tax Institute, the largest tax and wealth transfer conference in the U.S. that takes place in Waikiki Beach in Honolulu. The comprehensive five-day conference covers several aspects of wealth transfers, tax
Kostelanetz partner Michael Sardar was quoted in Tax Notes regarding proposed changes by the IRS concerning taxpayers burdened with penalties stemming for late-filed foreign trust and gift reports (Forms 3520 and 3520-A). The Tax Notes article covered an October 31 panel at the Procopio International Tax Institute conference in San
While speaking at the UCLA Tax Controversy Conference in Los Angeles, IRS Commissioner Danny Werfel announced a change in how the IRS will apply penalties to late reporting of foreign gifts and inheritances and the reporting of foreign trusts. Effective immediately, the IRS will no longer automatically assess penalties on
Kostelanetz LLP partner Michael Sardar will be featured at the 2024 Procopio International Tax Institute (PITI) conference, which will take place from October 30 to November 1, 2024, at the Intercontinental Hotel in San Diego, CA. As part of a breakout session, “IRS International Information Reporting Penalties: Current Updates and
Kostelanetz LLP Partner Caroline Rule was recently quoted in Bloomberg Tax after speaking with senior reporter Michael Rapoport regarding the Varian ruling, a hot-button issue in international tax compliance for corporations. Varian Medical Systems Inc. v. Commissioner, 163 T.C. No. 4, was decided on August 26, 2024. Varian’s victory in
The Financial Crimes Enforcement Network (FinCEN) announced on Oct. 11, 2024, that it would extend the filing deadline for Reports of Foreign Bank and Financial Account (FBARs Form FinCEN 114) for people impacted by Hurricane Milton as well as those who have been impacted by the war between Israel and Hamas
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 LLP Partner Megan L. Brackney is calling for an end to IRS foreign gift penalties, arguing that the current law is inefficient and punitive to lower- and middle-income taxpayers with foreign relatives. In an op-ed for Bloomberg Tax, Ms. Brackney addresses concerns raised by the Taxpayer Advocate Service and
NEW YORK (September 4, 2024) — Kostelanetz LLP has been recognized by International Tax Review/World Tax as a top-tier firm for tax controversy in the publication’s 2025 rankings guide. Additionally, four of the firm’s partners have been recognized as “Highly Regarded” tax controversy practitioners. Both the New York and Washington, D.C. offices are
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
