Sidney Kess Archives - Kostelanetz LLP

Natural Disasters And Tax Consequences: Individuals And Businesses Take Note

By Sidney Kess New York Law Journal April 26, 2023 It seems that natural disasters are occurring more frequently. Both the East Coast and West Coast have recently been devastated by various storms, and some central states have been hit by tornadoes. The IRS has already noted 14 federal disasters

Tax Refunds For Individuals: A Closer Look

By Sidney Kess New York Law Journal March 27, 2023 In February 2023, the IRS reported (https://www.irs.gov/newsroom/filing-season-statistics-for-week-ending-feb-3-2023) that it has issued nearly eight million refunds to individuals with respect to 2022 returns averaging $1,963, down slightly from last year’s average of $2,201. Almost 87% of refunds were made through direct

Tax Penalties To Avoid: Taxes Are High Enough Already

By Sidney Kess New York Law Journal February 22, 2023 Tax penalties can be costly and are not tax deductible. There are more than 150 penalties, some civil and some criminal. According to Table 26 in the IRS Data Book for fiscal year 2021 (//www.irs.gov/pub/irs-pdf/p55b.pdf), the IRS assessed $37.3 billion

Key Changes From SECURE Act 2.0

By Sidney Kess New York Law Journal January 27, 2023 In 2019, the SECURE Act introduced a number of changes to rules for retirement plans and IRAs. Now SECURE Act 2.0, which was included in the Consolidated Appropriations Act, 2023, has more than 90 provisions impacting retirement plans and IRAs.

Tax Identity Theft: What’s Happening And What You Can Do About It

By Sidney Kess New York Law Journal January 5, 2023 Tax identity theft occurs when thieves acquire a taxpayer’s identity to obtain a bogus tax refund or shift tax liability to an innocent taxpayer. The real taxpayer may be unable to e-file a legitimate tax return for the year because

Tax Changes In The Inflation Reduction Act of 2022

By Sidney Kess The CPA Journal November/December 2022 Issue The Inflation Reduction Act of 2022 (IRA; PL 117-169) was signed into law on August 16, 2022. This massive measure, which is intended to tamp down inflation and reduce the federal budget deficit, includes many tax provisions affecting individuals and businesses.

Seven Ways To Decrease Stress At Work

By Sidney Kess and Andrea Millar The CPA Journal November/December 2022 Issue Professionals’ workload seems to get more grueling each year with endless deadlines, changing laws, additional pressures in a COVID environment, and less staff to do the work. CPAs hunker down and tend to put work above all else.

A Primer On Establishing A Trust And Its Taxation

By Sidney Kess and Edward Mendlowitz Practical Tax Strategies June 2021 Trusts are an effective mechanism to provide for transfers of assets, protect assets from eventual or potential creditors, enable assets to be used in situations where the person establishing the trust is not able to act for themselves, provide

Sidney Kess Quoted In Wall Street Journal Article Entitled “The 2020 Taxpayers End-Of-Year Checklist”

In a recent Wall Street Journal article by Tom Herman entitled “The 2020 Taxpayers End-of-Year Checklist,” Sidney Kess discusses the benefits of opening a donor-advised fund. The article notes: This is a popular, relatively simple and tax-smart way to donate to charity. It’s a “terrific” charitable-giving vehicle, says Sidney Kess,

More Bankruptcies, More Opportunities and Challenges for CPAs

By: Sidney Kess, Alan Gassman, and Aaron Slavutin The CPA Journal October/November 2020 From name-brand corporations like JCPenney and Neiman Marcus to small and mid-sized companies, businesses of all sizes are responding to pandemic-related lockdowns by seeking refuge in bankruptcy. Legal services provider Epiq has reported that June 2020 commercial Chapter