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
Earlier this year, the Department of Justice (“DOJ”) and Federal Trade Commission (“FTC”) jointly announced updated language in the agencies’ documents requests (such as preservation letters and grand jury subpoenas) “to address the increased use of collaboration tools and ephemeral messaging platforms in the modern workplace.” While the updated language
Many nonprofits that were affected by the COVID-19 pandemic have financially benefited from claiming the Employee Retention Credit (ERC). But the ERC has become the source of considerable notoriety over the last several years and is now the focus of significant government enforcement activity. Originally enacted in 2020 as part
“Big Law Quality Services in a Boutique Setting” “An Expert Tax Boutique” NEW YORK (June 11, 2024) —Kostelanetz LLP and five partners have been recognized by Chambers and Partners in its 2024 USA Guide in the areas of tax controversy, tax fraud, tax law, and white-collar defense and government investigations. Chambers this year has
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
The upcoming 2024 ABA May Tax Meeting is the premier event for lawyers interested in all aspects of tax law. Among a variety of panels, forums, and discussions, program offerings include a Women in Tax Forum sponsored by Kostelanetz LLP and a panel on the importance of interview notes in
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.,
Bryan C. Skarlatos was quoted in a March 11, 2024 Tax Notes article titled “Beneficial Ownership Reporting and the Constitution” on the implications of a federal district court case ruling that the Corporate Transparency Act is unconstitutional and fails to satisfy the Commerce Clause. The article discusses the case, its
By Don Fort Bloomberg Tax December 18, 2023 The Covid-19 pandemic brought about a once-in-a-generation health crisis, also creating a surge in fraud. Earlier this month, the IRS’s Criminal Investigation Division unveiled a conspicuously high conviction rate—over 98% for the more than 300 Covid-19 fraud cases investigated in the last
