Megan L. Brackney spoke on the panel "Now That’s Aggressive: Reportable Transaction Penalties" at the Practising Law Institute
The panel discussed the following topics over the course of the presentation:
• Now That’s Aggressive: Reportable Transaction Penalties
o Reportable transaction understatement
o Failure to report reportable transaction
o Material advisor penalties
Bryan C. Skarlatos chaired the program "Nuts & Bolts of Tax Penalties: A Primer on the Standards, Procedures & Defenses Relating to Civil & Criminal Tax Penalties" at the Practising Law Institute
The number of accuracy-related penalties assessed against individual taxpayers increased from 58,366 in 2005 to 553,184 in 2015. That is nearly a 1,000% increase over the past decade! Are there more bad taxpayers? Or, is the IRS just getting more aggressive about asserting penalties? Regardless of the answer, responsible tax practitioners must understand what triggers a penalty assessment and how to protect their clients and themselves against such assessments. Unfortunately, accounting and law school tax classes rarely focus on penalties, leaving practitioners to pick up the relevant standards and procedures from the trial and error of daily practice.
Sixth Circuit Court of Appeals Reverses Tax Court on Treatment of Commissions of a Domestic International Sales Corporation Paid to Roth IRA
An Instance Where the Business Taxpayer Can Win Despite the Absence of Economic Substance !!!
In Summa Holdings Inc. v. Commissioner, No. 16-1712 (Feb. 16, 2017), the Sixth Circuit Court of Appeals reversed the Tax Court decision below which held that payments a corporation made to a DISC were not DISC commissions but instead were to be characterized as dividends to shareholders followed by excess contributions to their Roth IRAs. Such recharacterization would have eliminated the tax benefits associated with the IC-DISC for the taxpayers.
Bryan C. Skarlatos presented "A Practical Approach to Tax Issues in Matrimonial Cases" at the Nassau County Bar Association
Mr. Skarlatos shared his extensive knowledge on matrimonial law with those in attendance.
By Claude M. Millman
New York Nonprofit Media
March 2017 Edition
Nonprofits receiving contract awards from New York City or the state should carefully monitor President Donald Trump’s budget policies for potential retroactive effects on pre-existing contracts.
Bryan C. Skarlatos spoke on the panel "Life of a Criminal Tax Case: Litigation Stage" at the 2017 Federal Bar Association Tax Law Conference
This panel was moderated by Richard T. Lunger, Deputy Division Counsel/ Deputy Associate Chief Counsel, Office of Chief Counsel (Criminal Tax), I.R.S.
Mr. Skarlatos was accompanied by distinguished panel members Tino M. Lisella, Assistant Chief, Criminal Enforcement Section, Western Region, U.S. Department of Justice, Tax Division and Jay R. Nanavati, Counsel, Baker & Hostetler LLP.
Bryan C. Skarlatos participated on the panel "Crossing the Line: The Difference Between Good Advice and Criminal Conspiracy" at the 2017 Federal Bar Association Tax Law Conference
Mr. Skarlatos was accompanied by distinguished panelists Martin E. Needle, Senior Level Counsel, Office of Chief Counsel (Criminal Tax), I.R.S. and Joseph A. Rillotta, Partner, Drinker Biddle & Reath LLP.
Sharon L. McCarthy Presented "Explaining the Wells Fargo Scandal" at the Financial Managers Society Meeting
Sharon L. McCarthy spoke before the Financial Managers Society in Hackensack, New Jersey on the topic of the recent Wells Fargo scandal.
Bryan C. Skarlatos and Juliet L. Fink Obtain Sentence Of Nine-Months Home Confinement For Defendant Facing 15 Years’ Imprisonment In Connection With $80 Million Art Fraud Scheme
The Long Island woman who fooled the art world by pawning off paintings by an unknown artist from Queens as the work of Modernist masters was sentenced to time served on Tuesday, more than five years after her actions helped lead to $80 million in fraudulent sales and the demise of New York’s oldest gallery.
A bill, H.R. 5, recently introduced by House Judiciary Committee Chair Bob Goodlatte, R-Va., the Regulatory Accountability Act of 2017, proposes to end the Chevron deference doctrine, passed the House of Representatives by a 50 vote majority (283-183) on January 11. The bill was referred to the Committee on the Judiciary, in addition to the Committee on Oversight and Government Reform and the Committee on Small Business.