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Caroline Ciraolo participated in two-part series by Tax Analysts regarding IRS voluntary disclosure practice, revised Form 14457, and detailed guidance issued on May 13 and 14, 2020

On May 13 and 14, 2020, Caroline Ciraolo sat down with Tax Notes to discuss the revised Form 14457 and new guidance on the IRS voluntary disclosure practice in a two-part series. 

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Caroline Ciraolo Featured on ACA TaxCast on May 15, 2020

Caroline Ciraolo was interviewed for the American Citizens Abroad (ACA) TaxCast podcast. Part 1 of her interview was posted May 15, 2020, and Part 2 is due to post on May 31, 2020. During Part 1 of the program, Ms. Ciraolo discussed non-filers and the CARES Act stimulus payments, voluntary disclosure, streamlined filing compliance procedures, delinquent international information return submission procedures, and other compliance-related matters.

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Bryan C. Skarlatos participated in a panel entitled “Balancing Tax Planning, Advocacy, and Professional Ethics: The Rules That Every Tax Advisor Should Know" at the Tax Planning for Partnerships 2020 web conference for PLI on May 14, 2020

Bryan C. Skarlatos and Bradley M. Seltzer reviewed the ethical rules related to advising clients on transactions involving partnerships and other passthrough entities, using a real-life hypothetical, including tax motivated transactions, and the pitfalls encountered by the advisor at every stage – from the planning of the transaction, to providing tax opinions and recommending return positions, to dealing with the IRS in audit; ethical rules covered include standards derived from the Internal Revenue Code, Circular 230, the AICPA Statements on Standards for Tax Services, and the ABA Model Rules of Professional Conduct.

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Paul T. Butler participated in a webinar entitled “Practical Privilege Issues in Income Tax Disputes" for the ABA Tax Section , on May 14, 2020

This panel discussed the rules protecting communications from disclosure, including attorney-client, work product, and I.R.C. section 7525 privileges. The panelists demonstrated application of those privileges using real-world examples, touching on hot topics, and providing best practices to use in disputes with taxing authorities.

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Megan Brackney presented a webinar entitled "Form 8300 Reporting Requirements and Penalties" for the CPA Academy, on May 13, 2020

This program discussed the requirements to file Forms 8300 to report cash transactions in a trade or business of over $10,000 and to furnish annual statements to customers.  Ms. Brackney outlined the basics of Form 8300 compliance, and then went into further discussion about the potential penalties, defenses to penalties, and the methods of challenging Form 8300 penalties.

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Prosecuting PPP Fraud May Be Harder Than It Seems

By Christopher M. Ferguson
May 12, 2020 

Once the May 14 deadline for arguably undeserving recipients of PPP loans to return the funds "no questions asked" has passed, the government will no doubt seek to make examples of undeserving PPP loan recipients.

For anyone following developments in the massive small business stimulus program known as the Payroll Protection Program (PPP), May 14 is an important date. That is the deadline imposed by the Treasury Department and Small Business Administration (SBA) for arguably undeserving recipients of PPP loans to return the funds “no questions asked.” According to Treasury Secretary Mnuchin, the IRS and SBA will be auditing all loans in excess of $2 million and will be prosecuting instances of fraud. Secretary Mnuchin has also indicated that further guidance will be forthcoming to clarify, and likely limit, the criteria the government will use to determine who is deserving (and not deserving) of the loans.

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Tax Controversies: Audits, Investigation, Trials

By: Robert S. Fink
39th Ed. 2020

The 39th edition of “Tax Controversies: Audits, Investigations, Trials” has been published and is available on Lexis-Nexis. Authored by Kostelanetz & Fink co-founder Robert S. Fink and the attorneys of Kostelanetz & Fink, Tax Controversies is the recognized guide to all stages of tax examination, investigation, litigation, and prosecution -- civil or criminal -- including coverage of:

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Chambers USA Recognizes K&F and Five Attorneys as Leaders in Tax Controversy And White-Collar Defense

“One of the Top Tax Boutiques in the Country,”
“A Deep Bench and a Stellar Reputation”

NEW YORK, NY (May 5, 2020) – Kostelanetz & Fink LLP is pleased to share that Chambers and Partners has recognized the firm and five attorneys in its 2020 USA Guide in the areas of tax controversy, tax fraud, tax law, and white-collar defense and government investigations. Chambers USA ranks the top lawyers and law firms across all the United States of America through assessment of a firm’s work and opinions from external market sources, with an emphasis on client feedback.

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Sharon L. McCarthy quoted in Global Investigations Review article entitled "Lacklustre Early Cooperation Fuelled US Tax Evasion Penalty to Israeli Bank"

In a recent Global Investigations Review article by James Thomas entitled “Lacklustre Early Cooperation Fuelled US Tax Evasion Penalty to Israeli Bank," Sharon L. McCarthy reacted to the announcement by the US Department of Justice (DOJ) on April 30, 2020 that Bank Hapoalim’s Swiss subsidiary had pleaded guilty to conspiring with US taxpayers to hide over $7.6 billion in more than 5,500 secret Swiss and Israeli
bank accounts between 2002 and 2014. As Sharon noted, "the settlement sends a loud message to financial institutions that are under investigation for helping US taxpayers hide money in offshore accounts."

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K&F in the Classroom: International Tax Controversy at Georgetown Law

This spring, Caroline D. Ciraolo and Robert M. Russell have been bringing their decades of experience in federal tax enforcement and tax controversy matters to Georgetown University Law Center and Graduate Tax Program in a class entitled, “International Tax Controversy.”

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