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Paul Butler Participated in the Panel "Tax Practice Management/ California’s New Rules of Professional Conduct" at the ABA Tax Section Fall 2019 Meeting

In 2018, the California Supreme Court approved a comprehensive re-write of its rules of professional conduct. California has now joined the other 49 states in adopting ethics rules patterned after the ABA Model Rules of Professional Conduct, effective November 1, 2018. The rules are binding on all attorneys licensed by the California State Bar and, importantly, may apply to non-California lawyers who practice in the state. Our panel discussed the new rules, including how they apply to tax practice, including where they may conflict with Circular 230, and where they differ from the ABA rules. The discussion emphasized how the ethical standards that apply to California attorneys have changed.

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Yoram Keinan Chaired the Program Section on Banking & Savings Institutions at the ABA's 2019 Fall Tax Meeting

Yoram Keinan chaired a section in the program of the ABA's Fall 2019 Tax Meeting. Mr. Keinan moderated a two-part panel on the application of section 163(J) to financial institutions.

 

 

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Caroline Ciraolo Participated in Panel Entitled "No Good Deed Goes Unpunished: Potential Liability of Executors and Beneficiaries for a Decedent’s Tax Liabilities" at Serjeant's Inn on October 2, 2019

Caroline Ciraolo participated in a panel entitled "No Good Deed Goes Unpunished: Potential Liability of Executors and Beneficiaries for a Decedent’s Tax Liabilities" at Serjeant's Inn, Baltimore, MD on October 2, 2019.

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Caroline D. Ciraolo listed in the Women in Tax Leaders Guide, 5th Edition 2020

Brought to you by World Tax, in association with the International tax Review the Women in Tax Leaders guide highlights the leading female tax practitioners from across all sectors of the tax market, as selected by their fellow tax professionals. Market leaders chosen by market leaders.

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Robert Russell participated in a panel titled "Diversity in Tax Law" presented by the Federal Bar Association's Section on Taxation

On September 27, Kostelanetz & Fink’s Washington D.C. office hosted the Federal Bar Association’s Diversity in Tax Law event. The event included a moderated panel that explored diversity and inclusion in the practice of tax law followed by a networking reception. The panel was moderated by Bloomberg Tax’s Siri Bulusu and included speakers from different parts of the tax community who discussed their career experiences and the value of a variety of perspectives in tax practice.

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Caroline D. Ciraolo was quoted in a Tax Notes Today article entitled "Why Women Are Still Leaving Tax, and What to Do About It" on September 25, 2019

Tax Notes Today turned to Kostelanetz & Fink partner Caroline D. Ciraolo for comment on solutions to the underrepresentation of women in tax professions

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Christopher Ferguson presented “When the Answer Is Unclear: Ethical and Penalty Issues for Tax Practitioners” at the Tax Strategies for the Individual and Business Clients Seminar at Baruch College

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Kostelanetz & Fink Attorneys Recognized By New York Metro Area Super Lawyers

NEW YORK CITY, NY (September 12, 2019) – Kostelanetz & Fink is pleased to announce that nine attorneys at the firm, including seven partners, have been selected for inclusion in the 2019 New York Metro “Super Lawyers” list, recognizing the firm’s experience and skill in the areas of Tax, Criminal Defense: White Collar, and Business Litigation.

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Claude Millman was Quoted in a Politico Pro Article Entitled “State: City Did Not Break Laws by Denying Admission at Specialized High Schools,” on August 30, 2019

Politico Pro turned to Kostelanetz & Fink partner Claude Millman for comment on an appeal by seven students who said the recent expansion of Discovery had unfairly denied them seats in the specialized schools. 

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The Death Knell for SALT Cap Workarounds? Treasury's Final Regulations Uphold the $10,000 Cap

By Kevin M. Flynn
The CPA Journal
September 2019 Edition

The itemized deduction for state and local taxes (SALT) under Internal Revenue Code (IRC) section 164 had long provided relief to taxpayers residing in high income and property tax states such as New York, New Jersey, and Connecticut. It assured these taxpayers that their federal tax obligation would only be computed after a reduction for the state and local taxes that they paid, subject to the application of the alternative minimum tax and the itemized deduction limitation. The SALT deduction meant that the IRS could not impose a double tax on that portion of a taxpayer’s income that had been paid in taxes to state and local taxing authorities.

On December 22, 2017, President Donald J. Trump signed the Tax Cuts and Jobs Act (TCJA), which represents the most significant overhaul of the country’s tax laws since the Tax Reform Act of 1986. A major component of the TCJA was a $10,000 per calendar year cap on an individual’s aggregate deduction for state and local income, property, and sales taxes [IRC section 164(b)(6)]. This limitation applies to tax years beginning after December 31, 2017, and ending before January 1, 2026.

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