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Caroline D. Ciraolo presented "Women in Tax" at Georgetown University Law Center on February 12, 2020

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Article about the panel entitled "Update: Tax Division, U.S. Department of Justice," moderated by Caroline D. Ciraolo at the Midyear Meeting of the American Bar Association Section of Taxation in Boca Raton, FL

In the TaxNotes article entitled, "Justice Department Interested in Voluntary Disclosure Lies," Nathan J. Richman discusses the panel entitled "Update: Tax Division, U.S. Department of Justice," moderated by Caroline D. Ciraolo at the Midyear Meeting of the American Bar Association Section of Taxation in Boca Raton, FL. 

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Caroline D. Ciraolo moderated the panel entitled "Update: Tax Division, U.S. Department of Justice," at the Midyear Meeting of the American Bar Association Section of Taxation in Boca Raton, FL on February 1, 2020

The Midyear Meeting of the American Bar Association Section of Taxation in Boca Raton, Florida offered individuals the opportunity to learn from leaders in taxation over the course of three days: January 30 - February 1, 2020. During the panel "Update: Tax Division, U.S. Department of Justice" on February 1, moderator Caroline D. Ciraolo spoke with Panelist Richard Zuckerman, Principal Deputy Assistant Attorney General, Tax Division, Department of Justice, Washington, DC, about updates at the Department of Justice's Tax Division. 

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Yoram Keinan participated in the panel entitled "Clearing Up the Clouds? Proposed US Taxation of Cloud Transactions, Non-Currency Tokens, and other 'Digital Assets'" at the ABA Tax Midyear Meeting on January 31, 2020

Kostelanetz & Fink partner Yoram Keinan participated in the panel entitled "Clearing-Up the Clouds?  Proposed U.S. Taxation of Cloud Transactions, Non-Currency Tokens, and other “Digital Assets” PLUS Key Policy Proposals affecting Crossborder Structures & Investments (OECD’s Updated Plan to Alter the Tax Nexus Consensus; Replacing LIBOR)" at the ABA Tax Midyear Meeting on January 31, 2020 at the Boca Raton Resort and Club in Boca Raton, FL, from 9:45-11:30 AM.

 

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Paul Butler participated in the panel entitiled "Practical Privilege Issues," at the ABA Tax Midyear Meeting on January 31, 2020

This panel discussed the rules protecting communications from disclosure, using real-world examples. The panelists also discussed hot topics and best practices.

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Sharon L. McCarthy presented a webinar entitled "Ethical Considerations for Tax Pros: Recognizing Conflicts and Asking for Advice" through CPAAcademy.org on January 30, 2020

In this webinar, attendees reviewed the duties of a tax professional in advising clients on tax return preparation and audits. Using real-life examples, we identified potential conflicts and other problems that may arise in the course of a tax professional's representation, as well as discussed recommended methods for addressing them. Among the topics covered were a tax professional's duty of candor to the IRS and the potential for discipline and, in extreme circumstances, criminal prosecution for failure to comply with one's duties.

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Problems Facing Taxpayers with Foreign Information Return Penalties and Recommendations for Improving the System (Part 3 of 3)

By Megan L. Brackney
Procedurally Taxing
January 8, 2020

The Gifts That Keep on Giving

Two young people moved to the U.S. as students.  They met in graduate school and married.  After graduation, they were offered jobs and were sponsored by their employers so that they could stay in the U.S.  While they were students, their parents from their home country sent them money to help pay for their expenses in the U.S.  After they became U.S. taxpayers, they received a few more gifts, totaling more than $100,000.  They told their CPA about these gifts, and even showed him copies of their bank statements so that he could see the wire transfers from their parents’ non-U.S. accounts.  The CPA told them that because these were gifts and not subject to taxation, they did not need to be reported.  The CPA did not advise them of the Form 3520 filing requirement for gifts from foreign persons that exceed $100,000 in the aggregate during the tax year.  Neither of the taxpayers had any knowledge of the Form 3520, and genuinely believed that they were filing their returns correctly.

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Megan L. Brackney participated in the panel entitled “Empire State Update: Recent Developments in New York State Taxes,” New York State Bar Association, Section of Taxation, Annual Meeting on January 28, 2020

The panelists discussed recent developments, including an update on New York’s draft corporate income tax regulations, newly issued administrative guidance, as well as some important decisions issued by the New York State Division of Tax Appeals and New York State judicial courts.

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Usman Mohammad participated in the webinar entitled "U.S. Tax Reporting of Foreign Retirement Accounts and Other Foreign Trusts" hosted by Strafford on January 23, 2020

Usman Mohammad participated in the webinar entitled "U.S. Tax Reporting of Foreign Retirement Accounts and Other Foreign Trusts" hosted by Strafford on January 23, 2020.

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New IRS Cryptocurrency Enforcement Efforts and Opportunities to Become Compliant

By Michael Sardar
The CPA Journal
January 2020 Edition

Cryptocurrency is here to stay. As of November 17, 2019, the top five cryptocurrencies by market capitalization had a combined value of approximately $196 billion, and consumers can now use cryptocurrency in place of legal tender at numerous online and brick-and-mortar retailers. In 2014, the IRS issued Notice 2014-21, which generally provided that cryptocurrency would be treated as property for purposes of income tax and was, therefore, subject to the tax principles generally applicable to transactions involving the creation, sale, and acquisition of property.

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