Michael Sardar presented a webinar entitled “Penalty Standards for the Taxpayer and the Preparer” for the CPA Academy
On October 27, 2020, Michael Sardar presented a webinar entitled “Penalty Standards for the Taxpayer and the Preparer” for the CPA Academy.
Caroline D. Ciraolo quoted in Wall Street Journal article entitled “The IRS Reels in a Whale of an Offshore Tax Cheat—and Goes for Another”
Caroline Ciraolo was quoted today in the Wall Street Journal regarding two major criminal tax investigations pursued by the U.S. Department of Justice, including one the Journal describes as the “largest criminal tax prosecution ever brought.”
On Friday, October 16, 2020, at 6:30 pm Eastern, the Financial Crimes Enforcement Network (“FinCEN”) released yet another announcement, this time extending the deadline for all Reports of Foreign Bank and Financial Accounts (FBARs) (FinCEN Form 114) for the 2019 calendar year to October 31, 2020.
Bryan C. Skarlatos participated in a panel entitled “Balancing Tax Planning, Advocacy, and Professional Ethics: The Rules That Every Tax Advisor Should Know”
On October 16, 2020, Bryan C. Skarlatos spoke on a webcasted panel entitled “Balancing Tax Planning, Advocacy, and Professional Ethics: The Rules That Every Tax Advisor Should Know.” The event was part of the Practising Law Institute’s program on Tax Strategies for Corporate Acquisitions, Dispositions, Spin-Offs, Joint Ventures, Financings, Reorganizations & Restructurings 2020.
At approximately 4:26 pm Eastern on October 15, 2020, the Financial Crimes Enforcement Network (“FinCEN”) issued an email blast that its announcement on October 14, 2020 extending the deadline for filing Reports of Foreign Bank and Financial Accounts (FBARs) (FinCEN Form 114) was in error.
Megan L. Brackney presented a webinar entitled “Reporting Cash Received in a Business: Form 8300 Requirements and Penalties” on CPA academy
On October 8, 2020, Megan L. Brackney discussed the requirements for filing Forms 8300 and sending payee statements, the penalties for non-compliance, and defenses to penalties.
The Financial Crimes Enforcement Network (FinCEN) announced Tuesday that it is extending the deadline for filing FinCEN Form 114, Reports of Foreign Bank and Financial Accounts (the “FBAR”), for all persons located in several natural disaster areas throughout the country, as recently designated by FEMA.
All U.S. persons who possess an ownership interest, or signatory or other authority, over one or more foreign bank or financial accounts with an aggregate balance exceeding $10,000 in a given year are required by law to file an FBAR. Failure to timely file an FBAR can result in civil penalties and, in willful cases, criminal prosecution. The present FBAR filing deadline for accounts held in 2019 is October 15, 2020.
Robert M. Russell has been appointed as 2020-2021 Chair of the Section on Taxation for the Federal Bar Association (FBA)
Robert M. Russell, a member of the Federal Bar Association (FBA) Section on Taxation, completed his term as Chair-Elect and was appointed as Chair of the FBA Section on Taxation for the 2020-2021 committee year.
Licensed Professionals, and Other Federal and State Licensees, Risk Their Livelihoods By Not Timely Filing Their Federal and State Income Tax Returns
With the October 15 filing deadline approaching for individuals (and calendar-year C corporations) who have obtained extensions to file their income tax returns, it is worth reflecting on the dangerous consequences of falling behind with filing tax returns, particularly if you are a licensed professional, or your ability to work either as an individual or business entity is dependent on a federal or state license or regulation. Although this article focuses on the consequences of failing to file federal and New York State tax returns, the general principles we discuss apply to licensed professionals and other licensees in other states as well. Civil or criminal penalties are regularly imposed on tax non-filers who are discovered during IRS and state tax audits and investigations, but both the IRS and the New York State Department of Taxation and Finance periodically undertake specific initiatives aimed at identifying licensed professionals who have failed to file their tax returns. Licensed professional may also be caught up in a new IRS initiative aimed at non-filing high income individuals.
Megan L. Brackney participated in a panel entitled "Who is a Return Preparer Under 6694?" at the ABA's 2020 Fall Tax Meeting
On October 1, 2020, Megan L. Brackney participated in a panel entitled "Who is a Return Preparer Under 6694?" at the ABA's 2020 Fall Tax Meeting, as part of its programming on Standards of Tax Practice.