News

Robert M. Russell quoted in Tax Notes article entitled “Individuals Now a Target for LB&I Transition Tax Campaign”

In a recent Tax Notes article by Andrew Velarde entitled "Individuals Now a Target for LB&I Transition Tax Campaign,” Robert M. Russell discussed the IRS announcement that the Section 965 transition tax will now become an area of enforcement as applied to non-corporate taxpayers.

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Caroline Ciraolo co-chaired & moderated a webinar on international criminal tax enforcement for ABA’s Virtual 20th U.S. and Europe Tax Practice Trends Conference

Caroline D. Ciraolo co-chaired and moderated a panel entitled "Following the Money (including digital currency) – The Current State of International Criminal Tax Enforcement." The panel provided updates and current statistics on international criminal tax enforcement from IRS-CI and the Justice Department and discussed recent international criminal tax investigations and prosecutions, including those involving the use of virtual currency.

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K&F Joins Pro Bono Law Firm Anti-Racism Alliance

Kostelanetz & Fink is proud to join forces with other law firms across the country in combating systemic racism as part of the new Law Firm Anti-Racism Alliance (LFAA), which will provide pro bono counsel in concert with legal services organizations and other stakeholders focused on identifying and combating systemic racism.

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Robert M. Russell participated in a panel entitled "Tax Day 2020: Filing and Payment Deadlines" at the ABA Section of Taxation's Virtual May Meeting on June 10, 2020

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Pro Bono Spotlight: IRS Virtual Settlement Days

Kostelanetz & Fink attorneys Yoram Keinan and Robert Russell were proud to volunteer for the IRS’s first-in-the-country Virtual Settlement Days with the University of Michigan Law School’s Low-Income Tax Clinic (LITC) on May 9 and May 12, 2020.

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IRS Continues to Issue Guidance for International Taxpayers in Light of COVID-19

IRS Continues to Issue Guidance for International Taxpayers in Light of COVID-19

As COVID-19 continues to impact daily life, the IRS has published guidance to address the tax consequences for certain international taxpayers. Recent travel restrictions could require individuals to remain in locations longer than expected, resulting in a changed tax status. In order to mitigate this result, the IRS provided relief provisions to put certain affected persons in the same U.S. tax position they would have been in, but for the COVID-19 crisis.

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Michael Sardar presented a webinar entitled "Penalty Standards for the Taxpayer and the Preparer" for The CPA Academy on June 11, 2020

When the IRS audits a taxpayer and determines that additional tax is due, the taxpayer may be subject to penalties in addition to the tax due. Further, the tax practitioner involved in preparing that tax return may also be subject to penalties. This course covered the standards applicable to both the taxpayer and tax practitioner when the IRS determines whether to impose penalties. Mr. Sardar reviewed the relevant standards, including reasonable basis, substantial authority, and how to make adequate disclosure.  Knowing and applying theses standards will help the practitioner and taxpayer avoid IRS penalties.

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Paycheck Protection Program Flexibility Act passed June 5, 2020

The Paycheck Protection Program Flexibility Act of 2020 (“PPPFA”) was signed into law by President Trump on June 5, 2020. The PPPFA intends to provide flexibility for businesses making use of Paycheck Protection Program (“PPP”) funds by:

  1. extending the “covered period;”
  2. increasing the amount of loan forgiveness that may be attributable to non-payroll costs;
  3. extending the date by which employers must restore full-time employee (“FTE”) levels;
  4. creating a new safe harbor for inability to restore FTE levels;
  5. extending the loan repayment period to five years; and
  6. deferring payroll tax.  
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Nicholas S. Bahnsen moderated an American Bar Association panel entitled "Ethical Obligations and COVID19: What Tax Practitioners Need to Know" on June 4, 2020

What should we be on the lookout for to ensure we are not helping our clients participate in or become the victim of fraud considering the CARES Act? How should practitioners ensure we are meeting both IRS and court deadlines? How should we ensure we are meeting our ethical obligations to communicate with our clients? Nicholas S. Bahnsen moderated a panel discussing these timely issues. 

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Caroline Ciraolo contributed to ABA Tax Section Comments on proposed changes to Tax Court Rule 24

Caroline Ciraolo made substantive contributions to the American Bar Association Taxation Section Comments on the proposed changes to Tax Court Rule 24. The comments were formally submitted to Chief Judge Foley of the U.S. Tax Court on June 1, 2020.

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