News

Bryan C. Skarlatos quoted in the Wall Street Journal Article "You Made a Mistake on Your Tax Return. Should You Amend It?"

Whether or not you should do it—and the consequences—depends on the details of your case, experts say

By Tom Herman

Broadway’s brightest star, Alexander Hamilton, summarized the problem neatly.

“In common life, to retract an error even in the beginning is no easy task,” Mr. Hamilton once wrote, according to Ron Chernow’s biography of the nation’s first Treasury secretary. “Perseverance confirms us in it and rivets the difficulty.”

While Mr. Hamilton wasn’t writing about income-tax bloopers, his words undoubtedly will resonate with millions of modern-day taxpayers. Nobody likes to admit mistakes, especially on tax returns. But as lawmakers continually add layers of complexity to the nation’s tax system, millions of taxpayers each year face thorny questions about how—and even whether—to fix errors and omissions.

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Bryan C. Skarlatos quoted in the Wall Street Journal Article "Donald Trump’s Tax Numbers Sharpen Focus on Treatment of Losses"

By Richard Rubin

The weekend revelation of some of Donald Trump’s tax records put the New York real-estate developer on the defensive by showing the extent of his 1990s financial troubles and suggesting those setbacks could have eliminated his federal income-tax bill for years afterward.

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Sharon L. McCarthy Presented "Problems for Future Litigation" at Current Issues In Federal Criminal Tax

In this seminar, an experienced panel of criminal tax practitioners discussed a range of topics at the cutting edge of criminal tax law. The panel presented new issues and new analysis of previously settled issues.

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Bryan C. Skarlatos Quoted in The Wall Street Journal Article, "Big Win for Tax Whistleblowers as Pair Gets $17.8 Million"

Ruling marks first time a portion of criminal fine and civil forfeiture are included in award

By Richard Rubin and Laura Saunders

WASHINGTON—The U.S. Tax Court awarded $17.8 million to a pair of whistleblowers in a decision that significantly expands the scope of what can be claimed in such cases.

The ruling for the first time allowed the whistleblowers to get a portion of criminal fines and civil forfeitures in addition to part of the taxes the government recouped because of information they provided.

“This opens the door to much larger whistleblower payments in offshore-account cases,” said Bryan Skarlatos, a tax lawyer at Kostelanetz & Fink LLP in New York who wasn’t involved in the case.

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Jerald David August and Ian Weinstock Participate in The 8th Annual NYU Wealth Planning for High Net-Worth Individuals and Closely-Held Companies Seminar

On July 27-29, 2016Jerald David August and Ian Weinstock, Partners at Kostelanetz & Fink, LLP., spoke at the three-day component of the NYU Wealth Planning Conference at The Westin New York at Times Square as part of the Summer Institute in Taxation. The Wealth Planning Conference features a nationally-recognized group of speakers on a variety of wealth planning and tax planning subjects geared for high-net-worth individuals and owners of closely-held businesses.

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The 8th Annual NYU Tax Controversy Forum

On June 24, 2016, Industry professionals gathered for the 8th Annual NYU Tax Controversy Forum at the Crowne Plaza Times Square in Manhattan.

Who Attended:
Accountants, attorneys, in-house practitioners and tax professionals at all levels who prepare for or handle audits, appeals or tax litigation, as well as those involved in planning and transactional work who could benefit from a better understanding of the implications of their work for audit defense.

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Sharon L. McCarthy Presented at the NYCLA's U.S. Tax Court Pro Bono Program, "Ethics for the Tax Professional"

On June 23, 2016, Sharon L. McCarthy presented at the NYCLA's U.S. Tax Court Pro Bono Program, "Ethics for the Tax Professional," at DLA Piper in New York City. NYCLA's Ethics for the Tax Professional explored the ethical rules governing all tax professionals in connection with the representation of taxpayers, witnesses, and government agencies from audit through trial.

This seminar was part of NYCLA’s U.S. Tax Court Pro Bono program. There was no charge to attend the seminar. Attendees were encouraged to volunteer to represent a pro bono taxpayer in connection with NYCLA's U.S. Tax Court Calendar Call Pro Bono Program or a New York or New Jersey Low-Income Tax Clinic.

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Bryan C. Skarlatos quoted in CCN.LA article, "Accountants Ask IRS to Clarify Bitcoin Transactions' Tax Status"

By Elliot Maras
CCN.LA

On June 25th, 2016, Bryan C. Skarlatos, Partner at Kostelanetz and Fink, LLP. was quoted in an article on CCN.LA by Elliot Maras. The article assesses the current issues of clarifying the tax status of small virtual currency transactions.

Excerpt from the article:

The number of daily bitcoin transactions has increased to 240,000 from 50,000 two years ago, according to Blockchain.info. Due to this growth, the IRS has conducted audits of bitcoin holders, according to Bryan Skarlatos, a tax lawyer at Kostelanetz & Fink in New York.

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Panelists Offered Engaging Topics at the Civil & Criminal Tax Enforcement Update

On June 22, 2016, at Bergen Community College there were numerous engaging topics scheduled for the Civil & Criminal Tax Enforcement Update including Bryan C. Skarlatos who presented, "What If I Do Nothing? The FBAR, the Form 8938 and Other International Forms That Should Have Been Filed. Defending Against the IRS Assessment of 'Continuation Penalties' for Failure to File Information Returns."

This year's panelists included:

Bryan C. Skarlatos, Esq. - Kostelanetz & Fink, LLP
Frank Agostino, Esq. - Agostino & Associates, P.C. 
Charles Rettig, Esq. - Hochman, Salkin, Rettig, Toscher & Perez, P.C.
Lawrence Sannicandro, Esq. - Agostino & Associates, P.C.
Richard Sapinski, Esq. - Sills Cummis & Gross, P.C.
Steven Toscher, Esq. - Hochman, Salkin, Rettig, Toscher & Perez, P.C.

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Claude Millman Presented "Trade Tips - Navigating through Operations to Create a Successful Nonprofit" on a Panel at the 2nd Annual Nonprofit OpCon

On June 09, 2016, Claude Millman presented, "Trade Tips - Navigating through Operations to Create a Successful Nonprofit," on a Panel at the 2nd Annual Nonprofit OpCon at Baruch College.

Managing operations are crucial to ensure that nonprofits carry out their mission through their assigned programs; having the sufficient resources to achieve successful results. This session will focused on the following: Maintaining good Governance between Management and Board; maximizing both Government and private Funding through effective cost reporting and effective fundraising campaigns, utilizing volunteers effectively in both program and administrative functions, cultivate and maintain good working relationships with policymakers, evaluate competition, and adhere to budget vs actual revenue and expense levels. The panel answered questions from participants on key management issues. 

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