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.
Jerald David August Presented "The TEFRA Partnership Audit Rules Repeal: Partnership and Partner Impacts" on ALI-CLE Webcast
On June 07, 2016, Jerald David August, Partner at Kostelanetz & Fink LLP. presented, "The TEFRA Partnership Audit Rules Repeal: Partnership and Partner Impacts" on an ALI-CLE Webcast.
The TEFRA Partnership Audit Rules were repealed by Congress and replaced with new partnership audit rules affecting all partnerships. The new rules make wide-sweeping reforms in the audit of partnerships and LLCs. While the new rules generally are not effective until 2018, current drafters of partnership and LLC agreements should be drafting audit provisions that will work under these rules. Are you prepared to implement practices and advise clients on what they will be liable for under this regime?
Bryan C. Skarlatos Presented at 2016 AICPA Conference on Tax Strategies for the High-Income Individual
Session 23: Tax Practice and Procedure: Tips for Dealing With the IRS
When it comes to dealing with the IRS, knowing the rules of engagement can be critical to protecting your client’s rights and pocketbook. Whether it is responding to inquiries, IRS examinations or assisting clients to come into compliance with offshore income reporting, there are times when the approach the tax accountant takes must be more limited than that available to the attorney. This session shared insights and best practices about:
- Common issues in audit representation; attorney vs. accountant differences
- Limitations of non-attorney practice
- When the accountant needs to have an attorney guard his or her back
Session 38: Procedures and Penalties for Disclosing Unreported Foreign Assets: An Update
The number of taxpayers with unreported foreign accounts, corporations, and other assets is staggering. This session reviewed alternatives for disclosing unreported foreign assets and how to choose the best strategy for different situations. Topics covered:
- What the IRS is doing now to find and pursue taxpayers who have not reported foreign assets
- How to evaluate a client’s level of risk for large FBAR penalties or even criminal prosecution
- When to advise a client to make a voluntary disclosure, a streamlined submission or file amended returns
Michael Sardar presented, "Oops! I Forgot to Tell You About My Foreign Assets! Now Where Do We Go From Here?" at the 2016 AICPA/AAML National Conference on Divorce.
Over the past few years, the IRS and the Department of Justice have been relentlessly focused on ending offshore tax evasion. They have used their various powers to find taxpayers with unreported foreign assets, prosecute or civilly penalize such taxpayers, and encourage other taxpayers to voluntarily come forward and report undeclared foreign assets. Hidden foreign assets often come to the surface in the context of a matrimonial action. Dealing with such assets and the unique issues they raise within a matrimonial action requires careful consideration of the civil and criminal consequences of maintaining undeclared foreign assets.
The 2016 Private Wealth and Taxation Institute was an exceptional program this year. It was highly informative for private clients and their advisors. The speakers will included Paul Lee, from Northern Trust, Gideon Rothschild, Sandy Schlesinger, Professor Jerome Hesch, Dick Nenno and Sharon Klein from Wilmington Trust, Bryan C. Skarlatos and Megan L. Brackney from Kostelanetz & Fink, LLP, and Jeffrey Goldenberg from Goldman Sachs to name a few. In addition, there was also be a strong representation from the public sector including the Taxpayer Advocates for the Federal, State, and NYC governments, a Tax Court Judge, and the Suffolk County Surrogate Court Judge. Of course, there was plenty of local talent that presented, including several attorneys from The Private Wealth & Taxation Group of Meltzer Lippe and presenters from other Long Island Law Firms and Accounting Firms.
Bryan C. Skarlatos Presented at the Wall Street Tax Association Spring Tax Seminar, "Privilege Issues"
Bryan C. Skarlatos presented, "Protecting Privilege for Legal Advice to the Business by In-House Tax Lawyers," at the Wall Street Tax Association Spring Tax Seminar.
Topics included: Protecting Privilege for Legal Advice to the Business by In-House Tax Lawyers
Panelists: Diana Wollman, Cleary, Gottlieb, Steen & Hamilton
Daniel Dumezich, Deloitte
Bryan Skarlatos, Kostelanetz & Fink, LLP
Moderator: Elena Romanova, CITI
Jerald David August Honored by the American Law Institute for Achieving the Status as a "Life and Sustaining Member"
Jerald David August was honored at the 93rd Annual Meeting of the American Law Institute, held this week in Washington, D.C., for his achieving the status as a “Life and Sustaining Member” of the Institute for 25 years of service. Two of the featured speakers at this year’s Annual Meeting were Supreme Court Judges Sonia Sotomayor and John Paul Stevens (Retired).
Claude M. Millman Spoke on a Panel at New York City's 22nd Annual Citywide Seminar on Ethics in City Government
On May 17, Claude Millman spoke on a panel at New York City’s 22nd Annual Citywide Seminar on Ethics in City Government. The seminar was hosted by the New York City Conflicts of Interest Board and New York Law School. The panel, entitled “Two Men Exit the Room,” addressed the recent prosecutions of New York legislative leaders Sheldon Silver and Dean Skelos and proposals to improve government ethics in Albany.
Bryan C. Skarlatos Presented, "Economic Substance, Judicial Doctrines and Legal Ethics" at the PLI Tax Planning for Domestic & Foreign Partnerships, LLCs, Joint Ventures & Other Strategic Alliances 2016
Impact on partnerships of recent judicial decisions, legislation, and administrative developments relating to economic substance, tax shelters and the codification of the economic substance doctrine, including LB&I Directives; penalty defenses; rules of professional responsibility and conduct, including Circular 230 and related ethical considerations that come into play in evaluating the difference between good tax planning and overly aggressive or even criminal tax advice.
Years ago, women tax lawyers were a rare sighting at the Tax Section meetings. Looking around we know that the demographics have changed dramatically. Where are women tax lawyers in government, private practice, teaching and the judiciary and how have they impacted the ever-changing tax laws. Panelists reflected upon what inspired them to become tax lawyers, what have been the rewards and what have been the challenges.