By Nathan J. Richman
The government’s brief in a Supreme Court case concerning the elements of tax obstruction charges under the omnibus clause of section 7212(a) does not defend the broad interpretation of the charge attacked by the petitioner and the amici, instead applying a different specific intent requirement than they advocate.
Jay R. Nanavati and Caroline D. Ciraolo presented "Global Tax Enforcement: Compliance & Risk Mitigation" to members of the Bahamas Financial Services Board and Association of International Banks & Trust Companies in Nassau, Bahamas
On November 29, 2017, Jay R. Nanavati and Caroline D. Ciraolo presented "Global Tax Enforcement: Compliance & Risk Mitigation" at the Bahamas Financial Services Board in Nassau, Bahamas.
With their colleague, Rich Kando, a Managing Director with Alix Partners LLP, Mr. Nanavati and Ms. Ciraolo shared their extensive knowledge on the subject with those in attendance. More than 150 financial and other service professionals attended the conference to discuss important topics related to the current global landscape with respect to tax enforcement, trends in the international exchange of information and transparency of beneficial ownership, due diligence and compliance requirements imposed on gatekeepers, and the need for current anti-tax evasion compliance programs, risk assessments, training, and monitoring under the U.K. Criminal Finance Act.
By: Sara Gilgore
New York City-based Kostelanetz & Fink LLP has launched a Washington practice.
The law firm opened in D.C. — its first office outside of Manhattan in 60 years of operation — at 601 New Jersey Ave. NW. It will serve as an extension of the firm’s government-oriented tax, regulatory and white-collar criminal work, said Bryan Skarlatos, its managing partner, in a statement.
Jay R. Nanavati Quoted In "FBAR Decision Shows IRS Winning On Willfulness, Practitioner Says", Tax Notes
Even though the taxpayer in the case was found not to have willfully failed to file a foreign bank account report, a district court opinion applying a lower willfulness standard for heightened FBAR penalties shows that the IRS is winning the war on the issue, a practitioner said September 22.
This column does not give investment advice, but readers need look no further for a market top in cryptocurrencies than the fact that Paris Hilton is touting — or rather tweeting — an initial coin offering. Yup, the socialite and perfume entrepreneur who once tried to trademark the phrase “that’s hot” tweeted that she is looking forward to participating in LydianCoin’s initial coin offering (ICO).
The Supreme Court will decide a case, United States v. Marinello, 839 F.3d 209 (2d Cir. 2016), this term on the proper reach of the tax obstruction-of-justice statute, 26 U.S.C. § 7212(a). Many practitioners believe that the courts have granted prosecutors too much discretion in applying the statute to taxpayers’ efforts to frustrate the IRS’s assessment and collection of taxes. Others believe that the courts have interpreted the statute correctly.
In a quote from the article:
Jay R. Nanavati of Kostelanetz & Fink LLP said, “The statute’s fine on its face. It does not criminalize accidents.” Nanavati added, “[t]he remedy [that many practitioners are] seeking, a requirement of proof of knowledge of an investigation, doesn’t address their concern. I just don’t know how the requirement of knowledge of the existence of an investigation substantially reduces the risk of criminalizing negligent destruction of records or aggressive tax planning,” he said. “Maybe ‘corruptly’ is not a high enough level of mens rea, but I’m comfortable with it.”
By Nathan J. Richman
Tax Notes, August 21, 2017
The Panama Papers and other sources for public leaks are currently being mined for investigatory leads by the IRS and the Justice Department. However, these documents may not be an appropriate cutoff for applying the higher penalty under the IRS's offshore voluntary disclosure program, according to some practitioners in the article authored by Nathan J. Richman.
In a quote from the article:
Jay R. Nanavati of Kostelanetz & Fink LLP said that the list includes individuals and institutions under investigation and not just those who have been convicted or entered into a resolution such as a NPA with the government. Therefore, if the government can satisfy itself on the reliability of the information, "I don't see any good reason not to include institutions that are the subject of leaks like the Panama Papers" in the higher penalty list, he said.
Former Head of DOJ Tax Division and Former Assistant Chief of Criminal Enforcement to Launch New Washington Office
WASHINGTON, D.C. (May 11, 2017) — Kostelanetz & Fink, LLP is pleased to announce that Caroline Ciraolo, former head of the U.S. Department of Justice’s Tax Division, and Jay Nanavati, a former Assistant Chief of the Tax Division’s Criminal Enforcement Section, have joined the firm as partners and founders of the firm’s new Washington, D.C. office.