This program covered the basic requirements for reporting non-U.S. assets, and then discussed the penalties for failure to file these foreign information returns, the procedures for assessment and review, and taxpayer defenses.
Megan L. Brackney presented "Exploring The Limits Of The Evolving Economic Substance And Business Purpose Doctrines And Related Penalty And Ethics Issues" at PLI's Tax Strategies for Corporate Acquisitions Program
Guidance on making sure your transactions will pass muster under the Economic Substance, Sham Transaction, Substance over Form and related doctrines; determining when the IRS will respect a transaction as structured and when will it disregard the form of the transaction to disallow the claimed tax benefits.
Megan L. Brackney presented "Ethical Issues In Tax Practice" at the 16th Annual Nassau/Suffolk Chapter of NCCPAP/IRS Long Island Tax Professionals Symposium
This program discussed the professional and ethical standards in Circular 230, the AICPA Statements on Standards for Tax Services, and the Internal Revenue Code. We discussed standards for return positions, what to do when you learn about a client’s error or omission, the rules governing practice before the IRS, and other professional ethical issues.
Megan L. Brackney participated in the panel titled "From The Experts: Tax Controversy And Tax Litigation Update" at the NYU-SPS 77th Institute on Federal Taxation
This panel showcased tips from the tax trenches from leading tax controversy practitioners in an open discussion regarding pending IRS enforcement priorities, initiatives, and campaigns, including the expected termination of the IRS OVDP Procedures re FBARs, effectively responding to IRS information document requests in the new enforcement environment, hot topics, and enforcement priorities within the IRS Small Business and Self-Employed Division and the IRS Large Business and International Division.
Kostelanetz & Fink partners and attorneys participated in the American Bar Association’s Fall Tax Meeting in Atlanta Oct. 6 to provide their expertise on a number of hot topics in the field of tax law, including the ending of the Offshore Voluntary Disclosure Program, new partnership audit rules, ethical issues in representing spouses, and bank and international provisions in the 2017 Tax and Jobs Act.
Megan L. Brackney participated in the panel titled "The New Partnership Audit Rules, Round 2 – After The Partnership Audit, How You And The IRS Fight It Out" at the ABA Section of Taxation 2018 Fall Tax Meeting
In Round 1, the Administrative Law Committee covered what will happen during the audit. In Round 2, Megan and fellow panelists discussed the Final Partnership Adjustment (“FPA”) and what options partnerships have following the end of the audit, including challenges to the adjustments in the FPA. She also discussed the assessment and collection of imputed underpayments and penalties under the new regime, including the operation of the push-out election.
Megan L. Brackney moderated the panel titled "The IRS Voluntary Disclosure Program: Past, Present, And Future" at the 10th Annual NYU Tax Controversy Forum
The Offshore Voluntary Disclosure Program, one of the IRS’s most successful tax compliance and enforcement programs ever, is scheduled to end on September 28, 2018. However, the IRS has had a general voluntary disclosure policy for decades. Many taxpayers are surprised to learn that they also can make a voluntary disclosure to correct domestic non-compliance as well as international non-compliance. How do domestic voluntary disclosures work and how will the general voluntary disclosure policy apply in cases of unreported foreign assets?
Megan L. Brackney participated in the panel titled "Bringing Your Client In From The Cold" at the Quinnipiac University 2nd Annual Criminal Tax Day
Many clients either fail to report items or claim items on their tax returns that have no basis in fact. What do you do with the client who needs to clean up their issues before the IRS funds the issue? This panel reviewed options for cleaning up back tax issues, including amending tax returns and utilizing the voluntary disclosure program, and when practitioners should consider one option over the other.
Megan L. Brackney participated in the panel titled "Dealing With The Undocumented Worker" at the Quinnipiac University 2nd Annual Criminal Tax Day
Businesses that hire undocumented employees have many issues, not the least of which are payroll tax problems, Department of Labor issues and immigration violations. Our panel walked through these issues and what you can do for your client before the IRS shows up, and what can be done after its agents knock on the client’s door.