News & Analysis as of

Internal Revenue Service Audits Digital Assets

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
Fox Rothschild LLP

Cue Up Your Summer Movie Watch List: Crypto Reporting Goes From Lampoon to Hero

Fox Rothschild LLP on

Summers are the ideal time for movies, baseball, long and winding road trips across the U.S. in search of the perfect family vacation or, just as important, a reasonable crypto tax reporting form. In response to the IRS’s...more

Warner Norcross + Judd

The IRS is Shifting Audit Attention to Large Partnerships and Wealthy Individuals

Warner Norcross + Judd on

In 2009, the IRS created its Global High Wealth Industry Group, known more familiarly as the “Wealth Squad.” This group starts with an examination of a “key case,” which is typically a wealthy person’s individual tax return,...more

Skadden, Arps, Slate, Meagher & Flom LLP

The IRS Is Coming for Partnerships and High Net Wealth Individuals

The Internal Revenue Service plans to deploy thousands of new hires to expand audits of partnerships and high net wealth individuals. As part of a larger transformation at the agency, it is using some of the $60 billion in...more

Farella Braun + Martel LLP

IRS Moves to Target Wealthy Taxpayers in Historic Compliance Drive

This month, the IRS announced that it is using the long-term funding approved by Congress through the Inflation Reduction Act of 2022 to shift its attention to wealthy taxpayers in an effort to “identify sophisticated schemes...more

Fox Rothschild LLP

IRS Going All in on Use of ArtificiaI Intelligence

Fox Rothschild LLP on

The IRS issued a news release today announcing a continued and more focused use of Artificial Intelligence (AI) to audit partnerships, large corporations and alleged tax shelter promoters. The news release follows...more

Foodman CPAs & Advisors

Lista De Verificación De Preguntas Sobre Activos Digitales Del Formulario 1040 Del 2022

El Formulario 1040 2022 cambia la terminología criptográfica de “moneda virtual” a “activos digitales”. El propósito del cambio en la terminología podría interpretarse como un “aviso” a los contribuyentes de que el IRS está...more

Roetzel & Andress

IRS Asks Major Crypto Exchange For Users’ Identities And Data

Roetzel & Andress on

Earlier this month, the United States District Court, Northern District of California approved the Internal Revenue Service’s (IRS) request to execute a “John Doe” summons on the parent company of popular cryptocurrency...more

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