News & Analysis as of November 15, 2024

Tax Evasion

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Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency. less -

First Stand-Alone Crypto Tax Fraud Case Leads to Guilty Plea

Cadwalader, Wickersham & Taft LLP on 10/24/2024

On September 12, 2024, the U.S. Department of Justice (“DOJ”) announced that Frank Richard Ahlgren III pleaded guilty to filing a false tax return underreporting gains from selling $3.7 million in Bitcoin. As we discussed...more

Crypto: Give Unto Caesar What Is Caesar’s

Cadwalader, Wickersham & Taft LLP on 5/22/2024

Earlier this year the U.S. Department of Justice (“DOJ”) brought USA v. Ahlgren, its first crypto case with tax evasion allegations unrelated to another crime, demonstrating the DOJ’s willingness to pursue stand-alone crypto...more

The Tax Man Is Back: IRS Issues First John Doe Summons in 2022 to Major Crypto Platform, Seeking Treasure Trove of Information on...

BakerHostetler on 8/22/2022

Key Takeaways: ..The IRS issued its fourth John Doe summons against digital asset platform sFOX, seeking information regarding user identity and transaction activity over $20,000. ..The use of John Doe summonses...more

How the IRS Uses Social Media to Find Crypto Tax Cheats

Foodman CPAs & Advisors on 1/25/2022

Does your Twitter, Reddit, Facebook, Instagram or other social media feed feature photos of your new sports car, boat, fabulous vacation or the beach house that you bought with your crypto gains? Do you also report a low...more

Key Takeaways | Cryptocurrency Global Tax Enforcement: What Investors and Companies in the Industry Need to Know NOW

McDermott Will & Emery on 7/28/2021

During a recent program discussing the latest government enforcement efforts related to cryptocurrency, we spoke with Gary Alford, one of the leading Internal Revenue Service (IRS) agents in their crypto enforcement efforts,...more

[Webinar] Cryptocurrency Global Tax Enforcement: What Investors and Companies in the Industry Need to Know NOW - June 28th, 12:00...

McDermott Will & Emery on 6/15/2021

Following the US Internal Revenue Service’s (IRS) announcement of “Operation Hidden Treasure,” companies and individuals should prepare for increased scrutiny of virtual currency transactions. Unveiled in March, the operation...more

As Treasury Eyes Crypto in Tax Compliance Agenda, Reporting Obligations May Increase – Including a Crypto “Form 8300” for...

Ballard Spahr LLP on 6/3/2021

Treasury Offers Something for Everyone to Comply With: Trades and Businesses, Banks, Crypto Exchangers and Individuals - On May 21, 2021, the U.S. Department of Treasury (“Treasury”) released its American Families Plan Tax...more

Biden Administration Proposals Will Greatly Enhance IRS’ Ability to Identify Cryptocurrency Transactions

McDermott Will & Emery on 5/27/2021

The Biden Administration and the Internal Revenue Service (IRS) continue to focus heavily on cryptocurrency tax enforcement issues. On May 20, 2021, the US Department of the Treasury (Treasury) released the American Families...more

Operation Hidden Treasure Is NOT A Treasure For Crypto Holders

Foodman CPAs & Advisors on 5/4/2021

On March 6, 2021, Forbes reported that Damon Rowe, Director, Fraud Enforcement Office, Internal Revenue Service, Washington, DC, remarked that the IRS “added some crown jewels,” including a dedicated team of IRS Criminal...more

Eleven of the IRS's Enforcement Priorities During the 2021 Tax Season

Oberheiden P.C. on 4/13/2021

It is tax season once again. While the Internal Revenue Service (IRS) has extended this year’s filing deadline to May 17, 2021 for individuals, businesses must still file by April 15, and all U.S. taxpayers must ensure that...more

Traditional and Crypto Firms Across Globe Launch New Initiatives, UN Designs Blockchain Land Registry, Privacy Wallets Spark...

BakerHostetler on 12/14/2020

Cryptocurrency Firms and Legacy Financial Institutions Worldwide Make Crypto Moves - Two cryptocurrency firms filed applications this week with the Office of the Comptroller of the Currency to become federally regulated banks...more

Can You Go To Jail for Failing to Disclose Virtual Currency on a Tax Return or as Part of an Offer for a Collection Alternative?

Freeman Law on 11/18/2020

Virtual currency, such as Bitcoin, continues to be a topic of interest for the IRS. Indeed, for the 2019 tax year, the IRS added for the first time a unique question to Schedule 1, Additional Income and Adjustments to...more

Bitcoin, the IRS, and the Love that was Lost

Rosenberg Martin Greenberg LLP on 3/12/2020

We have all heard the stories. Romeo and Juliet, Cleopatra and Mark Antony, and my personal favorite, Illsa Lund and Rick Blaine. Everyone loves a great love story. A developing romance leading to an emotionally pleasing and...more

IRS CI Highlights International Efforts to Tackle Cryptocurrency Abuse, Money Laundering and Tax Evasion

Ballard Spahr LLP on 12/10/2019

ABA Tax Fraud Panel to Discuss IRS CI and Crypto Criminals - The Internal Revenue Service – Criminal Investigation (IRS CI) has made it clear that it is focusing on the abuse of digital currencies to further tax evasion,...more

Government Agencies are spending money to track down Virtual Currency

Foodman CPAs & Advisors on 11/21/2018

Government agencies apparently believe that expertise from blockchain analytic firms is required to assist with investigating illicit activities such as tax evasion, money laundering, terrorist financing, and drug markets. ...more

Do I have to file an FBAR if I own Cryptocurrency? Not clear!

Foodman CPAs & Advisors on 9/24/2018

Both the American Bar Association (ABA) and the American Institute of Certified Public Accountants (AICPA) have written letters (3/19/18 for the ABA and 5/30/18 for the AICPA) to the IRS to obtain further definition and...more

Cryptocurrency: The Tax Man Cometh Again

Blank Rome LLP on 9/14/2018

In the wake of the success of its “Swiss Bank Program,” the U.S. Department of Justice (“DOJ”) Tax Division and the Internal Revenue Service (“IRS”) Criminal Investigation Division are gearing up for a similar initiative...more

The “J5” is on to Cryptocurrencies

Foodman CPAs & Advisors on 8/24/2018

The Organisation for Economic Co-operation and Development (OECD) issued a “call to action” for countries to do more to tackle enablers of tax crimes. The result of this “call to action” was the establishment of an...more

El IRS está pendiente al Cripto

Foodman CPAs & Advisors on 7/16/2018

El Jefe de Investigación Criminal del IRS, Don Fort, declaró recientemente: "Es posible utilizar Bitcoin y otras Criptomonedas de la misma manera que las cuentas bancarias extranjeras para facilitar la evasión de impuestos"....more

Are You Confused with Virtual Currency?

Foodman CPAs & Advisors on 6/22/2018

The ins and outs of virtual currency (VC) continue to challenge those who received VC for services rendered, accepted it for goods sold, bought it for investment less than a year ago, bought it for investment more than a year...more

When Filing Taxes, Don’t Forget Virtual Currency Income

Proskauer - Blockchain and the Law on 4/4/2018

In a March 23 news release, the IRS reminded taxpayers that income from virtual currency transactions must be reported on income tax returns, and that certain virtual currency transactions are taxable like any other property...more

IRS Increases Focus on Criminal Prosecution of Cryptocurrency Tax Evasion: What You Need to Know before Tax Day

Blank Rome LLP on 3/13/2018

Blockchain Technology & Digital Currencies March 2018 (No. 1) In 2017, the world witnessed virtual currency investors become millionaires seemingly overnight with cryptocurrencies, such as Bitcoin, climbing from $830 to...more

The IRS is on to Crypto

Foodman CPAs & Advisors on 2/26/2018

The IRS Chief of Criminal Investigation, Don Fort, recently stated: “It’s possible to use Bitcoin and other cryptocurrencies in the same fashion as foreign bank accounts to facilitate tax evasion.” ...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 2/21/2018

Walmart’s shares took a hit yesterday on Q4 results that showed slowing online sales and below-expected earnings despite a rise in revenue....more

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