News & Analysis as of November 15, 2024

Tax Fraud

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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

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

Las Funciones De Examinación Del IRS Han Cambiado

Foodman CPAs & Advisors on 6/3/2021

En el comentario “A Closer Look: Impacting the Tax Gap”, el Comisionado del IRS, Chuck Rettig, revela que el IRS ha cambiado su enfoque de fiscalización a declaraciones de impuestos que incluyen contribuyentes de altos...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

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