Prompted by congressional scrutiny of the Internal Revenue Service’s (IRS) efforts to root out those abusing lucrative Puerto Rico tax benefits, the agency has committed to devoting more resources to audits of those taking...more
After years of explicitly warning taxpayers that failing to report or underreporting income from transactions involving digital assets would lead to criminal charges, federal prosecutors are now beginning to follow through on...more
2/23/2024
/ Bitcoin ,
Capital Gains ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Digital Assets ,
Enforcement Actions ,
FinTech ,
Income Taxes ,
Indictments ,
IRS ,
Required Forms ,
Tax Evasion ,
Tax Returns ,
Virtual Currency
The Department of Justice (DOJ), IRS Criminal Investigations (CI) and international tax authorities continue to prosecute tax abuses related to digital asset transactions. In imposing a multiyear prison sentence in a recent...more
Takeaways:
..2022 IRS Criminal Investigation Annual Report highlights significant prosecutions and identifies cryptocurrency as an area of top priority heading into 2023.
..Criminal Investigation Chief Jim Lee...more
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
8/22/2022
/ Bitcoin ,
Criminal Liability ,
Crypto Exchanges ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Currency ,
IRS ,
John Doe Investigation ,
Summons ,
Tax Evasion ,
Tax Liability ,
Virtual Currency
Key Takeaways:
..The law regarding computation of FBAR penalties is unclear.
..The United States Supreme Court has agreed to hear a case to settle a conflict among the circuit courts.
..Until the Supreme Court...more
Key Takeaways -
..The Joint Chiefs of Global Tax Enforcement (J5) issued its first intelligence bulletin providing guidance to banks, law enforcement partners and private investigators regarding indicators of potential...more
5/4/2022
/ Anti-Money Laundering ,
Banking Sector ,
Fraud ,
International Tax Authority ,
International Tax Issues ,
IRS ,
Joint Task Force ,
Know Your Customers ,
Law Enforcement ,
Market Participants ,
New Guidance ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Tax Authority ,
Tax Evasion ,
Tax Fraud