Expert testimony is often critical to establish a claim or defense. Expert testimony is allowed where scientific, technical, or other specialized knowledge will assist the judge or jury to understand the evidence in a case...more
The meteoric rise of cryptocurrencies has minted a new generation of millionaires and resulted in the mainstream adoption of virtual currencies as an increasingly important asset class. The crypto boom has also raised...more
Amid the crypto boom, mining has become an extremely lucrative venture for many and critical to maintaining decentralized cryptocurrency networks. It is no surprise then that mining has been subject to IRS scrutiny and...more
Ahmed v. Comm’r, T.C. Memo. 2021-142 |December 28, 2021 | Thornton, J. | Dkt. No. 12876-18L -
Short Summary. The IRS filed a notice of federal tax lien against Mr. Ahmed with respect to his 2013, 2014, 2015, and 2016...more
1/21/2022
/ Abuse of Discretion ,
Deficiency Notices ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Jurisdiction ,
Tax Court ,
Tax Levy ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Whistleblowers
The Racketeer Influenced and Corrupt Organizations Act (“RICO”) was enacted in 1970. Although RICO provides for both civil remedies and criminal penalties, the number of civil RICO claims far outstrips the number of criminal...more
This year has been a banner year for cryptocurrencies, with the prices of Bitcoin and Ethereum reaching all-time highs in November. Undoubtably, margin trading – the borrowing of capital from a broker or a margin lender to...more
Tax Litigation: The Week of December 19 – December 25, 2021 -
William R. Huff and Cathy Markey Huff, v. Comm’r, T.C. Memorandum 2021-140| December 21, 2021 | Urda, J. | Dkt. No. 22604-17.
Short Summary: The main issue...more
In the recent case of United States v. Hughes, a federal district court upheld willful FBAR penalties against a taxpayer for failing to report foreign accounts. The court, siding with the government in two out of four years...more
In the recent case of Heiting v. United States, the Seventh Circuit Court of Appeals denied the taxpayer’s claim-of-right deduction pursuant to Internal Revenue Code section 1341. The case stemmed from the taxpayer’s attempt...more
Tax Litigation: The Week of December 13 – December 18, 2021 -
Antonyan, et. al. v. Comm’r, TC Memo. 2021-138 | December 13, 2021 | Nega, J. | Dkt. No. 13741-18 -
Short Summary: In 2012 or 2013, Mr. Antonyan purchased...more
In Chico v. Commissioner, the taxpayers challenged the Tax Court’s assessment of a fraud penalty. The Tax Court had imposed civil fraud penalties against the married taxpayers, finding clear-and-convincing evidence of fraud...more
In the recent case of Todisco v. Commissioner of Internal Revenue, the Tax Court granted innocent spouse relief to the taxpayer, finding that it would be inequitable to hold her liable for the taxes at issue. As a result,...more
In a recent case before the Fifth Circuit Court of Appeals, the court was faced with the following question: Whether a business owner could be held personally liable for his corporation’s failure to pay taxes. Its answer?...more
Most intellectual property offenses are calculated and sentenced under U.S.S.G. Sections 2B5.3 and 2B1.1. Section 2B5.3 covers most intellectual property offenses, including copyright, trademark, counterfeit, bootleg,...more
Money laundering is the process of disguising criminal proceeds—that is, the process of cleansing the taint from the proceeds of crime. Money laundering, as a very general matter, occurs when a person or organization earns...more
Tax Litigation: The Week of December 6 – December 10, 2021 -
Coggin v. Comm’r, 157 T.C. No. 12 | December 8, 2021 | Weiler, J. | Dkt. No. 21580-19 -
Short Summary: Alice J. Coggin (“Coggin”), who was married during...more
A corporation is a separate legal entity. This status normally insulates its owners or shareholders from personal liability for the corporation’s obligations. But Texas law recognizes exceptions to this general rule. ...more
The Foreign Agents Registration Act (FARA), 22 U.S.C. § 611 et seq., is a federal statute passed in 1938 that was originally intended to combat the dissemination of Nazi and Communist propaganda within the United States. FARA...more
1/6/2022
/ Department of Justice (DOJ) ,
Foreign Agents ,
Foreign Agents Registration Act (FARA) ,
Foreign Corporations ,
Foreign Governments ,
Foreign Nationals ,
Lobbying ,
Lobbying Disclosure Act ,
National Security ,
Registration Requirement ,
Reporting Requirements
The Foreign Corrupt Practices Act (FCPA), 15 U.S.C. §§ 78dd-1, et seq was signed into law in 1977 by President Jimmy Carter. The FCPA generally prohibits payments to foreign government officials in order to obtain or retain...more
The Travel Act, 18 U.S.C. § 1952, makes it a federal crime to travel, use the mail, or use any facility in interstate or foreign commerce for the purpose of furthering an “unlawful activity.”...more
Contracts play an important role in day-to-day business operations and drive economic activity across the globe. And when one party to a contract fails to live up to its obligations, the other party or parties may be...more
In the recent Texas case of Trinh v. Cent. River Healthcare Grp., a pair of siblings engaged in a legal dispute over whether one sibling had breached a fiduciary duty in the management of a PLLC. NO. 03-19-00393-CV (Tex. App....more
A settlement agreement can be beneficial to all parties – it may help reduce litigation costs, facilitate dispute resolution, or guide the parties to a common understanding. However, settlement agreements do not come without...more
In January of 2021, the Anti-Money Laundering Act of 2020 (AMLA) went into effect, marking the most significant changes to federal anti-money laundering laws since the USA Patriot Act of 2001. The AMLA represents an attempt...more
12/14/2021
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Beneficial Owner ,
Counter-Terrorist ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Financial Institutions ,
Law Enforcement ,
Reporting Requirements ,
Terrorist Financing Regulations ,
U.S. Treasury
DeFi, or decentralized finance, has experienced unprecedented growth over the last few years, resulting in a market cap of approximately $85 billion as of October 2021. Built on blockchain technology and cryptocurrency, DeFi...more