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
Continue Reading IRS Going All in on Use of ArtificiaI Intelligence
By Adam R. Young and Brian Bernhardt
On January 13, 2023, the IRS issued Chief Counsel Memorandum 202302012 (the “CCM”) establishing new rules for donations of cryptocurrency. In the CCM
Continue Reading IRS Cracks Down on Charitable Contributions of CryptocurrencyChristopher R. Callahan, Matthew D. Lee and Jennifer M. O’Brien authored the American Banker article, “Are Cryptocurrency Exchanges the New Swiss Banks?” View the full article.
Continue Reading Are Cryptocurrency Exchanges the New Swiss Banks?
The Internal Revenue Service announced today that it has begun mailing what it calls “educational letters” to taxpayers with cryptocurrency transactions who potentially failed to report income and pay the
Continue Reading IRS Ramping Up Cryptocurrency Enforcement Efforts With “Educational” Letters
Last week, the Financial Crimes Enforcement Network (FinCEN) announced its first-ever civil penalty against a cryptocurrency exchanger for willful violations of the Bank Secrecy Act (BSA). According to the FinCEN
Continue Reading FinCEN Announces First-Ever Enforcement Action Against Bitcoin Trader for Violations of BSA
Our colleague Ernest Badway writes about a recent decision in a federal criminal case rejecting the defendant’s argument that there was no securities fraud because he was selling digital tokens.
Continue Reading No Easy Out: Federal Judge Says Selling Digital Tokens May Violate Federal Securities Laws
Earlier this week the Internal Revenue Service announced creation of a virtual currency compliance initiative that will focus on tax compliance by taxpayers engaging in virtual currency transactions. The IRS
Continue Reading IRS Announces Audit Campaign Focusing on Virtual Currency Transactions, But No Voluntary Disclosure Program to Address Non-Compliance
Our colleague Kristen Howell has published an alert reporting on an important development in the cryptocurrency industry. The U.S. Securities and Exchange Commission has declared that Bitcoin, Etherium and other
Continue Reading SEC: Bitcoin Is Not Governed By Securities Laws
The American Institute of Certified Public Accountants – the world’s largest association of accounting professionals – yesterday asked the Internal Revenue Service to issue immediate, updated guidance regarding the tax
Continue Reading AICPA Requests Immediate Guidance From IRS on Tax Treatment of Cryptocurrency Transactions
With the April 17 deadline for filing individual tax returns just around the corner, individuals who engaged in cryptocurrency transactions during 2017 must take care to properly report them on
Continue Reading With Tax Day Looming, Don’t Overlook Reporting of Cryptocurrency Transactions