Christopher 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.
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IRS Ramping Up Cryptocurrency Enforcement Efforts With “Educational” Letters
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
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FinCEN Announces First-Ever Enforcement Action Against Bitcoin Trader for Violations of BSA
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
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No Easy Out: Federal Judge Says Selling Digital Tokens May Violate Federal Securities Laws
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.
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IRS Announces Audit Campaign Focusing on Virtual Currency Transactions, But No Voluntary Disclosure Program to Address Non-Compliance
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
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SEC: Bitcoin Is Not Governed By Securities Laws
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
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AICPA Requests Immediate Guidance From IRS on Tax Treatment of Cryptocurrency Transactions
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
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With Tax Day Looming, Don’t Overlook Reporting 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
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IRS Reminds Taxpayers to Report Virtual Currency Transactions
With “tax day” fast approaching, the Internal Revenue Service on Friday reminded taxpayers that income from virtual currency transactions is reportable on their income tax returns. As we have previously
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SEC Widens Investigation of Cryptocurrency Companies
The Wall Street Journal reports today that the Securities and Exchange Commission has recently issued multiple subpoenas and requests for information in a widening investigation of cryptocurrency firms.
According to
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