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First Circuit Adds Another Notch to the IRS’ Belt - Upholds Power To Summons Information from Virtual Currency Exchanges

Anyone who thought blockchain would keep their cryptocurrency transactions private from the IRS needs to think again. According to the First Circuit’s recent holding, cryptocurrency users do not have a Fourth Amendment...more

No Further Warnings - Prosecutors Bring First Pure Legal Digital Asset Tax Indictment; More Criminal Cases to Come

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

Crypto Firms Announce New Initiatives; IOSCO, FSB, BIS Publish Digital Asset Reports; OFAC, SEC, DOJ Bring Crypto Actions; Hackers...

Crypto Firms Announce Initiatives in Payments, Mining, DAOs and More - Recent reports provided details on new developments across the cryptocurrency market...more

The Tax Man Isn't Leaving: The IRS Continues to Issue John Doe Summonses Relating to Virtual Currency Transactions

Key Takeaways - ..A court approved the issuance of a John Doe summons by the IRS to a bank aimed at identifying individuals who are potentially avoiding their income tax obligations relating to cryptocurrency...more

DOJ Calls on International Partners to Improve Investigative Efficiency in Response to President Biden's Executive Order on Risks...

Key Takeaways - ..In June 2022, the DOJ issued a Report recommending increased cooperation amongst international law enforcement to combat crimes involving digital assets. ..The Report identified characteristics...more

Cryptocurrency Tax Enforcement May Soon Reward Tipsters Through Whistleblower Program and False Claims Act

Key Takeaways - ..Taxpayers could be criminally and civilly liable under state False Claims Act statutes for underreporting income linked to virtual currency. ..While the federal False Claims Act explicitly excludes tax...more

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