Internal Revenue Service Criminal Investigation (IRS-CI) recently released its Fiscal Year 2024 (FY24) Annual Report, providing insight into the types of crimes the agency is focused upon, as well as the first criminal...more
12/18/2024
/ Annual Reports ,
Artificial Intelligence ,
Compliance ,
Criminal Convictions ,
Criminal Investigations ,
Crypto Exchanges ,
Cryptocurrency ,
Cyber Crimes ,
Data Processing Rules ,
Digital Assets ,
IRS ,
Law Enforcement ,
Money Laundering ,
Popular ,
Settlement ,
Tax Evasion
Is it too late to correct past FBARs and file amended returns with the IRS? The net is closing in on U.S. taxpayers with unreported or under-reported domestic and offshore income and assets. The IRS has increased audits in...more
11/20/2024
/ Amended Tax Returns ,
Artificial Intelligence ,
Attorney-Client Privilege ,
Audits ,
Compliance ,
Constitutional Safeguards ,
Criminal Prosecution ,
Crypto Exchanges ,
Cryptocurrency ,
Digital Assets ,
FBAR ,
Fees ,
FinCEN ,
Fines ,
Foreign Financial Institutions (FFI) ,
Immunity ,
Income Taxes ,
Investigations ,
IRS ,
Offshore Funds ,
Penalties ,
Tax Evasion ,
Transparency ,
Voluntary Disclosure ,
Willful Misconduct
What is the action cryptocurrency investors need to take immediately? What has changed, and why should any digital asset holder or investor pay attention to this game-changing development?
Here is the short answer: If you...more
10/22/2024
/ Audits ,
Brokers ,
Cryptocurrency ,
Digital Assets ,
Financial Records ,
Infrastructure Investment and Jobs Act (IIJA) ,
Investigations ,
Investors ,
IRS ,
Penalties ,
Popular ,
Reporting Requirements ,
Safe Harbors ,
Tax Evasion ,
Trading Platforms ,
U.S. Treasury
The IRS digital asset broker reporting requirements were finalized earlier this year and impact all digital asset (i.e., cryptocurrency and Non-Fungible Tokens or NFTs) transactions beginning January 1, 2025. What do...more
10/21/2024
/ Brokers ,
Cryptocurrency ,
Digital Assets ,
Foreign Financial Institutions (FFI) ,
Infrastructure Investment and Jobs Act (IIJA) ,
Investment ,
Investors ,
IRS ,
New Regulations ,
Non-Fungible Tokens (NFTs) ,
Reporting Requirements ,
Tax Evasion ,
U.S. Treasury
What are the IRS revisions to the Voluntary Disclosure Program for 2024? The foundation of the current IRS Voluntary Disclosure Program (VDP) goes as far back as 2009 when the agency worked to provide U.S. taxpayers with a...more
10/15/2024
/ Audits ,
Compliance ,
Cryptocurrency ,
Disclosure Requirements ,
Filing Requirements ,
Income Taxes ,
IRS ,
Non-Fungible Tokens (NFTs) ,
Offshore Funds ,
Penalties ,
Voluntary Disclosure
How does the IRS define willfulness in unreported or under-reported offshore income? What actions help determine whether a U.S. taxpayer's actions amount to "willful or non-willful" conduct? Why should U.S. taxpayers be...more
7/16/2024
/ Artificial Intelligence ,
Cryptocurrency ,
Disclosure Requirements ,
FBAR ,
Foreign Bank Accounts ,
Foreign Financial Institutions (FFI) ,
IRS ,
Negligence ,
Offshore Funds ,
Penalties ,
Reporting Requirements ,
Tax Returns ,
Taxable Income ,
Willful Misconduct ,
Willful Violations
Are you thinking of moving to another country? Over the past decade, a record number of U.S. citizens have decided to live and work abroad. There are many issues you may not have considered that will impact any decision to...more
5/31/2024
/ Bank Accounts ,
Capital Gains Tax ,
Conflicts of Interest ,
Criminal Prosecution ,
Cryptocurrency ,
EU ,
Expatriates ,
FACTA ,
FBAR ,
FinCEN ,
Fines ,
Foreign Financial Institutions (FFI) ,
Income Taxes ,
International Financial Reporting Standards ,
International Tax Issues ,
Investment ,
IRS ,
Penalties ,
Reporting Requirements ,
Tax Evasion
It is common for a US taxpayer to ask “what happens if you don’t file an FBAR or a Form 8938, Statement of Specified Foreign Assets with the IRS? Why do I have to worry about filing an FBAR in San Diego or anywhere in the US,...more
3/27/2024
/ Audits ,
Bank Accounts ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Disclosure Requirements ,
FBAR ,
Financial Institutions ,
FinCEN ,
Fines ,
Foreign Assets ,
Foreign Nationals ,
GAAP ,
Investment ,
IRS ,
Offshore Banks ,
Penalties ,
Real Estate Investments ,
Swiss Banks
How will the administration’s new crypto tax proposal affect your current digital strategy? How do recent price surges in many cryptocurrencies affect the taxable events of US taxpayers?
The value of many...more
3/19/2024
/ Cryptocurrency ,
Digital Assets ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Non-Fungible Tokens (NFTs) ,
Proposed Regulation ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Tax Reform ,
U.S. Treasury
Have you fully disclosed offshore cryptocurrency and NFT activities to the IRS? Earlier this month, the US Department of Justice announced the indictment of a Texas man for tax returns that were inaccurate, incomplete, or...more
2/28/2024
/ Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Assets ,
Digital Currency ,
Disclosure Requirements ,
Fair Market Value ,
Indictments ,
IRS ,
Non-Fungible Tokens (NFTs) ,
Offshore Listings ,
Penalties ,
Popular ,
Tax Returns
Could Artificial Intelligence (AI) increase the likelihood of an IRS audit in your future? How does the IRS use AI to identify US taxpayers who attempt to hide assets, under-report income or otherwise cheat the IRS?
In...more
12/13/2023
/ Artificial Intelligence ,
Audits ,
Compliance ,
Cryptocurrency ,
Data Collection ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Enforcement Actions ,
FATCA ,
FBAR ,
FinCEN ,
Fines ,
Foreign Entities ,
Foreign Financial Institutions (FFI) ,
HIRE Act ,
IRS ,
Non-Fungible Tokens (NFTs) ,
Offshore Funds ,
Partnerships ,
Swiss Banks ,
Tax Fraud ,
Tax Returns
Are there strategies to avoid an IRS audit? What are some of the known risks for triggering an IRS audit? What should you do if you have are concerned about the information provided a previous tax return? Is there a way to...more
11/28/2023
/ Audits ,
Automated Systems ,
Business Losses ,
Compliance ,
Cryptocurrency ,
Data Collection ,
Data Processors ,
E-Filing ,
FATCA ,
FBAR ,
Financial Institutions ,
FinCEN ,
Investors ,
IRS ,
Non-Fungible Tokens (NFTs) ,
Offshore Funds ,
Penalties ,
Perjury ,
Reporting Requirements ,
Retirement ,
S-Corporation ,
Software ,
Tax Credits ,
Tax Deductions ,
Tax Fraud ,
Tax Preparers ,
Tax Returns ,
U.S. Treasury
What is the concept of “staking” in terms of cryptocurrency assets and what are the new IRS tax implications of crypto staking for US Taxpayers who invest in cryptocurrencies? The concept of staking requires a general...more
The US Treasury Department and the IRS have released new proposed regulations on sales and exchanges of digital assets such as cryptocurrencies and Non-Fungible Tokens or NFTs. What taxes would a US taxpayer owe associated...more
What is a Non-Fungible Token or NFT and what are the IRS and California tax issues associated with Non-Fungible Tokens or NFTs which might apply to you? NFTs are unique tokens based in and recorded within a blockchain that...more
8/4/2023
/ California ,
Capital Gains ,
Cryptocurrency ,
Digital Assets ,
Federal Taxes ,
Financial Services Industry ,
FinTech ,
Internal Revenue Code (IRC) ,
Investment Opportunities ,
IRS ,
Non-Fungible Tokens (NFTs) ,
Smart Contracts ,
State Taxes ,
Tax Liability ,
Token Sales