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IRS Heeds Call to Investigate Misuse of Puerto Rican Residency Tax Benefits

Prompted by congressional scrutiny of the Internal Revenue Service’s (IRS) efforts to root out those abusing lucrative Puerto Rico tax benefits, the agency has committed to devoting more resources to audits of those taking...more

SEC Enforcement Director Grewal Doubles Down on Encouraging Self-Reporting

In a recent interview with Law360, Securities and Exchange Commission (SEC) Enforcement Director Gurbir Grewal reiterated the agency’s commitment to the encouragement of voluntary self-reporting, going as far as to say that...more

The Lines Are Open! DOJ Adds New Tool in Anticorruption Efforts With Whistleblower Pilot Program

Building on the recent passage of the Foreign Extortion Prevention Act (FEPA), at the American Bar Association’s 2024 National Institute on White Collar Crime conference in San Francisco earlier this month (2024 ABA...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

Industry Challenges Lead to Postponement of New FTC CARS Rule to Stop Car Dealership ‘Scams’

A recent rule promulgated by the Federal Trade Commission (FTC) seeks to regulate possibly deceptive practices in automobile sales. Finalized in December, the Combating Auto Retail Scams (CARS) Rule looks to protect...more

Congress Expands DOJ’s Power to Prosecute Corruption with the Foreign Extortion Prevention Act

Adding to federal prosecutors’ tool kit in fighting global corruption, on December 14, 2023, Congress passed with bipartisan support, the Foreign Extortion Prevention Act (FEPA). As part of the National Defense Authorization...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

Crypto + Evasion = Jail - The Government’s Old Math for a New Technology

The Department of Justice (DOJ), IRS Criminal Investigations (CI) and international tax authorities continue to prosecute tax abuses related to digital asset transactions. In imposing a multiyear prison sentence in a recent...more

IRS Enforcement Efforts in Puerto Rico Gaining Steam - Wave of Cases Expected

Long-awaited enforcement actions may be coming soon for those who took advantage of the lucrative tax breaks offered by the Commonwealth of Puerto Rico without meeting the requirements. Prosecutions may also follow for...more

Kraken Loses Bid To Avoid Turning Over Customer Information to IRS

In a recent ruling, a California federal judge held that Kraken, an online cryptocurrency exchange program, has to turn over user information to the IRS as a result of a John Doe summons originally served on Kraken in 2021....more

Another Setback for the FTC in Microsoft and Activision Blizzard Proposed Merger

This past Tuesday, July 11, a federal judge ruled against the Federal Trade Commission’s (FTC) request to the District Court of Northern California to issue a preliminary injunction against Microsoft’s proposed $69 billion...more

IRS Warns: Hundreds of Crypto Criminal Tax Cases Coming Soon; Hiring of 300 Special Agents Means More to Follow

Takeaways: ..2022 IRS Criminal Investigation Annual Report highlights significant prosecutions and identifies cryptocurrency as an area of top priority heading into 2023. ..Criminal Investigation Chief Jim Lee...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 Antitrust Division Not Backing Down on Labor

​​​​​​​Despite back-to-back losses in the Department of Justice’s (DOJ) first-ever criminal no-poach and wage-fixing cases, the Antitrust Division (the Division) is not backing down from its enforcement focus on labor. In...more

The Tax Man Is Back: IRS Issues First John Doe Summons in 2022 to Major Crypto Platform, Seeking Treasure Trove of Information on...

Key Takeaways: ..The IRS issued its fourth John Doe summons against digital asset platform sFOX, seeking information regarding user identity and transaction activity over $20,000. ..The use of John Doe summonses...more

Crypto Products Launch, Gain Approvals; OFAC Sanctions Crypto Mixer; SEC Publishes ICO Consent Order; Report Cites Criminal Use of...

NY DFS Approves Crypto Platform, Prepaid Crypto Card to Launch in Argentina - According to a press release this week, the New York State Department of Financial Services (NY DFS) has authorized two subsidiaries of Zero...more

Financial Firms and Crypto Networks Launch Initiatives; Nonprofit Challenges Crypto Tax Provision; Crypto Enforcement Continues;...

Firms Announce New Crypto Initiatives; Data Published on Crypto and NFT Use - Late last week, a major U.S. cryptocurrency custodian announced “a groundbreaking, industry-first custody exchange network giving institutions...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

DOJ Antitrust Division Announces Updates to Leniency Policy and Plea Agreement Coverage for Individuals

On April 4, 2022, Assistant Attorney General (AAG) Jonathan Kanter delivered remarks at the 2022 Competition Enforcers Summit with the Federal Trade Commission (FTC), announcing changes to the Antitrust Division’s (Division)...more

Crypto Payment Offerings Launch; Exchanges Achieve Foreign Approvals; Ukraine Legalizes Crypto; Regulators Issue Warnings; $28M in...

A large U.S.-based financial services company launched its crypto services arm last week, providing consumers with a platform to buy and sell cryptocurrencies and non-fungible tokens (NFTs). According to reports, the...more

New Initiatives Launch in Stablecoins, CBDCs, Tokenized Securities, Supply Chain; Crypto Guidance Published for Credit Unions;...

Financial Messaging Network Launches Experiments in Stablecoin Sector - A global messaging network used by financial institutions to send and receive financial information recently announced that it is exploring the tokenized...more

Financial Firms Plan Decentralized Exchange, Launch Digital Bond; NFTs Launch in Sports, Fashion; Blockchain Tracing Solutions...

US and Swiss Financial Firms Announce Decentralized Exchange, Digital Bond - A major U.S. fintech and digital payments company recently released a white paper detailing tbDEX, a new decentralized protocol for exchanging...more

Crypto Payment Products Launch; SEC Addresses DeFi, Targets DAO Tokens; OFAC Adds Crypto Exchange to SDN List; Crypto Fraud...

New Crypto Payment Products Launch, Report Cites Exchange Consolidation - This week, a major U.S. financial services firm announced its partnership with three leading cryptocurrency service providers in the Asia Pacific...more

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