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IRS Ramping Up Cryptocurrency Enforcement Efforts With “Educational” Letters

The Internal Revenue Service announced Friday that it has begun mailing what it calls “educational letters” to taxpayers with cryptocurrency transactions who potentially failed to report income and pay the resulting tax from...more

DOJ Brings First-Ever Criminal Prosecution Of Executives For Failing To Report Dangerous Product Defects

A precedent-setting criminal prosecution of two California executives under the Consumer Product Safety Act is sending a strong warning to corporate boardrooms that the reporting requirements of the CPSA must be taken...more

The New IRS Voluntary Disclosure Regime: Worth The Price Of Admission?

Following the termination last fall of its immensely successful Offshore Voluntary Disclosure Program (OVDP), the Internal Revenue Service (IRS) has announced a new regime to govern all voluntary disclosures regarding tax...more

IRS Unveils Post-OVDP Voluntary Disclosure Procedures

The Internal Revenue Service released its long-awaited updated procedures for voluntary disclosures now that the much-heralded Offshore Voluntary Disclosure Program (OVDP) closed on September 28, 2018. The updated procedures...more

Despite Closure Of OVDP, Offshore Tax Evasion Crackdown Marches On

On September 29, 2018, the Internal Revenue Service closed for good the long-running Offshore Voluntary Disclosure Program (OVDP), its hugely successful tax amnesty program for undisclosed offshore financial assets. Since...more

Offshore Bankers Beware: Justice Department Secures First-Ever Criminal Conviction For Violating FATCA

In a move sure to send shock waves through the offshore banking community, the Justice Department yesterday announced its first criminal conviction for violating the Foreign Account Tax Compliance Act (FATCA). Adrian Baron,...more

IRS Announces Audit Campaign Focusing On Virtual Currency Transactions, But No Voluntary Disclosure Program To Address...

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 intends to...more

Internal Revenue Service Reminds Taxpayers To Report Offshore Bank Accounts On FBAR Form

The Internal Revenue Service has issued its annual reminder to taxpayers that they report their foreign assets on their individual tax returns due on April 17, 2018. Individuals with offshore assets such as bank accounts...more

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 reported, the IRS has...more

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