News & Analysis as of

Enforcement Income Taxes

Pillsbury Winthrop Shaw Pittman LLP

Don’t Forget to File (Accurately): 2024 Brings Heightened IRS and DOJ Focus on Non-Filers and Digital Assets

The IRS has increased funding for collection and enforcement, with a stated focus on high income non-filers and digital assets (among other areas). The DOJ has also emphasized a focus on digital assets, and the Department...more

Fox Rothschild LLP

Millionaires, Corporate Jets and Crypto: IRS Unveils New Enforcement Initiatives

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Thanks to a dramatic increase in funding courtesy of the Inflation Reduction Act of 2022, the Internal Revenue Service recently announced several new, high-profile enforcement initiatives designed to generate significantly...more

Fox Rothschild LLP

IRS to Focus on High-Income Earners Who Have Not Filed Tax Returns Since 2017

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The IRS expects to send out over 125,000 collection letters to high-income taxpayers who did not file one or more federal income tax returns between 2017 and 2021. As part of the new collection initiative, approximately...more

DarrowEverett LLP

The Brass Tacks: IRS Creates Process for Withdrawing ERC Claims

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The Internal Revenue Service (“IRS”) recently granted employers a means to avoid interest and penalties on inappropriately taken Employee Retention Tax Credit (“ERC”) claims. This surely will come as a relief to taxpayers who...more

Sheppard Mullin Richter & Hampton LLP

FTC Judge Orders Tax Filing Software Company to Stop Advertising Products as “Free”

On September 8, the FTC’s Chief Administrative Law Judge (“ALJ”) issued an initial decision finding that a company providing tax filing software services engaged in deceptive advertising practices in violation of Section 5 of...more

BakerHostetler

New Crypto Payment and Web3 Products Launch; UK Seeks Input on DeFi Taxation; OFAC Fines Crypto Exchange; SEC, DOJ, CFTC Continue...

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Multiple Financial Services Firms Announce New Crypto Products - A major U.S. financial services firm recently launched its Crypto Credential product, “a set of common standards and infrastructure that will help verify...more

Husch Blackwell LLP

IRS Signals Increased Reliance on Partnership Anti-Abuse Rules

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Speaking at a Practicing Law Institute program on April 25, Internal Revenue Service (IRS) lawyer Clifford Warren indicated that the IRS has been using the anti-abuse rule of Treasury Regulation Section 1.701-2 to scrutinize...more

Proskauer Rose LLP

UK Tax Round Up - September 2022

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Welcome to September’s edition of the UK Tax Round Up. In addition to the headline-grabbing 2022 Growth Plan announced by the UK Chancellor, there have been a number of interesting cases this month including the First-tier...more

Freeman Law

[Webinar] The Freeman Law International Tax Symposium - October 20th - 21st, 9:00 am - 5:00 pm CST

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Join leading tax experts from across the globe, as we discuss tax trends that are reshaping international taxation - AN EXPERIENCE UNLIKE ANY OTHER - Find yourself on the cutting-edge of international tax law, with...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Federal Court Authorizes Service of John Doe Summons Seeking Cryptocurrency User Identities

Back in 2005 when I was a trial attorney at the United States Department of Justice, I worked to enforce the John Doe summons on PayPal, Inc. in the federal district court in the Northern District of California, which summons...more

Foley & Lardner LLP

Top Trends in Digital Assets for 2022

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It's no secret that cryptocurrency markets and the larger digital assets economy have been roiled by recent instability, resulting in discussions about how regulatory initiatives, rising inflationary pressure, and public...more

Bailey & Glasser, LLP

BG Tax Alert - Take Two: Biden’s Budget Proposes Tax Hikes

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On March 28, 2022, President Biden announced his 2023 federal budget (Budget), which is often referred to as the President’s Green Book. While much of the Budget harkens back to the “Build Back Better Framework” (Framework),...more

White and Williams LLP

2022 Tax Filing Season: Nine Things You Need to Know

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The 2022 tax season is upon us. With what promises to be an unusual tax filing season, below are nine updates and tips to keep in mind. 1. Tax Returns are Lagging. On January 12, the National Taxpayer Advocate issued its...more

Freeman Law

[Webinar] Freeman Law International Tax Symposium – General Attendee - November 18th - 19th, 8:00 am - 5:00 pm CST

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Join leading tax experts from across the globe, as we discuss tax trends that are reshaping international taxation - An Experience Unlike Any Other - Find yourself on the cutting-edge of international tax law, with...more

Freeman Law

[Webinar] Legal and Tax Update - July 28th, 2:00 pm CT

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Join us as we discuss important developments and bring you up to speed on current initiatives. Many businesses are still facing unprecedented challenges, and we are here to provide insights. During this information-filled...more

Rivkin Radler LLP

“Opaque Income Sources” + “Tax Gap” = More Enforcement + Tax Hikes = Anyone’s Guess

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Tax Gap- In a report released last week, the U.S. Treasury Department explained that the so-called “tax gap” – i.e., the difference between the amount of federal income taxes owed by taxpayers for a taxable year and the...more

A&O Shearman

Covid-19 coronavirus: litigation in Poland

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Implications for banking and consumer litigation during the Covid-19 coronavirus pandemic, against the backdrop of the draft acts forming part of the "Anti-Crisis Shield" (the Draft Act), as at 26 March 2020....more

Sheppard Mullin Richter & Hampton LLP

2014—A big year for Circular 698?

This year will mark a half-decade since the release of Circular 698. The confluence of local enforcement and increased exits by off-shore investors may make 2014 its most interesting year....more

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