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Draft Infrastructure Bill Contains New Cryptocurrency Reporting Requirements

USA - August 5 2021 The U.S. Senate recently released a draft of its bipartisan Infrastructure Bill (the "Bill") that includes additional cryptocurrency reporting…

Marvin A. Kirsner, Pallav Raghuvanshi.

IRS Secures Two Court Victories Involving Foreign Financial Activity

USA - August 4 2021 On July 28, 2021, the IRS secured two victories in court. The first win allows the IRS to impose an additional 35% penalty on an individual as the…

Jared E. Dwyer, G. Michelle Ferreira, Scott E. Fink, Courtney A. Hopley, Barbara T. Kaplan, Jennifer A. Vincent.

The Biden Administration Proposes New Cryptocurrency Reporting Rules

USA - May 24 2021 On May 20, 2021, the Treasury Department released a report that proposes new reporting requirements for transactions, including cryptocurrency…

Carl A. Fornaris.

The IRS Continues Aggressive Use of John Doe Summonses to Investigate Tax Evasion Related to Use of Cryptocurrency, Offshore Service Providers

USA - May 12 2021 Recent John Doe summonses show the IRS is expanding its use of those summonses to aggressively investigate potential tax evasion. Within the past…

Barbara T. Kaplan.

IRS Establishes Office of Promoter Investigations with Emphasis on Conservation Easements and Micro-captive Insurance Arrangements

USA - April 21 2021 On April 19, 2021, the IRS announced the establishment of a new Office of Promoter Investigations (OPI). The creation of OPI demonstrates the IRS's…

Barbara T. Kaplan.