Megan L. Brackney was quoted in a recent Tax Notes article entitled “Implementing the New Crypto Reporting Guidance,” published on November 22, 2021. Brackney analyzes the IRS’s existing verification rules for cash in 26 CFR 1.6050I in consideration of potential new verification rules for digital asset transferring resulting from the
Caroline D. Ciraolo was quoted in a recent Tax Notes article entitled “Tax Enforcement Announcements Are Overused, Defense Attorneys Say,” published on November 2, 2021. The article explores the intended and unintended consequences of the IRS and Justice Department publicizing enforcement efforts on tax compliance, accurate public information, and the
On October 15, 2021, The U.S. Department of the Treasury announced new sanctions compliance guidance in the virtual currency industry from the Office of Foreign Assets Control (OFAC) and the publication of Ransomware Trends in Bank Secrecy Act Data by the Financial Crimes Enforcement Network (FinCEN). These anti-ransomware efforts are
The Internal Revenue Service (IRS) recently announced that the annual IRS Nationwide Tax Forum will be held virtually this year, beginning July 20, 2021. Traditionally, the Forum is hosted in multiple U.S. cities during the summer months. However, to protect participant and presenter health and safety, this year’s event will
In a segment entitled, “If You Invested in Cryptocurrency, Make Sure You Do Your Taxes. Here’s Why,” Don Fort spoke with KCBS Radio’s Stan Bunger about the tax implications of owning and investing in cryptocurrency. Listen to the full interview here.
Don Fort was quoted in a recent Wall Street Journal article entitled “The IRS Is Coming for Crypto Investors Who Haven’t Paid Their Taxes,” published on May 14, 2021. Fort discusses recent actions taken by the IRS to ramp up cryptocurrency tax enforcement and compliance. The article quotes Fort as