In Notice 2020-2, the US Financial Crimes Enforcement Network (FinCEN) says it will propose to amend regulations regarding foreign bank account reports (FBARs) to include virtual currency accounts as a type of reportable account.
Amir Bruno Elmaani, known online as “Bruno Block,” hid the vast bulk of his income from the initial coin offering of Pearl tokens behind nominees, while spending millions. The Justice Department announces Elmaani’s indictment in United States v. Elmaani, No. 20-cr-661 (S.D.N.Y. 2020), on [...]
The IRS is currently on a mission to identify individuals who haven’t been filing their US tax returns each year. It is specifically targeting individuals who the IRS suspects are “high-income non-filers.” As a result, many G-4 visa holders have recently ended up on [...]
Will your taxes go up or down under the Biden Tax Plan? Many of you are asking this question. In a nutshell, the answer is that if you earn $400,000 or less annually, your taxes are likely to go down slightly. If you earn [...]
The US Government files a motion in a US District Court seeking the dismissal of an individual’s suit that alleged the government illegally obtained information regarding his virtual currency transactions and that sought declaratory and injunctive relief, arguing that the court lacks jurisdiction, and [...]
The Government files a motion in a US district court seeking the dismissal of an individual’s suit that alleged the government illegally obtained information regarding his virtual currency transactions and that sought declaratory and injunctive relief, arguing that the court lacks jurisdiction, and the [...]
If you are having trouble paying your taxes, it often helps to take a proactive approach and agree on a payment plan with the IRS. As we all know, tax problems do not resolve themselves and will not get better with time. The IRS [...]
Suzanne Sinno, IRS Office of Associate Chief Counsel, indicates that the IRS has no blanket policy against issuing private letter rulings (PLRs) regarding the tax treatment of virtual currency transactions.
A US District Court, adopting a magistrate judge’s report and recommendation, denied an individual’s petition to quash and ordered the enforcement of an IRS summons issued to Coinbase, Inc. in its investigation of whether an individual correctly reported his cryptocurrency transactions. The court limited [...]
