Page 5 - Fraud Enforcement News Today

IR-2021-88, April 19, 2021 WASHINGTON — As part of the continued focus on compliance issues, the Internal Revenue Service announced today the establishment of the IRS Office of Promoter Investigations. The new office will further expand on the efforts of the Promoter Investigations Coordinator that began last summer. "By establishing the Office of Promoter Investigations, we are continuing our increased focus on promoters of abusive tax avoidance transactions, which we have demonstrated over ...

Mo Money Mo Problems: Backup Planning for Bitcoin Bros The combination of zealous politicians and the IRS getting serious about collecting taxes on cryptocurrency gains means trouble for unprepared clients. David Lesperance | Apr 05, 2021 In 1996, the Notorious B.I.G. released what was to become his post-humous classic rap single: “ Mo Money, Mo Problems.” In 2009, Bitcoin was released to the world at the now-astonishing price of 10,000 Bitcoin for two Papa John’s pizzas. Given t...

Earlier this week, Tesla Inc (NASDAQ: TSLA) announced that customers could now buy a Tesla with Bitcoin (CRYPTO: BTC), but Ark Invests Cathie Wood isn’t so sure investors should use it as a means of payment. What Happened: In a webcast hosted by CBOE, Wood said that those that... Read More...

To print this article, all you need is to be registered or login on Mondaq.com. Under President Bidens administration, wealthy individuals may face a much greater risk of getting audited by the IRS. The presidents agenda is reflected in recent legislation introduced by Democratic lawmakers to expand the IRSs audit capabilities as part of a broader tax overhaul. The focus on high-wealth taxpayers is also reflected in the IRSs announcement of new campaigns launched by the ...

IRS Launches Operation Hidden Treasure to Target Unreported Crypto Income The U.S. Internal Revenue Service (IRS) has reportedly launched an operation to target cryptocurrency investors. Dubbed “Operation Hidden Treasure,” the team consists of agents trained in the field of cryptocurrency and transaction tracking. Damon Rowe, Executive Director at the IRS Office of Fraud Enforcement, unveiled “Operation Hidden Treasure” last week at a Federal Bar Association presentat...

Click HERE to find out ⭐ Operation Hidden Treasure Initiative by IRS to Uncover Unreported Crypto Profits: Report. | Crowdfund Insider: Global Fintech News, including Crowdfunding, Blockchain and more.

A dedicated team of IRS criminal investigation professionals is now working on identifying taxpayers who have omitted to disclose income from cryptocurrency. What Happened: In a Federal Bar Association presentation, Damon Rowe, the Director of the Office of Fraud Enforcement at the Internal Revenue Service, announced that the new efforts to this cause would be called “Operation Hidden Treasure.” According to Forbes, the operation comprises agents trained in cryptocurrency and virtual curr...

To embed, copy and paste the code into your website or blog: This month’s court-ordered release of Paycheck Protection Program (PPP) loan data is expected to result in intense scrutiny of the loan forgiveness process, highlighting the need for recipients to proceed with caution when filing forgiveness applications. Multiple news organization sued the Trump administration in May demanding that it release information on the businesses that benefited from federal pandemic relief programs. A fe...

To embed, copy and paste the code into your website or blog: On December 8, 2020, the U.S. House of Representatives approved final passage of a $740.5 billion annual defense policy bill, the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021 (“National Defense Authorization Act” or “NDAA”), by a vote of 335-78-1, a veto-proof majority. Following a filibuster on December 10, on December 11, the U.S. Senate approved the NDAA by a vote of 84-13, also a veto...