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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 the last year," said IRS Commissioner Chuck Rettig. "This office will coordinate efforts across mul...

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 the current price of those pizzas is $15, then each of those coins would have been worth $0.15 cents....

Earlier this week, Tesla Inc (NASDAQ: TSLA) announced that customers could now buy a Tesla with Bitcoin (CRYPTO: BTC), but Ark Invest's 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 Biden's administration, wealthy individuals may face a much greater risk of getting audited by the IRS. The president's agenda is reflected in recent legislation introduced by Democratic lawmakers to expand the IRS's audit capabilities as part of a broader tax overhaul. The focus on high-wealth taxpayers is also reflected in the IRS's announcement of new campaigns launched by the Large Business and International ("LB&I") division targeting high-wealth individuals with especi...

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 presentation on combating fraud, Forbes reported. The long-time veteran of the IRS Criminal Investigation d...