On May 20, 2021, the Treasury Department released a report that proposes new reporting requirements for transactions, including cryptocurrency transactions. Under the proposed plan, financial institutions, payment settlement entities, and
Continue Reading The Biden Administration Proposes New Cryptocurrency Reporting Rules

Recent John Doe summonses show the IRS is expanding its use of those summonses to aggressively investigate potential tax evasion. Within the past week, the IRS has received authorization to
Continue Reading The IRS Continues Aggressive Use of John Doe Summonses to Investigate Tax Evasion Related to Use of Cryptocurrency, Offshore Service Providers

Taxpayers that have engaged in cryptocurrency transactions should be aware that the Internal Revenue Service is seeking customer records from cryptocurrency exchanges. The Department of Justice recently filed petitions in
Continue Reading IRS Actively Seeking Information Regarding Cryptocurrency Via John Doe Summonses

On Jan. 7, 2021, the Department of Treasury and IRS issued final regulations (the Regulations) that provide guidance to the “carried interest” rules under Section 1061 of the Internal Revenue
Continue Reading 3-Year Holding Period Rule for ‘Carried Interests’ Addressed in IRS Final Regulations

On Feb. 17, GT Global Tax Practice Co-Chair Barbara Kaplan presented on a New York County Lawyers Association (NYCLA) Pro Bono Programs webinar, “IRS Initiatives Promoting Diversity, Inclusion and Elimination
Continue Reading Barbara Kaplan Presents on NYCLA Panel ‘IRS Initiatives Promoting Diversity, Inclusion and Elimination of Bias’