How the IRS Uses Social Media to Find Crypto Tax Cheats
Does your Twitter, Reddit, Facebook, Instagram or other social media feed feature photos of your new sports car, boat, fabulous vacation or the beach house that you bought with your crypto gains? Do you also report a low income on
The Tangled Web of Proposed Crypto Regulation
Don’t Expect Coherent Rules to Align Any Time Soon Multiple enforcement agencies within the US government agree that the $2.5 trillion crypto industry needs regulation. And heads of the largest crypto companies have told Congress that they agree. But therein
- Foodman Website and JD Supra
OFAC Warns FFIs And Crypto Sector On Ransomware Attacks
Prevention is Key, Sanctions Are Possible for Ransomware Attack During the first half of 2021, 68 different ransomware attacks extracted approximately $600 million from victims across the United States. The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) says that the
- Foodman Website and JD Supra
Bitcoin’s Limited Supply Increases Its Value. Should You Invest in Cryptocurrency?
Macroeconomic concepts tell us that when supply of a valuable commodity is limited, demand for it will rise, and so will its price. Fiat currencies are backed by governments and central banks and more can be printed at will. Bitcoin,
- Foodman Website and JD Supra
Why Are Crypto Investors Still Buying?
Danger signs abound Despite its volatile and speculative nature, a single bitcoin is trading at around $61,134 (11/5/21.) Demand is growing exponentially, despite multiple danger signs. For example: The SEC, the U.S. Treasury, the DOJ, OFAC and the Financial Action
- Foodman Website and JD Supra
Lawmakers Propose Crackdown on Money Laundering “Enablers”
Should lawmakers have to follow the same rules as financial institutions? For the first time, a bipartisan group of U.S. lawmakers has proposed legislation that would require trust companies, lawyers, accountants, notaries, real estate agents, dealers in precious metals and
- Foodman Website and JD Supra
What To Do If The IRS Wants to Audit You
Rule #1: Don’t Panic! Under the Biden Administration’s proposed American Families Tax Plan, there is the possibility of more tax audits, but only for a certain groups of high income people. That’s because more information would be reported to the
- Foodman website and JD Supra
EN POCAS PALABRAS: NUNCA SE ENCUENTRE EN UN CASO DE FRAUDE FISCAL SIN UN ABOGADO Y UN CONTADOR FORENSE TRABAJANDO EN UN EQUIPO
El IRS agregó recientemente nuevas categorías de fraude fiscal En su Manual de Fraude actualizado recientemente, el IRS agrega nuevas categorías de fraude fiscal, incluyendo el ocultamiento de cuentas bancarias nacionales o extranjeras y activos digitales como la moneda virtual.
- Foodman website and JD Supra
How Will Virtual Currency Be Taxed?
Non-compliance with virtual currency (crypto) tax rules can cost taxpayers dearly It Depends Who You Ask! Despite the confusing interpretations by US regulators, non-compliance with crypto tax rules can cost taxpayers dearly. Unfortunately, the answer to “how is virtual currency
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How a Forensic Accountant Can Help Attorneys in Tax Fraud Cases
The IRS recently added new categories of tax fraud In its recently updated Fraud Handbook, the IRS adds new categories of tax fraud, including concealing domestic or foreign bank accounts and digital assets such as virtual currency. And they are
- Foodman website and JD Supra
Subprime Market Redux: Will Leverage Be Crypto’s Downfall?
I Predicted the Subprime Lending Bubble’s Collapse. The Signs Are The Same For Cryptocurrency. When I predicted the bursting of the housing market’s subprime lending bubble in 2006, a lot of people called me crazy. And some of the people
- Foodman website and JD Supra
IRS Puts Brokers On The Hot Seat for Crypto Tax Reporting
Definition of a broker is debated The Biden Administration’s 2021–2022 Priority Guidance Plan (the Plan) supports a push from the IRS and the US Treasury to more closely scrutinize the virtual currency industry. Missing from the Plan? Specifics. Of note
- Foodman CPA website and JD Supra