ABA Publishes Article by Ben Tompkins on IRS Cryptocurrency Enforcement Efforts
Even during a global pandemic, prosecuting cryptocurrency tax crimes is still a priority. The Internal Revenue Service estimated back in 2018 that potentially unreported cryptocurrency tax liabilities represent about 2.5 percent of the more than $450 billion tax gap. With the focus on tax fraud by the IRS’s new Fraud Enforcement Office, continued emphasis on coordination between IRS-Criminal Investigation and the rest of the IRS and the rise of cryptocurrency prices, cryptocurrency investigations should continue to remain a priority. These IRS investigations will also be aided by answers to the new cryptocurrency question added to the Form 1040 tax return that started with the 2019 tax year.
“Thus, individuals who have used or are contemplating using cryptocurrency to shield income, whether legal or illegal source income, should be forewarned and consult an attorney regarding how to proceed.”
To read this article in full: https://www.americanbar.org/groups/litigation/committees/criminal/articles/2020/winter2021-united-states-v-coinbase-three-years-later/
About Kennyhertz Perry’s Tax, White Collar Criminal Defense and Regulatory and Compliance Practice Groups
Kennyhertz Perry advises clients on a wide range of tax counseling and civil and criminal tax litigation matters. Kennyhertz Perry has a nationwide tax litigation practice that is built upon the unique depth and breadth of experience gained by working on behalf of and against the government. Recognizing that one tax matter can involve both civil and criminal considerations, Kennyhertz Perry relies on its attorney’s comprehensive experience leading criminal and civil tax prosecutions and investigations for the U.S. Department of Justice to provide clients with valuable insights and practical strategies to effectively navigate and resolve their tax problems. Kennyhertz Perry’s tax litigation practice is led by Ben Tompkins, an attorney who worked both as a U.S. Department of Justice Tax Division Trial Attorney and an Assistant United States attorney prosecuting civil and criminal tax cases. Ben is the cryptocurrency subcommittee chair for the American Bar Association’s Criminal Litigation Committee and chair of the Tax Law Committee for the Kansas City Metro Bar Association. He has also written and spoken about the cryptocurrency enforcement efforts of the IRS and Department of Justice.
In a complex business environment with increased regulatory scrutiny around governance issues and stringent demands, Kennyhertz Perry brings a sophisticated understanding of the impact of these regulations on business and work with clients to identify and mitigate the risks of potential enforcement actions, navigate the complexity of the regulated world, and head off compliance issues before they arise. A former CFTC enforcement attorney and veteran in regulatory compliance and white-collar defense, Braden Perry has expertise and consults with clients throughout the United States in areas of internal investigations, enforcement matters, regulatory issues, and corporate transactions, including cryptocurrency. Braden is a Certified Anti-Money Laundering Specialist (CAMS) and has a deep understanding and first-hand experience with BSA/AML, antitrust, securities, financial institutions, commodities, the Foreign Corrupt Practices Act (FCPA), and other emerging compliance and enforcement issues. Braden is also a frequent speaker on emerging legal topics such as cryptocurrency and featured as a regulator contributor and media source with a variety of financial and legal publications, including Reuters, Forbes, Institutional Investor, Motherboard, Compliance Week, Minyanville, Law360 and ValueWalk, and Nerd Wallet among others.
Kennyhertz Perry, LLC is a business and litigation law firm representing clients in highly regulated industries. The firm was founded by two veteran Kansas City attorneys, John Kennyhertz and Braden Perry. To learn more about the firm, visit kennyhertzperry.com.
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