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The IRS Has Become More Aggressive in Assessing Form 3520 and Form 3520-A Foreign Information Reporting Penalties, but the Courts Don’t Always Approve. By: MICHEL STEIN and ROBERT S. HORWITZ

The IRS recently has become more aggressive in assessing foreign information reporting penalties against taxpayers who fail to file required forms for foreign trusts or who file them late.  For years, we have been writing about the IRS’ enforcement efforts with respect to offshore accounts and assets.   With what has generally been perceived as successfully […] Read More…

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EDWARD ROBBINS, JR., SANDRA BROWN, MICHEL STEIN and EVAN DAVIS to speak at the 36th Annual National Institute on Criminal Tax Fraud, Wynn, Las Vegas,

We are pleased to announce that four of our principals will be speaking at the upcoming 36th Annual National Institute on Criminal Tax Fraud, December 11-13, 2019, Wynn, Las Vegas. Co-Chaired by Steven Toscher and Kathryn Keneally.  This program brings together high-level government representatives, judges, corporate counsel, and private practitioners engaged in all aspects of tax […] Read More…

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STEVEN TOSCHER quoted in Tax Notes “A New Era for Crypto Enforcement” by Marie Sapirie

The IRS has spent over a decade using and refining a model for bringing into compliance those taxpayers who made mistakes in good faith or through non-willful ignorance, and for punishing bad actors. The renewed push to target cryptocurrency builds on its predecessor, offshore bank accounts, but is distinguishable in important ways. The IRS appears sensitive to the differences, has more to […] Read More…

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Federal Circuit Upholds Liability for FBAR Willful Penalty, Determines the Regulation Limiting Penalty to $100,000 Is Invalid by ROBERT S. HORWITZ

Last August, I blogged on the Court of Federal Claims (CFC) decision in the Mindy Norman FBAR willful penalty case.  Rejecting the decisions in Colliot and Waldham, the CFC held that 31 CFR § 1010.820 (which limited the willful FBAR penalty to $100,000) was invalid due to the 2004 amendment to 31 U.S.C. §5321(a)(5).  Disagreeing […] Read More…

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4th Circuit Upends Longstanding DOJ Practice for Filter Teams to Review Attorney-Client Privileged Materials by EVAN DAVIS

White-collar prosecutors and defense counsel have noticed a downward trend in the number of fraud cases, including tax cases, since the 9/11 attacks. The FBI and other agencies since then have reallocated their resources to counterterrorism investigations.  However, this re-orientation only accounts for part of the drop; one of the other critical factors has been […] Read More…

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STEVEN TOSCHER quoted in Tax Notes “Cryptocurrency Customer Compliance” by Lee A. Sheppard

Cryptocurrency is an East Coast versus West Coast problem. On the West Coast, proponents  believe they’re creating a brave new world, connecting people, enabling the unbanked, with their vague good intentions marred by a belief that Washington’s rules don’t apply to them. On the East Coast, business and government are controlled by financiers, and there are rules.  Cryptocurrency is a financial instrument, […] Read More…

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Law360 Quotes MICHEL STEIN: 3 Ways To Disclose Cryptocurrency Transactions To The IRS

The Internal Revenue Service has made cryptocurrency tax compliance one of its top priorities and has recommended that virtual currency users come clean  to the agency if they haven’t disclosed transactions in the past. While filing an amended return along with paying all tax and interest due is generally recognized as a way to correct noncompliance, there are […] Read More…

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Tax Court Update: Majority Holds Section 280E Is Constitutional, But Three Judges Join In Persuasive Dissent by JONATHAN KALINSKI

In a court reviewed opinion[1], a divided Tax Court held that IRC section 280E is not a penalty and therefore does not violate the Eighth Amendment prohibition on excessive fines.  This case provided a different spin on the usual 280E challenges and although the Court ruled that 280E was constitutional, there were three judges who […] Read More…

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STEVEN TOSCHER to speak at the Western Conference on Tax Exempt Organizations at the Convene

We are pleased to announce that Steven Toscher, will be speaking on “You can convince the IRS Your Client is Right- Some Helpful Suggestions to Resolve EO Controversies” at this year’s Western Conference on Tax Exempt Organizations, December 5th and 6th at the Convene, Los Angeles. Click Here for more information.  

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SANDRA BROWN to speak at the California Tax Bar and California Tax Policy Conference, Hyatt Regency, Mission Bay

We are pleased to announce that Sandra Brown, will be speaking on “What Do You Mean There Is a $10,000 Penalty” at this year’s California Tax Bar and California Tax Policy Conference, Friday, November 8th at the Hyatt Regency, Mission Bay.  Click Here for more information. This panel will discuss reporting requirements and penalties relating […] Read More…

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STEVEN TOSCHER and DENNIS PEREZ to speak at the CalCPA 2019 Federal, State, Local & International Tax Conference – Sheraton Hotel, Universal City

We are pleased to announce that two of our principals will be speaking at the upcoming CalCPA 2019 Federal, State, Local & International Tax Conference, November 21-22, 2019 at the Sheraton, Universal City. Stay on top of the latest developments surrounding California, international and federal tax standards and regulations when you attend this conference. Sessions […] Read More…

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Procedures for Coordination of Cases Involving Virtual Currency

This Notice alerts Chief Counsel attorneys to procedures for working and coordinating cases with issues involving virtual currency, including digital assets, digital currency, crypto-assets, and cryptocurrency. These cases may involve information received from various third-party sources, such as information returns, and information received from a summons of a virtual currency exchange. They may involve a […] Read More…

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