Conservation Easement Cases

Cryptocurrency Explained Lance Wallach Digital and online forms of money handled through transactions constitute cryptocurrency, and these networked interactions lead to possible legal complications based on real world issues with the technical and financial realms. To understand these matters better, a courtroom may need the help of an expert witness to detail what cryptocurrency is and how it affects the plaintiff. In the digital world, computers and networking are becoming more important in the business and financial aspects of the globe, cryptocurrency has a purpose. The implications of online currency and payment for like services is not uncommon. However, by shifting income to strictly online aspects of money, it is possible for services and networked products to come to the forefront without real money interfering. Some may transfer cash into online gaming and other electronic pursuits, but cryptocurrency may remain digital payment for services and work without...

Cryptocurrency IRS More than 10,000 cryptocurrency investors face a decision as they open letters from the Internal Revenue Service informing them that they may owe taxes on their digital holdings. Should they quickly file amended tax returns correcting prior omissions or mistakes and hope that’s enough to avert an audit? Should big-time dodgers come forward and acknowledge their actions -- all while risking that the IRS might audit them or charge them with criminal tax evasion? What about investors who didn’t get a letter, but think they might have failed to report some cryptocurrency investments? Should they quickly sneak in an amended or delinquent return? “For 90% of people it’s not worth the time or the effort to fight or hide from the IRS,” said Lance Wallach a tax expert. “Amend the returns, take the lumps, pay the tax and penalties and consider yourself lucky to have crypto gains instead of crypto losses.” The warning lett...

Cryptocurrency More than 10,000 cryptocurrency investors face a decision as they open letters from the Internal Revenue Service informing them that they may owe taxes on their digital holdings. Should they quickly file amended tax returns correcting prior omissions or mistakes and hope that’s enough to avert an audit? Should big-time dodgers come forward and acknowledge their actions -- all while risking that the IRS might audit them or charge them with criminal tax evasion?

The Internal Revenue Service (IRS) had planned to use tape recordings of an undercover agent looking to form an 831(b) captive with Tribeca Strategic Pilot Series of Fortress Insurance v Commissioner , a case in which the taxpayer is accused of using a captive as a tax shelter, was scheduled for trial on June 3, 2019, although the case has now settled, with the taxpayers conceding beforehand. This case follows former clients of Artex seeking damages from it  in an Arizona-based lawsuit ,  Shivkov v Artex Risk Solutions , accusing the captive manager of conspiring to design, promote, sell, implement and manage illegal tax-advantaged captive insurance strategies using unlawful attempted 831(b) elections. An undercover agent recorded three conversations between 2006 and 2008 of Artex executives Karl Huish, Jim Tehero and Ken Kotch, as part of an investigation by the Criminal Investigation Division of the IRS relating to Tribeca and other affiliates....

For years at conventions I have warned of the IRS interest and pending audits. Now the IRS is going after easements and if you have used this tax strategy get help now. Most CPAS will not be able to help. If they sign a return with an abusive shelter on it they most report direct to the IRS, which means you get audited. syndicated conservation easements. Get help before it is too late. IRS has ramped up its enforcement efforts on syndicated conservation easements. On September 10, 2018, the IRS announced five new Large Business and International Division (“LB&I”) compliance campaigns, including a campaign focused on syndicated conservation easement transactions. This intensified scrutiny comes roughly 18 months after the IRS identified syndicated conservation easement transactions as listed transactions that require disclosure statements to the IRS by both investors and material advisors. This new effort will enhance IRS enforcement of those disclosure r...

Cryptocurrency transactions who potentially failed to report income You need to get help now. The Internal Revenue Service  announced  today that it has begun mailing what it calls “educational letters” to taxpayers with The Internal Revenue Service  announced  today that it has begun mailing what it calls “educational letters” to taxpayers with cryptocurrency transactions who potentially failed to report income and pay the resulting tax from such transactions, or did not report their transactions properly. The IRS started sending these letters to taxpayers last week. By the end…who potentially failed to report income and pay the resulting tax from such transactions, or did not report their transactions properly. The IRS started sending these letters to taxpayers last week. By the end… Published on November 26, 2019