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Category: Important Trends at IRS

November 29, 2022

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IRS to step up examinations of potentially abusive micro-captive insurance schemes

The IRS made a large investment in personnel to accelerate investigation of potential abuses of micro-captive insurance transactions.  Since 2014, the IRS has put micro-captive insurance arrangements under a microscope to uncover taxpayers and taxpaying entities that may be abusing associated tax benefits. We provided an article in 2019 about IRS settlement […]

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Important Trends at IRS

November 29, 2022

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IRS enforcement initiative “Operation Hidden Treasure” to mine for unreported crypto income

The agency’s efforts will focus on cryptocurrency-related failure to report income that may result in civil or criminal liability. Virtual currencies like Bitcoin, Ethereum or Litecoin exist digitally in intangible units called coins or tokens on decentralized ledgers. Despite the name “currency,” governments do not issue them. When people subject […]

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Important Trends at IRS