Tax evasion

The Internal Revenue Service is focusing on cryptocurrency tax evasion with virtual currencies like Bitcoin and nonfungible tokens, employing data analytics to uncover transactions that crypto users assumed were hidden.

Late M&A banker Jean-Marc Forneri’s Swiss lawyer and wealth manager were found guilty of helping him conceal assets and dodge taxes in a French crackdown on those who facilitate financial crime.

Facing an indictment on tax charges in the U.S., McAfee had been in Spanish custody since October.

Two-state two step; primed for prison; contemptible; and other highlights of recent tax cases.

Private wealth clients, hedge fund managers and cryptocurrency traders fleeing to Puerto Rico for its huge tax breaks — and to escape President Joe Biden’s proposed capital gains tax increases — are now the focus of a sweeping Internal Revenue Service review.

The Biden administration has proposed requiring the collection of data on foreign cryptocurrency investors active in the U.S., aiming to bolster international cooperation to help in a broader crackdown on tax evasion.

The senator is proposing to nearly triple the IRS’s budget to help identify wealthy individuals who are evading taxes.

The U.S. Treasury Department estimated that wealthy taxpayers as a group are hiding billions of dollars of income, a conclusion that aims to bolster the Biden administration’s call for Congress to approve expanded IRS funding and broad new financial-transaction reporting requirements.

The Biden administration is also calling for banks to report on account flows to help boost tax-payment compliance.

Expensive expenses; just a suggestion; examination concluded; and other highlights of recent tax cases.