Following the US Internal Revenue Service’s (IRS) announcement of “Operation Hidden Treasure,” companies and individuals should prepare for increased scrutiny of virtual currency transactions. Unveiled in March, the operation includes a team of specially-trained agents focused on finding taxpayers who omit income from these transactions on their tax returns.

At the same time, the IRS Fraud Enforcement Office and Criminal Investigation Unit are continuing to work with international law enforcement and crypto industry experts to “root out” tax evasion. The operation includes using John Doe summonses and other tools to find perpetrators and businesses that may have facilitated tax evasion. 

As explained in our recent article, thousands of letters are expected to be issued as a result of the recent summonses to Kraken and Poliniex, as well as potential visits by IRS agents to cryptocurrency businesses.  

Join us for a program covering the latest updates on government enforcement efforts and how investors and companies in the virtual currency industry should address these actions. We are pleased to be joined by Gary Alford, one of the leading IRS agents in the government’s crypto enforcement efforts, Perry Carbone, the Chief of the White Plains Office from the US Attorney’s Office for the SDNY and Andy Cole CBE, former Director of Specialist Investigation at HM Revenue & Customs in the United Kingdom.

Topics will include: 

• How to address the tax consequences of past virtual currency transactions, including potential voluntary disclosure considerations.

• How to protect your business from a US Department of Justice (DOJ) or UK investigation, including compliance updates to address this risk.

• Law enforcement perspectives and updates from the IRS, DOJ and a former high-level director at HM Revenue & Customs. 

• How to respond to an IRS letter, including potential civil resolutions.

• How to respond to a DOJ or a UK Serious Fraud Office (SFO) inquiry, summons, subpoena or search warrant or a whistleblower complaint.