An NFT, or Non-Fungible Token, is a digital asset representing ownership or proof of authenticity of a unique item or piece of content using blockchain technology. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are fungible and can be exchanged on a one-to-one basis, NFTs are non-interchangeable and one-of-a-kind. As…
By Maya Fouad Tax evasion is the most common federal tax crime and involves the failure to report taxes, reporting taxes inaccurately, or failing to pay taxes. Federal law defines the crime broadly; 26 U.S.C. 7201 states, “[a]ny person who willfully attempts in any manner to evade or defeat…
The Fourth Amendment of the U.S. Constitution protects against unlawful searches and seizures by the government. When the government wants to obtain a search warrant, an affidavit must be drafted and application must be made to a U.S. Magistrate judge (in federal matters). The affidavit can be more than a hundred pages…
The Department of Justice just announced that U.S. Attorney General Merrick B. Garland created COVID-19 Fraud Enforcement Task Force to enhance enforcement efforts against COVID-19 related fraud. Cases have included: Offers to purchase COVID-19 vaccination cards Requiring payment for testing or vaccines. PPP loan fraud EIDL (Economic Injury Disaster…
The IRS has just announced that Operation Hidden Treasure will seek to find taxpayers with unreported income from currency transactions. Did you notice the new question on page 1 of the Tax Form 1040? It states, “At any time during 2020 did you receive any financial interest in virtual currency?”…