Travis Thompson, one of our distinguished tax attorneys at Sideman & Bancroft, will be presenting at the 9th Annual Young Tax Lawyers Conference. Thompson will be leading a panel titled “Digital Asset Compliance and Enforcement Update”.
The panel will explore several crucial topics, including the IRS’s Voluntary Disclosure Program for cryptocurrency and digital assets owners, FBAR filing requirements, and how the Inflation Reduction Act will enhance enforcement of digital asset cases. Thompson’s insights and expertise will provide attendees with valuable insights and best practices for navigating the complexities of digital asset compliance.
As federal agencies face mounting pressure to do more with less, the IRS has adopted advanced technology platforms to tackle financial crimes and monitor digital asset transactions. The ownership of digital assets has surged both domestically and globally, but despite considering themselves tech-savvy, many digital asset owners still struggle with the intricacies of U.S. tax law.
This lack of understanding often leads to U.S. residents who own digital assets through international exchanges triggering taxable events and failing to report gains and losses on their tax returns. With certain exchanges like FTX and Binance facing scrutiny, taxpayers are left with more questions than answers, and require the guidance of qualified tax professionals to understand their options and ensure compliance.
Sideman & Bancroft is well-equipped to provide such guidance, with a team of experienced tax attorneys who specialize in digital asset compliance and enforcement. We understand the complex tax implications of digital asset ownership, and can help clients navigate the nuances of tax reporting and compliance. Don’t let uncertainty and confusion hold you back. Contact us today to learn more about how we can help you stay compliant and minimize your tax liability.
To register for this section, visit: https://pheedloop.com/youngtaxlawyers2023/site/sessions/?id=SESNTNS81UYZGWF4U
