Carlos F. Ortiz Carlos F. Ortiz

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Carlos F. Ortiz is a member of the Litigation and White Collar Defense teams and his work has a particular emphasis on white collar defense and investigations. He uses his prominent 15-year background as a high-level federal prosecutor to assist clients with matters relating to the Foreign Corrupt Practices Act (FCPA), high-risk tax controversies, offshore tax issues, anti-money laundering, e-commerce fraud, healthcare fraud, as well as allegations of fraud against government agencies and financial institutions. Over his career in private practice he has secured the declination of criminal charges for corporate and individual clients. On several occasions he has prevented the referral of charges for the target of criminal tax investigations.

Key Takeaways | Cryptocurrency Global Tax Enforcement: What Investors and Companies in the Industry Need to Know NOW

By , , , and on Jul 27, 2021
Posted In IRS Guidance, Tax Reform

During a recent program discussing the latest government enforcement efforts related to cryptocurrency, we spoke with Gary Alford, one of the leading Internal Revenue Service (IRS) agents in their crypto enforcement efforts, Perry Carbone, Chief of the White Plains Office (US Attorney’s Office – SDNY) and Andy Cole, former Director of Specialist Investigations at HM...

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Cryptocurrency Global Tax Enforcement: What Investors and Companies in the Industry Need to Know NOW

By , , and on Jun 30, 2021
Posted In IRS Guidance, Tax Reform

On June 28, 2021, McDermott held a webinar presentation titled “Cryptocurrency Global Tax Enforcement: What Investors and Companies in the Industry Need to Know NOW.” Topics during this webinar included: 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...

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Biden Administration Proposals Will Greatly Enhance IRS’ Ability to Identify Cryptocurrency Transactions

By , , and on May 26, 2021
Posted In IRS Guidance, Tax Reform

The Biden Administration and the Internal Revenue Service (IRS) continue to focus heavily on cryptocurrency tax enforcement issues. On May 20, 2021, the US Department of the Treasury (Treasury) released the American Families Plan Tax Compliance Agenda, a 22-page report detailing tax compliance measures that are to be included as part of US President Joe...

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Finding John Doe, Part II: IRS Secures Another Victory to “Root Out” Virtual Currency Tax Noncompliance

By , , and on May 7, 2021
Posted In IRS Guidance, Tax Reform

The Internal Revenue Service (IRS) has scored another significant victory in its rapidly increasing virtual currency tax enforcement efforts. On May 5, 2021, the US District Court for the Northern District of California entered an order authorizing the IRS to serve a John Doe summons on popular cryptocurrency exchange, Payward Ventures Inc. d/b/a Kraken (Kraken)....

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DOJ and IRS’ Analysis of Crypto Records and Work with Private Experts and International Partners Leads to Arrest

By and on Apr 30, 2021
Posted In IRS Guidance, Uncategorized

US law enforcement continues to make no secret of their efforts to work closely with experts and overseas partners to prosecute those involved in virtual currency transactions who attempt to rely on its purported anonymity to commit financial crimes. Tuesday’s arrest of Roman Sterlingov, a dual citizen of Russia and Sweden and alleged operator of...

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Finding John Doe: IRS Steps up Enforcement Efforts to Take the Anonymity Out of Virtual Currency

By on Apr 21, 2021
Posted In Court Procedure Matters, IRS Audits, IRS Guidance, Trial Courts

The Internal Revenue Service (IRS) is stepping up its virtual currency enforcement, and taxpayers who have engaged in a cryptocurrency transaction should immediately assess any potential tax implications as the IRS has recently issued two John Doe summonses to popular exchanges. These are the first it has issued in about three years, sending a very...

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