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New IRS Cryptocurrency Enforcement Program


Cost Free
Presentation Length 1.0 hour

Recorded DateAugust 14, 2019
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

The IRS is sending out more than 10,000 letters between now and the end of August reminding taxpayers that taxes must be paid on their cryptocurrency transactions.  The letters are targeted to taxpayers based on information the IRS has received from enforcement efforts (e.g., the summons to Coinbase) and data analytics. There are three variations of the IRS letters (6173, 6174, and 6174-A) with varying degrees of warnings. The IRS urges taxpayers receiving these letters to take immediate action.

The speaker will discuss:

  • A brief overview of the nature of cryptocurrency

  • The tax rules and IRS guidance related to cryptocurrency

  • The IRS’s new enforcement programs related to cryptocurrency

  • Options for responding to the IRS cryptocurrency warning letters

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Josh Wu advises large corporations, mid-size businesses, startup companies, and high-net-worth individuals on all aspects of federal tax law. He has particular experience with resolving complex IRS audits, administrative appeals, civil tax litigation, offshore trusts and assets, multijurisdictional investigations, and IRS collection matters.

Josh represents clients in an array of tax controversies and tax litigation matters before the Internal Revenue Service (IRS), the U.S. Tax Court, the U.S. Court of Federal Claims, and the U.S. Court of Appeals for the Federal Circuit.

He regularly helps clients respond to IRS information document requests, manage electronic discovery, prepare for interviews with the IRS, and navigate procedural issues.

Prior to joining Clark Hill Strasburger, Josh worked for several international law firms, including Latham & Watkins LLP, and has been quoted in major news outlets such as The Street, Federal Tax Weekly, and Business News Daily.

About Our Presenter

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Clark Hill is a multidisciplinary international law firm that draws on its attorneys’ comprehensive industry and policy knowledge, deeply held shared values, and a global network of premier firms and advisors to provide effective legal solutions and client-service excellence. One of the top 100 firms in the United States — with over 600 attorneys and professionals in 25 offices across the nation, as well as offices in Dublin and Mexico City, we are a committed partner to a diverse range of leading brands, forward-thinking businesses, public entities, nonprofit organizations and individuals. Our significant presence in Washington, DC, and our deep government relations and public affairs experience at every level help ensure that our clients’ voices are heard in the development of federal and state regulatory policy and legislation.