Gray Reed Tax Partner Joshua Smeltzer will be speaking at the 2025 International Tax Conference, hosted by The University of San Diego School of Law – Chamberlain International Tax Institute, on Monday, February 17, and Tuesday, February 18, 2025.

Joshua’s session will cover Cross-Border Tax and Financial Fraud in 2025 and Beyond, where he will

The IRS routinely monitors abusive tax transactions. If a particular transaction becomes more prevalent, the agency identifies it as a “listed transaction,” requiring self-reporting by taxpayers (IRS Form 8886) and material advisors (IRS Form 8918). The agency can impose significant civil penalties and criminal sanctions for the failure to properly file either of these forms.

The U.S. tax system requires taxpayers to report their income and expenses on an annual accounting basis (e.g., a calendar year). Because taxpayers may have profits in some years but losses in others, this reporting requirement can sometimes cause financial distortions. For example, a taxpayer with a business loss of $100,000 in 2023

Monetizing intellectual property (IP) presents complex tax challenges, particularly in determining whether proceeds are taxed at favorable capital gains rates or higher ordinary income rates. Sales of IP assets must transfer substantial rights to qualify for capital gains treatment, while income from licensing agreements is generally taxed as ordinary income. These distinctions require careful transaction

On December 12, 2024, Frank Richard Ahlgren III of Austin, Texas, was sentenced to two years in prison for filing a false tax return, marking the first legal-source cryptocurrency income tax case. The case has garnered attention for its significance in cryptocurrency tax enforcement, as it represents a prosecution based purely on tax issues rather

Federal payroll obligations imposed on employers can be expensive and time-consuming. Therefore, it is not uncommon for companies to outsource these responsibilities to third parties referred to as “third-party payers” (TPPs). Under a TPP arrangement, the TPP deducts, withholds, and remits employment taxes and prepares and files the corresponding employment tax returns on behalf of

The employee retention credit (ERC) has been a thorn in the IRS’ side for some time. Enacted during the COVID-19 pandemic, Congress originally designed the ERC as a means to funnel much needed money to eligible businesses that retained, rather than laid off, their employees. At first blush, the qualifications for the ERC seem

In recent years, the government has continued to ramp up its investigatory efforts concerning trust arrangements that it deems abusive for tax purposes. These investigations have included so-called “section 643(b) trusts” and other trust schemes that lack economic substance. In many instances, these probes have resulted in criminal indictments against the promoters of

The Securities and Exchange Commission (SEC) has recently disclosed two settled enforcement actions against Prager Metis CPAs, an audit firm linked to FTX, the now-defunct crypto trading platform. The firm’s founder and former CEO, Sam Bankman-Fried, is currently in custody alongside Sean “Diddy” Combs at the Metropolitan Detention Center in Brooklyn. These enforcement actions highlight