Blog Layout

A Husband Hid $500,000 in Bitcoin During a Divorce — And Got Busted By a Crypto Hunter

Jul 12, 2023

A Husband Hid $500,000 in Bitcoin During a Divorce — And Got Busted By a Crypto Hunter

Jul 12, 2023

Uncovering hidden digital assets: Navigating the challenges of cryptocurrency in divorce proceedings.

Divorce attorneys and forensic investigators are facing challenges in dealing with cryptocurrency assets during divorce proceedings. The rise of financial infidelity involving cryptocurrencies has created a need for specialized investigators to track down hidden digital assets. Cryptocurrencies like Bitcoin and privacy tokens such as Monero make it difficult to trace transactions and identify assets. Divorcing spouses may hide assets by using tech-savvy methods and transferring funds to foreign exchanges beyond legal jurisdiction. Investigators rely on blockchain analysis, computer forensics, and subpoenas to centralized exchanges to uncover hidden crypto holdings. The complexity of crypto transactions, including chain hopping and token wrapping, adds to the difficulty of tracing assets across different blockchains. Valuing crypto assets in divorce court is also challenging due to the market's volatility and the need to account for assets staked for earning rewards. For more information click the link!

https://www.cnbc.com/2023/05/20/bitcoin-in-divorce-how-spouses-hide-assets-crypto-hunters-find-them.html

29 Apr, 2024
How to Handle Natural Disasters: A Guide for Oklahoma Tornado Survivors and Their Taxes
19 Apr, 2024
Cost segregation is a strategic tax planning tool that can significantly accelerate the depreciation of a commercial or investment property. By reclassifying various components of a building into shorter depreciable lives, your clients can unlock substantial tax savings in the first few years of ownership.
19 Apr, 2024
The Section 45X credit can provide substantial tax savings for businesses that qualify. However, navigating the complex regulations and compliance requirements can be a challenge.
By Tim Freese 11 Apr, 2024
The April 15 tax filing deadline is quickly approaching. However, if you're not quite ready to file your taxes, you have the option to request an extension. Filing for an extension on Form 4868 can give you until October 15 to submit your tax return, helping you avoid the dreaded "failure-to-file" penalties.
By Tim Freese 02 Apr, 2024
The IRS has announced plans to postpone the new $600 Form 1099-K reporting threshold until 2023 to minimize potential confusion for taxpayers. With a phased implementation approach, the IRS is looking at a $5,000 threshold for 2024. The agency also plans to simplify the reporting process with updates to Form 1040 and related schedules for 2024.
By Tim Freese 02 Apr, 2024
Maximize your tax deductions and minimize your tax liability for 2023 with our last-minute tax-saving strategies. Learn how IRA contributions, HSAs, and even your side hustle expenses can potentially reduce your taxable income.
By Tim Freese 01 Apr, 2024
Maximizing Your Investments with Bonus Depreciation and 1031 Exchanges
By Tim Freese 25 Mar, 2024
The American Innovation and Jobs Act, reintroduced by Senators Maggie Hassan and Todd Young on March 17, 2023, is set to transform the landscape of R&D tax credits, a movement closely monitored by Freese, Peralez & Associates. This bipartisan initiative seeks to amend the current stipulations under Section 174 of the tax code, emanating from the 2017 tax reforms, to extend the R&D Credit more inclusively to startups and small businesses, fostering an environment ripe for innovation and economic advancement. 
By Tim Freese 12 Mar, 2024
Embracing the Digital Age: Simplifying Your Tax Documentation Process
02 Jan, 2024
Navigate the complexities of the IRS memorandum on Employee Retention Credit with strategic tips for business owners to optimize claims and secure financial relief in challenging times.
More Posts
Share by: