Kostelanetz partner Jay R. Nanavati was quoted in a Law360 article on the ways that cryptocurrency is affecting the size and scope of tax fraud cases undertaken by the IRS and other federal agencies.
Jay spoke at the UCLA Tax Controversy Conference in October 2024, an annual event dedicated to tax controversy topics in which Kostelanetz LLP was a Bronze-level sponsor, on civil and criminal enforcement of cryptocurrency possession and transactions in IRS investigations.
Law360 reported on Jay’s panel, “Superman’s Krypto: The IRS’ Focus on Civil and Criminal Enforcement of Cryptocurrency.” Participants discussed the unique characteristics of cryptocurrency in IRS audits and investigations and how unclear ownership and transactions affect their outcomes.
“Cryptocurrency is perhaps a modern bearer bond because some argue the owner is simply whoever possesses it at the time,” Jay is quoted as saying.
Law360 subscribers can read the full article here.
Jay is a criminal tax defense attorney and a fellow of both the American College of Trial Lawyers and the American College of Tax Counsel. According to Chambers USA, which has ranked him nationally for the last several years, Jay “is held in high regard for his strength in handling criminal tax matters . . . . He is an excellent trial attorney, he’s very sophisticated. His judgment is excellent.”
