Amy Walsh

Partner

New York


Read full biography at www.orrick.com

Amy Walsh, a partner in Orrick’s New York office, is the former Chief of the Business and Securities Fraud Section of the United States Attorney’s Office for the Eastern District of New York.

Prior to entering private practice, Ms. Walsh was an Assistant United States Attorney for 12 years in the United States Attorney’s Office for the Eastern District of New York, where she led dozens of investigations and cases on behalf of the government, and supervised several sections within the Office.

Ms. Walsh is a trusted advisor to her clients, who hire her to handle matters involving government and internal investigations.  

Throughout her time in private practice, Ms. Walsh has represented individuals and institutions in government investigations, enforcement actions, and prosecutions conducted by various government agencies including the U.S. Department of Justice, the Securities and Exchange Commission, the Commodity Futures Trading Commission and the Internal Revenue Service. Ms. Walsh litigates cases in federal and state court, negotiates with representatives of government enforcement agencies, and advises clients on compliance issues.

In addition, Ms. Walsh served as the court-appointed Independent Reviewer in JPMorgan Chase’s settlement with the United States Department of Justice, where she was responsible for ensuring JPMC’s fulfillment of its obligations under the settlement agreement and publicly reporting on JPMC’s compliance.

Ms. Walsh serves as a member of the Board of Directors of the New York Council of Defense Lawyers, and was named by Super Lawyers as one of the top 50 women lawyers in the New York metro area.

Posts by: Amy Walsh

IRS to Virtual Currency Traders: No Formal Voluntary Disclosure Program

The IRS recently announced that it is not planning to establish a formal voluntary disclosure program for taxpayers who have unreported income derived from virtual currencies. Specifically, Daniel N. Price of the IRS’s Office of Chief Counsel stated on November 8, 2018 that he needed to dispel the rumor that had been circulating since last year that the IRS intended to establish a separate voluntary disclosure program for unreported income related to offshore virtual currencies. This is in contrast to the voluntary program that the IRS established for unreported income from offshore financial accounts.

Under IRS guidance from 2014, the IRS classified Bitcoin and other virtual currencies as property (rather than foreign currency). Accordingly, any income from virtual currency transactions is treated as either ordinary income or capital gains, whichever is applicable based on the activity that gave rise to the income (e.g. investment or mining). Because the IRS requires a U.S. taxpayer to report its worldwide income regardless of where that income was generated or where the taxpayer lives, a U.S. taxpayer could have significant income tax liability for its cryptocurrency activities that were conducted and remain offshore. In spite of this substantial U.S. taxpayer exposure, and despite the potentially enormous amount of unreported income from virtual currency activities, the IRS has provided relatively little guidance to taxpayers and tax professionals, given the complexity of the tax issues and reporting requirements triggered by virtual currencies. At the same time, as discussed previously in On the Chain, the IRS is preparing to collect the massive amount of tax from unreported income from Bitcoin-related trades.