Thursday September 8, 2022 – Recently, Congress and the Administration passed the Inflation Reduction Act. That Act authorized $80 Billion to the IRS.over 10 years. According to the United States Department of Treasury, the money “could fund 86,852 full-time hires through 2031.”

Add the 10,000 additional employees authorized just prior to the Inflation Reduction Act passing, and we are at nearly 97,000 new hires.

Just what will the IRS do with the new workers? Well, more than half of the money is allocated to enforcement. Read that as “audits.”

What can you do to prepare for the 87,000 plus surge in the IRS? Attorney Steven A. Leahy addresses that question on Today’s Tax Talk.

https://www.forbes.com/sites/robertwood/2022/09/07/irs-audits-with-no-time-limit-and-no-statute-of-limitations/?sh=11456d35526d

https://www.msn.com/en-us/news/us/my-irs-audit-from-hell-over-a-small-boat-and-the-folly-of-87000-new-agents/ar-AA11fccU

Thursday September 1, 2022 – We all know the IRS is growing – their staff is more than doubling and they have been awarded $80 Billion. More than half of that money is targeted for enforcement.

Many are concerned about doubling the size of the most feared agency in American life. But, the IRS and thier propagandists are playing down the whole matter.

:The IRS isn’t hiring an army of auditors. The IRS isn’t arming 87,000 new agents. The IRS isn’t targeting anyone who makes less than $400,000 per year. and on and on.

These news stories are simply parroting the talking points of the adminiistration without really looking at the IRS portion of tne Inflation Reduction Act.

Attorney Steven A. Leahy exposes the propaganda on Today’s Tax Talk.

https://www.thedailybeast.com/its-about-time-we-properly-funded-the-irs

https://www.cnbc.com/2022/08/31/irs-is-not-hiring-an-army-of-auditors-whats-really-happening.html

https://www.cbsnews.com/news/irs-safety-review-worker-threats/

https://www.yahoo.com/news/80-billion-irs-money-083000868.html

Wednesday August 31, 2022 – As we talked about on this show, the Amercian Rescue Plan required third-party e-commerce platforms like eBay, Poshmark, Mercari, Depop, and Tradesy to issue a 1099-K tax form to anyone with a total revenue of more than $600. A dramitic change to the old requirement of $20,000.00 in reveneue AND 200 or more transactions.

Well, EBay is now demanding social security numbers from anyone with $600 in sales – or their account will be locked until they comply.

Over and over, I opined that eBay and other cash app vendors would send 1099-Ks to anyone who met the threshold. Over and over, the IRS said no, this will not change the tax consequences of this sales. Only goods and services would be taxed.

Well, that’s still true. But, taxpayers who receive more than $600.00 will receive a 1099-K and have to prove to the IRS that the funds were not payments of goods or services.

It will be a nightmare for taxpayers!

Attorney Steven A. Leahy reveals the truth about 1099-Ks on Today’s Tax Talk.

https://www.msn.com/en-us/money/personalfinance/why-new-irs-rules-will-be-an-absolute-disaster-for-casual-ebay-users/ar-AA11jpLW?fromMaestro=true

https://www.aol.com/finance/used-paypal-venmo-look-irs-120033620.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAMukIXC-mlzESc-116NP8JUBjLAOyIQAdC9k6o9LWuPbQBAsiGGoZCIvlYeWfN88NtNwtf8P6lsMiU-8NCgfNEmKw4GbUprlL21CDs3mvFGP9RkenZeinjNU5U3Eo2T3sH5zjKWuwJip5PXurhgD3sxJUSN4QJMwpZgKJ2cKDm8y