Tuesday August 30, 2022 – The battle for control of the Digital Asset marketplace is fully engaged. The question “will the US Government control cryptocurrency and other digital assets” has been answered. Yes.

The new question is “Which government regulatory agency will win the battle of funding – and with funding, control – of the digital market place.

The battle lines are drawn – Recently, a bill was introduced in the United States Senate, Digital Commodities Consumer Protection Act of 2022. That bill “[g]rants the Commodity Futures Trading Commission (“Commission”) exclusive jurisdiction over digital commodity trades, except for transactions in which a merchant or consumer is using a digital commodity solely for the purchase or sale of a good or service.”

Meanwhile, Gary Gensler, the Chairman of the Securities and Exchange Commission, has staked a claim for the SEC to take the lead regulatory role in controlling the cryptocurrency and digital asset marketplace. The winning agency will be showered with funding – and power – to direct the future of the United States economy.

Attorney Steven A. Leahy exposes the battle that is now underway on Today’s Tax Team.

https://www.klgates.com/CFTC-and-SEC-Perspectives-on-Cryptocurrency-and-Digital-Assets-Volume-I-A-Jurisdictional-Overview-5-6-2022

https://www.foxbusiness.com/features/gary-gensler-gross-sec-overreach

Monday August 29, 2022 – The recently passed Inflation Reduction Act awards the IRS $80 Billion, nearly doubling the IRS Budget. Earlier this year Congress approved an increase in IRS budget to add 10,000 employees. But, the IRS has had trouble finding enough bodies to fill the spots.

So, the IRS is set to hire 87,000 new employees AND fill the 50,000 jobs open from retirement. Having problems filling the audit spots would be the best thing for the American people.

The IRS has demonstrated their inability to manage the budget they have. This massive increase in the IRS Budget will not make the IRS great administrators.

Attorney Steven A. Leahy looks at the latest news on Today’s Tax Talk.

https://www.cnbc.com/2022/08/26/op-ed-the-irs-just-isnt-prepared-for-the-inflation-reduction-act.html

https://finance.yahoo.com/video/irs-commissioner-op-ed-really-210728003.html

Attoreny Steven A. Leahy asks the question – Why not answer real questions Commissioner on Today’s Tax Talk.

https://finance.yahoo.com/news/irs-sets-the-record-straight-130049197.html

https://nypost.com/2022/08/13/gop-demands-answers-on-700k-ammo-stockpile-for-irs-enforcement/

https://www.verifythis.com/article/news/verify/government-verify/internal-revenue-service-did-buy-nearly-700k-in-ammunition/536-0ce9f538-a372-4c26-8013-1ab4e571578c

Wednesday August 24, 2022 – Today the IRS announces broad-based penalty relief for certain 2019 and 2020 returns due to the pandemic; $1.2 billion in penalties being refunded to 1.6 million taxpayers.

IRS Commissioner Charles P. Rettig said “Penalty relief is a complex issue for the IRS to administer. We’ve been working on this initiative for months following concerns we’ve heard from taxpayers, the tax community and others, including Congress. This is another major step to help taxpayers, and we encourage those affected by this to review the guidelines.”

As with most IRS tax relief plans – if you followed the rules and filed on time – there is nothing for you. Not even a thank you.

Attorney Steven A. Leahy looks over this new IRS plan on Today’s Tax Talk.

https://www.irs.gov/newsroom/covid-tax-relief-irs-provides-broad-based-penalty-relief-for-certain-2019-and-2020-returns-due-to-the-pandemic-1-point-2-billion-in-penalties-being-refunded-to-1-point-6-million-taxpayers

https://www.irs.gov/pub/irs-drop/n-22-36.pdf

https://www.msn.com/en-us/money/taxes/irs-to-refund-16-million-people-who-missed-tax-filing-deadlines/ar-AA113RCj?fromMaestro=true