SCOTUS – Panel Discussion

July 8, 2022 by admin

Friday July 8, 2022 – Attorney Steven A. Leahy moderates a panel discussion with Attorney Nishay Sanan and Attorney Kevin Dixler about the United States Supreme Court and the direction of our country.

The Supreme Court of the United States recently completed the spring term, and the decisions seem to point to a new direction for the court and our country. Our panel reviews core concepts and key decisions of the Court and attempts to answer the question: Where is the Untied States Supreme Court leading us?

Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649

IRS Political Audit?

July 7, 2022 by admin

Thursday July 7, 2022 – The IRS is being accused, yet again, of political targeting. This time the alleged targets are former FBI Director James Comey and former Deputy Director Andrew McCabe.

Both men were subject to a National Research Program audit (NRP). The NRP is run from the IRS’s Research, Applied Analytics and Statistics Division. That division is directed by career statisticians and data scientists.

Those chosen for an audit are randomly selected by a computer program from a list of taxpayers across the income spectrum to determine compliance levels with the nation’s tax codes, according to John Koskinen, the former IRS commissioner.

Current IRS commissioner , Charles Rettig, was appointed by President Trump. His term ends in November 2022. There was already talk of the Biden Administration replacing him. Now, some in Congress are demanding he be fired immediately.

Attorney Steven A. Leahy reviews the allegations on Today’s Tax Talk.

https://thehill.com/policy/finance/3549408-irs-in-political-storm-over-trump-era-audits/

https://www.washingtonpost.com/us-policy/2022/07/07/trump-irs-rettig-audit/

https://www.nytimes.com/2022/07/07/us/politics/irs-comey-mccabe.html

https://www.irs.gov/irm/part4/irm_04-022-001

https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax

Surprise, Expatriation Tax

July 6, 2022 by admin

Wednesday July 6, 2022 – More US citizens than ever are renouncing their US citizenship. While politics plays a part – the most common reason is TAXES. US Expatriates (those Americans living outside the country) are still subject to US tax laws, FBAR and FATCA rules. Often, that means double taxation – and it ALWAYS means following US tax laws.

When US Citizens elect to renounce their citizenship they find a SURPRISE – and exit tax.

That’s right. Before someone is allowed to give up their citizenship they have to pay a tax on ALL of their assets.

Attorney Steven A. Leahy reveals the cold hard truth about the EXIT tax on Today’s Tax Talk.

https://www.forbes.com/sites/robertwood/2022/07/06/leave-us-pay-irs-taxes-forever/?sh=3367259c1a30

https://www.irs.gov/individuals/international-taxpayers/expatriation-tax

El Salvador Bitcoin Gamble

July 5, 2022 by admin

Tuesday July 5, 2022 – We have reported on the El Salvador experiment in this space. Last year on September 7, 2021, El Salvador made the US Dollar and Bitcoin its national currency. The country provided each citizen with an app loaded with $30 of Bitcoin (roughly 1% of the annual income) in an effort to spur a cryptocurrency economy.

As the price of Bitcoin collapsed, El Salvador “bought on the dip.” Last week El Salvador El Salvador purchased 80 more bitcoin (BTC) at $19,000 each extending the country’s holding to 2301.

El Salvador had plans to float a $1 billion Bitcoin bond offering to finance building Bitcoin City on the base of a volcano that would provide geothermal energy and also be a source of power for the Bitcoin revolution. That plan is now on hold – looking for the end of the bear market.

Attorney Steven A. Leahy reviews the El Salvador strategy and comments on the long term risk on Today’s Tax Talk.

https://www.techbooky.com/el-salvadors-1-4-billion-bitcoin-city-wobbles-as-cryptocurrency-crashes/

https://www.coindesk.com/business/2022/03/22/el-salvador-postpones-planned-bitcoin-bond-report/

https://www.coindesk.com/business/2022/07/01/el-salvador-purchases-80-additional-bitcoin-at-19k-president-bukele-says/

SCOTUS – Where Is It Leading Us?

July 1, 2022 by admin

Friday July 1, 2022 – The latest term of the United Supreme Court has come to a monumental end. The Court issued rulings that impact climate change rules (West Virginia v. EPA), prayer in public forums (Kennedy v. Bremerton School Dist.), the immigration policy, and, of course (Biden v. Texas), abortion rights (Dobbs v. Jackson Women’s Health Organization)..

Some of these decisions overturned previous Supreme Court rulings and brought into question the doctrine of Stare Decisis (a Latin phrase meaning “to stand by things decided). Others clarified existing precedents.

These decisions questioned how our Government works – and how it should work. The concept of “Substantive Due Process” and the interpretation of our Ninth and Tenth Amendments to the Untied States Constitution.

Attorney Steven A. Leahy discussed the direction of the United States Supreme Court and the implications to the rights of the people, the federal government, and our future.

https://www.law.cornell.edu/constitution/billofrights