Dead Cat Bounce?

June 21, 2022 by admin

Tuesday June 21, 2022 – It is Crypto Tuesday! If you have been paying any attention to the Crypto market this past week – you watched the price of Bitcoin – and other tokens – fall like a rock, only to bounce back a little over the last several days.

Is this a Dead Cat Bounce? Or a real rebound. For those not familiar with the term “Dead Cat Bounce,” here is the definition from merriam-webster.com: a brief and insignificant recovery (as of stock prices) after a steep decline.

Attorney Steven A. Leahy looks at the recent Cryptocurrency market swings on Today’s Tax Talk.

https://www.cnbc.com/2022/06/20/bitcoin-btc-rebounds-but-struggles-to-hold-above-20000-.html

https://www.merriam-webster.com/dictionary/dead-cat%20bounce

https://www.tampafp.com/rep-gaetz-why-has-bidens-irs-purchased-more-than-700k-of-ammo/

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

IRSRobot

June 20, 2022 by admin

Monday June 20, 2022 – The IRS has been hammered in the Customer Service Department. Last year the IRS only answer 1 in every 9 phone calls. The IRS had plans to automate phone calls using robots by 2024.

The current IRS backlog has moved the phone answering Robots up several years. At the end of 2021, the IRS started using Robots that could assist taxpayers with questions that don’t require authentication of the taxpayer’s identity or access to their private information.

By the end of May 2022, the Robots have answered more than 3 million such calls.

On Friday June 17, 2022 the IRS announced that individuals who receive a mailed notice from the IRS, can call a Robot and set up a payment without speaking with an IRS employee. To do that you must owe less than $25,000 and be prepared to pay the full balance within 72 months or before the Collection Statute Expiration Date.

Attorney Steven A. Leahy explains the the IRSRobot plan on Today’s Tax Talk.

https://federalnewsnetwork.com/artificial-intelligence/2022/06/irs-expands-ai-powered-bots-to-set-up-payment-plans-with-taxpayers-over-the-phone/

https://abcnews.go.com/Politics/irs-rolls-artificial-intelligence-callers-make-payments-resolve/story?id=85467107

Attorney Erica Crohn Minchella

June 17, 2022 by admin

Friday June 17, 2022 – Today, Attorney Steven A. Leahy interviews Attorney Erica Crohn Minchella. Attorney Minchella concentrates her practice on assisting clients to be well-informed about their real estate decisions, whether they are buying a home or an investment, as well as helping them get out of debt and to build a solid financial future.

Attorney Minchella’s field of expertise includes the spectrum of conventional and distressed real property issues for both residential and commercial properties, foreclosure defense, short sale transactions, sales out of decedent’s estates and personal and land trusts and counseling her clients in re-establishing their credit

Meet Attorney Erica Crohn Minchella on the Trust Radio Network.

Attorney Erica Crohn Minchella Web Site

ProPublica 1 year Later – $1 Billion More to IRS

June 16, 2022 by admin

Thursday June 16, 2022 – We just passed the one year anniversary of the ProPublica published the first pieces in a series dubbed “The Secret IRS Files: Inside the Tax Records of the .001%.” One year later, we still don’t know who leaked this private tax information.

Is anyone even investigating the breach? No one will say. Certainly the IRS won’t say – nor with ProPublica. In fact, ProPublica is still publishing new tax information.

While the IRS is not protecting private tax information, Congress is paving the way for further increases to the IRS budget. To the tune of $1Billion Dollars.

Attorney Steven A. Leahy reviews the Congressional proposal to increase the IRS budge in light of all of the IRS short comings on Today’s Tax Talk.

https://www.realclearpolitics.com/articles/2022/06/15/why_has_the_propublica_investigation_yet_to_see_the_light_of_day_147743.html

https://reason.com/2022/06/03/irs-leak-of-billionaires-tax-data/

https://www.accountingtoday.com/news/house-committee-proposes-1b-funding-boost-for-irs

Talk About IRS Backlog!

June 15, 2022 by admin

Wednesday June 15, 2022 – We all know of the infamous IRS backlog. We hear about it all the time. The Commissioner of Internal Revenue Charles Rettig has promised to resolve the backlog by the end of 2022.

Some recent photographs showing rooms full of files that have yet to be processed bring the enormity of the problem to light. The IRS, however, is using the photos to campaign for – wait for it – more funding!

Natasha Sarin, a tax policy and implementation counselor at the Treasury Department tells us “”[t]here’s no question that strategically starving the IRS of resources shortchanges American taxpayers,” She continued, “[d]edicated IRS employees working through the enormous paper backlog are doing so with near-obsolete technology, and 1970s level staffing. It’s time to deliver the sustainable resources for a modernized IRS every American can depend on.”

Attorney Steven A. Leahy reports on the IRS Backlog on Today’s Tax Talk.

https://www.businessinsider.com/photo-irs-why-refund-checks-delayed-paper-unprocessed-tax-returns-2022-6

https://www.fastcompany.com/90761498/the-irs-backlog-of-paper-tax-returns-is-even-more-horrifying-when-you-see-it-in-pictures