Tuesday September 27, 2022 – The IRS and other Federal and State agencies are increasingly focusing on cryptocurrency. So, if you have been lax on reporting your crypto trades, watch out for these new developments.

For example, the IRS recently issued a “John Doe” summons to the banking partner of digital currency prime broker. The summons allowed the IRS to search the banks records to locate all of the crypto broker’s customers. Remember, digital currencies operating on public blockchains leave time-stamped transactions for all to see and follow.

Much like the old anonymity of a Swiss Bank Accounts (no longer), the United States Government is using its ability to limit access to the American market, to force all business to reveal all financial transaction information.

You thought crypto was anonymous? Think again.

Attorney Steven A. Leahy reviews this trend in law enforcement.

https://www.wolterskluwer.com/en/expert-insights/irs-maintains-watchful-eye-over-cryptocurrency

IRS hunts digital currency tax cheats with M.Y. Safra bank summons

https://www.latimes.com/california/story/2022-09-23/fbi-beverly-hills-safe-deposit-box-raid-forfeiture-judge

https://www.msn.com/en-us/news/technology/eight-states-sue-crypto-lender-nexo-over-security-sales-and-misleading-marketing/ar-AA12h9NT

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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

Monday September 26, 2022 – Who makes tax laws? The IRS or Congress? Many taxpayers don’t know that the IRS takes positions on many tax issues that are not consistent with the text of the statute.

Taxpayers are left with an expensive uphill battle once the IRS selects a path. Now, we understand there are appeals, US Tax Courts, Districts Courts – but these steps can be expensive.

Also, Republican canidates for Congress have pledged to end the IRS expansion should they win control of the House of Representatives.

Attorney Steven A. Leahy reports on this practice on Today’s Tax Court.

https://www.columbiatribune.com/story/opinion/2022/09/25/tame-your-taxes-irs-regulatory-overreach-part-4/69512731007/

https://www.shorenewsnetwork.com/2022/09/25/we-will-repeal-87000-irs-agents-house-gop-leader-says-gop-will-work-for-you/

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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

Thursday September 15, 2022 – United States Treasury Secretary Janet Yellen Speaking at an IRS facility in New Carrollton, Maryland, said “the funding will help to improve the IRS in the form of better technology and taxpayer services, and stronger enforcement focused on wealthy Americans and corporations.”

Yellon also said “Importantly, I’ve directed that enforcement resources will not be used to raise audit rates for households making under $400,000 a year relative to historical levels,”

Republicans in Congress have prosposed legislation that would prevent the IRS from using any of the Inflation Reduction Act money to audit taxpayers who earn less than $400,000 annually. Good luck.

Attorney Steven A. Leahy critiques Secretary Yellon’s announcements about how the IRS will use the $80 Billion windfall on Today’s Tax Talk.

Yellen hails text message tax filing in speech to IRS

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

https://www.foxbusiness.com/economy/yellen-outlines-planned-changes-irs-80b-overhaul

How to Think About IRS Tax Enforcement Provisions in the Inflation Reduction Act

https://www.foxnews.com/us/senate-republicans-protect-americans-earning-less-than-400k-irs-audits

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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

Wednesday September 14, 2022 – Recently, our Government doubled the size with the Inflation Reduction Act. There have been assurances the IRS will not use this increase in power to target any American group.

Those assurances now ring hollow after Judicial Watch published the recently unsealed 2017 sworn depositions by Lois Lerner, then director of the Exempt Organizations Unit of the Internal Revenue Service and Holly Paz, her top aide and former IRS director of Office of Rulings and Agreements,

Judicial Watch found: “The unsealed Lerner and Paz deposition transcripts reveal through sworn testimony the bureaucratic tangle created by the Obama IRS to single out, delay and deny the processing of conservative, especially Tea Party non-profit groups’ applications for tax-exempt status and to disclose their donors’ names. At the same time, Paz admits under questioning that she knew from the beginning there was not sufficient legal basis to deny most of the targeted groups tax exempt status:”

Attorney Steven A. Leahy reviews the Judical Watch findings on Today’s Tax Talk.

Judicial Watch: Unsealed Depositions of Former Obama IRS Officials Lerner and Paz Detail Knowledge of Tea Party Targeting

https://www.foxnews.com/us/senate-republicans-protect-americans-earning-less-than-400k-irs-audits

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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

Tuesday September 13, 2022 – Cryptocurreny has taken a hit. The values have fallen and have not shown the ability to rebound.

With the fall in value, one year in, El Salvado’s Bitcoin experiment has been described as a “Spectacular Failure.” President Bukele’s promise of building :”Bit Coin City” has not materialized – and it doesn’t look as if it will be any time soon.

In addition, the promise of cryptocurrenies as antidotes to totalitarian governments and central banks has been shown, through international events, to fall short of that promise, And, may, in fact, assist as an instrument of tyranny.

Attorney Steven A. Leahy walks you through the Crypto jungle on Today’s Tax Talk.

https://cointelegraph.com/news/cryptocurrency-is-picking-up-as-an-instrument-for-tyranny

https://www.msn.com/en-us/money/markets/economist-el-salvadors-year-with-bitcoin-currency-has-been-spectacular-failure/ar-AA11KpPM

https://finance.yahoo.com/news/leading-cryptocurrency-company-coinflip-opens-160000638.html

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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