Thursday December 1, 2022 – Inflation has an impact most don’t notice. Inflation exasperates IRS problems. How? The IRS charges interest on all past due balances – and the interest is compounded DAILY. Yes, daily. That means, today taxpayers pay interest on interest from yesterday.

Last year at this time the IRS interest rate was 3%. The IRS just announced that the interest rate for the next quarter is 7%. More than double from last year.

Attorney Steven A. Leahy will explain how the increase in interest rates will effect real people.

https://www.thinkadvisor.com/2022/11/29/irs-to-hike-interest-rates-for-q1/

https://www.irs.gov/pay

Wednesday November 30, 2022 – Yesterday, Ye (formally Kenya West) appeared on Tim Pool’s PodCast. On that show, Ye told the world “But I found out — OK, so they froze, they put a $75 million hold on four of my accounts. And then they said you owe a lot of taxes. Took me, like, six hours to find out how much ‘a lot’ was. They said, well, around $50 million.”
He also claimed they were trying to put him in prison for tax evasion. Ye believes there are powers working against him. He believes the powers are Jewish. His beliefs have cost him many of his sponsors. Gap, Adidas and others.
Attorney Steven A. Leahy reports on Ye’s IRS troubles on Today’s Tax Talk.
https://nypost.com/2022/11/29/kanye-west-said-irs-froze-his-accounts-because-he-owes-50m-in-taxes/

https://www.yahoo.com/entertainment/kanye-west-said-irs-put-055859593.html

https://www.vibe.com/news/entertainment/kanye-west-walks-out-interview-1234714925/

Tuesday November 29, 2022 – The IRS will spend $80 Billion, mostly on collections. Part of the collection plan includes expanding the IRS Criminal Investigation Unit. And the Criminal Investigation Unit is focused on Crypto for 2023.

We all know the US Government has put crypto in their crosshairs. Beginning in 2016 the IRS has been exposing taxpayers who failed to report their taxable gains from cryptocurrency transactions by issuing John Doe summonses to crypto exchanges and dealers. The IRS does not target the exchanges or dealers with a John Doe Summons, instead the IRS targets the information of their customers. So, keep a close look on the IRS efforts to target you if you are into Crypto.

Attorney Steven A. Leahy investigates the Criminal Investigation Unit of the IRS on Today’s Tax Talk.

https://www.jdsupra.com/legalnews/irs-s-crypto-john-doe-summons-expanded-2625612/

Monday November 28m 2022 – Well, the IRS is now WARNING taxpayers about 1099-Ks. Something this channel has been warning about from the beginning of this idea of the Cash App information return requirements found int he American Rescue Plan of 2021.

The reason there for the warning? Many taxpayers will be very surprised this next tax searson. They will receive 1099-K(s) and they will not know what to do with it. They see the trouble brewing.

Attorney Steven A. Leahy reveals the IRS Plans for Business Owners in Today’s Tax Talk.

https://www.irs.gov/newsroom/get-ready-now-to-file-your-2022-federal-income-tax-return

https://www.marketwatch.com/story/irs-warns-americans-over-600-threshold-to-report-venmo-paypal-payments-11669480433

https://www.businessinsider.com/side-hustlers-not-reporting-earnings-at-risk-of-irs-audit-2022-11

Wednesday November 23, 2022 – There is some disturbing news about your most private data – your tax data.  It appears that some of the top tax preparation software companies have been sharing taxpayer data with Big Tech Companies. Major tax filing services such as H&R Block, TaxAct, and TaxSlayer have been sharing date secretly with companies like Facebook and Google.

Not only would this be a gross violation of their customers’ trust – it could be a violation of the law.  The companies involved here are claiming this was all inadvertent.  “We did NOT know and were never notified that personal tax information was being collected by Facebook from the Pixel,” said a vendor of TaxSlayer.

It can be unsettling to learn these large organizations are working together to violate taxpayers’ privacy rights.

Attorney Steven A. Leahy exposes these practices on Today’s Tax Talk.

https://www.theverge.com/2022/11/22/23471842/facebook-hr-block-taxact-taxslayer-info-sharing

https://www.cnbc.com/2022/11/22/popular-tax-prep-software-sent-financial-information-to-meta-report.html