Thursday November 17, 2022 – At Opem Tax Advocates we are passionate about helping business owners lower their tax bill, avoid audits, and grow their business.  So, today, we review an article pointing out that “New business formation has boomed,” and pointing out that “some tax changes -coupled with evergreen tax issues that tend to trip up small business – could cause headaches if owners aren’t careful.”

Attorney Steven A. Leahy also follows up on an old BIG story.  Remember when the IRS wanted taxpayers to use facial recognition to use IRS services?  Recently, a House Oversight Committee released an investigation into  ID.me, “concluding that the company ‘inaccurately overstated its capacity to conduct identity verification services to the Internal Revenue Service.’“

Attorney Steven A. Leahy talks to business owners on Today’s Tax Talk.

https://www.cnbc.com/2022/11/15/business-owners-have-a-big-tax-deadline-coming-up-well-before-april.html

The Biden Administration has named a Nominee to take over the IRS. His name is Daniel Werfel, now Managing Director and Partner of the Boston Consulting Group.

IRS Commissioner Chuck Rettig’s term formally ended on November 12. Doug O’Donnell, the IRS Deputy Commissioner for Services and Enforcement, is now serving as acting IRS Commissioner.

Mr. Werfel has a long history of government employment. Including, the Office of Management and Budget, The Department of Justice, and Chief of the Financial Integrity and Analysis Branch within the Office of Federal Financial Management, before being app.

Tuesday November 15, 2022 – Everyone is talking about the collapse of FTX and the firm’s founder Sam Bankman-Fried. From hero to zero, overnight!

While this collapse has the striking newness of Cryptocurrency – the scandal in not much different than the bank collapse of old – or the brazen workings of Bernie Madoff.

Attorney Steven A. Leahy will look at this scandal with new eyes on Today’s Tax Talk.

https://www.npr.org/2022/11/15/1136641651/ftx-bankruptcy-sam-bankman-fried-ftt-crypto-cryptocurrency-binance

https://www.fox13news.com/news/why-cryptocurrency-experts-investors-are-not-dissuaded-by-the-fall-of-ftx

https://www.msn.com/en-us/money/news/is-ftx-s-sam-bankman-fried-the-next-bernie-madoff/ar

Thursday November 10, 2022 – With the expansion of the IRS and the push to collect additional tax dollars, the IRS is pushing Criminal Investigations.

In my practice, I have not had many encounters with the Criminal Investigations unit of the IRS – but I think that is about to change.

Using the intimidation of the IRS Criminal Investigations should bolster the amount of money the IRS collects. Did you know it is a crime to fail to file your tax return? The penalty is one year in prison for every year of unfiled returns.

Before COVID, the IRS announced it will visit more taxpayers who haven’t filed tax returns for prior years in an effort to increase tax compliance and further enforce the law.

So expect to hear more stories in the news reenforcing this initiative.

Attorney Steven A. Leahy discusses this new development on Today’s Tax Talk.

https://www.irs.gov/newsroom/irs-increasing-focus-on-taxpayers-who-have-not-filed-tax-return

https://www.cpapracticeadvisor.com/2022/11/03/irs-criminal-investigation-had-90-conviction-rate-in-2022/72807/

Wednesday November 9, 2022 – The IRS calls an audit an “Examination of Returns.” The IRS accepts most federal tax returns just as they are filed. Some returns, however, are selected for review. The IRS selects returns for audit by computerized screening, random sample, or by an income document matching program.

An examination can take place in several ways. Some audits are handled exclusively by US Mail, in the taxpayer’s home or place of business, at an IRS office or at your representative’s office. The time, place, and manner of the audit are negotiable.

Attorney Steven A. Leahy reviews the 11 things you need to know to avid an IRS audit (plus one bonus).