Tuesday November 22, 2022 – It is Crypto-Tuesday – Today we revisit El Salvador.  It was just about a year ago, September 2021, that the El Salvador government adopted bitcoin as legal tender along with U.S. dollars. 

This experiment has not turned out as anticipated.  In September 2021 Bitcoin was trading at around $45,000.00.  Two months later, BitCoin was trading above $69,000.00.

 Today, Bitcoin is trading at around $16,000.00.

Rather than back off, Nayib Bukele, the President of El Salvador, announced that El Salvador will continue to buy – at 1 Bitcoin per day.

Attorney Steven A. Leahy looks back – and ahead – on the El Salvador BitCoin experiment.

https://news.bitcoin.com/el-salvador-to-buy-bitcoin-every-day-starting-tomorrow-president-says/

https://bitcoinmagazine.com/el-salvador-bitcoin-news/revisiting-el-salvador-bitcoin-year-later

Monday November 21, 2022 – The inflation Reduction Act of 2022 provided $80 Billion to the IRS primarily to increase collection efforts and improve information technology. That $80 Billion could fund 87,000 new IRS Employees. Or so says report released by the Treasury Department.
The IRS currently has 78,000 employees. This doubling of the IRS has caused much concern to business owners across the country. Remember, not one Republican voted for the Inflation Reduction Act – it was passed on a purely partisan vote.

Now that the GOP will control the house, the incoming Speaker, Kevin McCarthy, and other GOP leaders are promising to reverse that spending Plan.

“On day one, in this House, we will repeal 87,000 IRS agents,” said the incoming speaker. “We will use the power of the purse – the size of our debt has to stop.”

Attorney Steven A. Leahy looks over the GOP plan on Today’s Tax Talk.

https://www.fa-mag.com/news/house-republicans-vow-to-immediately-repeal-funding-for-87-000-irs-agents-70697.html

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