The Build Back Better Act (BBB) sets aside $80 Billion For the IRS. With that increase, the IRS plans on hiring 87.000 new IRS workers to target “wealthy” taxpayers.

However, as Elon Musk points out, there are only 614 billionaires in America. And, “[t]he IRS already has dedicated audit teams for high net worth individuals. The doubling of staff is for everyone else,” Musk warned,

The Administration has already told us not to pay attention to the warned Congressional Budget Office’s analysis – “The CBO has previously underestimated the revenues that increased enforcement would raise.”

Attorney Steven A. Leahy opines on these important issues on Today’s Tax Talk.

Steven A. Leahy is a tax attorney in Illinois. He is 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

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Steven A. Leahy is a tax attorney in Illinois. He is 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

The IRS announced new policies for the Offer In Compromise program. on a recent blog post titled “IRS Initiates New Favorable Offer In Compromise Policies” The National Taxpayer Advocate announced that the offer in compromise refund recoupment process will no longer be applicable for tax periods included on the Form 656.

And second, while refunds may still be offset during the time an OIC is pending, the IRS agrees that taxpayers may seek an OBR during this period.

What does this mean to the average taxpayer in collection? Absolutely nothing. The cold hard facts are – almost no taxpayer gets an Offer in Compromise as a way to settle their IRS Collection Case.

In 2020, the last year statistics are available, the IRS settled 7.4 million IRS Collection Cases. Of those settled cases, only 14,288 offers were accepted. That’s right – less than 1/4 of 1% are settled with an Offer in Compromise. And the second change – the offset bypass refund for pending offers – is only available to those “qualifying taxpayers experiencing financial hardship.”

Steven A. Leahy is a tax attorney in Illinois. He is 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

Last March Congress passed the American Rescue Plan with much fanfare. The Bill was so urgent, there was little debate. What has come to light is the new 1099-K reporting requirements for those that use cash apps like Venmo, Paypal, Cash App, and Zelle.

The old reporting rule required cash apps to report users with $20,000.00 or more in value AND at least 200 transactions. The new rule requires cash apps to report users with at least $600 in transactions, no matter how many transactions are involved. This is a monumental change to the law.

The Administration promises users will only be taxed on commercial transactions – but the onus will be on the taxpayer to prove which transaction are personal and which are commercial.

Attorney Steven A. Leahy talks about what to expect when these new rules are implemented.

Steven A. Leahy is a tax attorney in Illinois. He is 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

The promise of Cryptocurrency is in the use – or is it in the value. That is the conflict. It is hard to buy something with Crypto that may grow in value the next day. Still the real promise in Crypto, in my mind, has to do with the elimination of the middleman and the efficient transfer of value.

I spoke with Dave Guttman, Chief Growth Officer of CoinFlip about his view on Crypto. You might find that discussion interesting – here is the link to that interview – https://vimeo.com/645310789.

Attorney Steven A. Leahy has an idea where we are going – but nothing is set in stone.

Steven A. Leahy is a tax attorney in Illinois. He is 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