Tuesday June 21, 2022 – It is Crypto Tuesday! If you have been paying any attention to the Crypto market this past week – you watched the price of Bitcoin – and other tokens – fall like a rock, only to bounce back a little over the last several days.

Is this a Dead Cat Bounce? Or a real rebound. For those not familiar with the term “Dead Cat Bounce,” here is the definition from merriam-webster.com: a brief and insignificant recovery (as of stock prices) after a steep decline.

Attorney Steven A. Leahy looks at the recent Cryptocurrency market swings on Today’s Tax Talk.

https://www.cnbc.com/2022/06/20/bitcoin-btc-rebounds-but-struggles-to-hold-above-20000-.html

https://www.merriam-webster.com/dictionary/dead-cat%20bounce

Rep. Gaetz: Why Has Biden’s IRS Purchased More Than $700K Of Ammo

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 June 20, 2022 – The IRS has been hammered in the Customer Service Department. Last year the IRS only answer 1 in every 9 phone calls. The IRS had plans to automate phone calls using robots by 2024.

The current IRS backlog has moved the phone answering Robots up several years. At the end of 2021, the IRS started using Robots that could assist taxpayers with questions that don’t require authentication of the taxpayer’s identity or access to their private information.

By the end of May 2022, the Robots have answered more than 3 million such calls.

On Friday June 17, 2022 the IRS announced that individuals who receive a mailed notice from the IRS, can call a Robot and set up a payment without speaking with an IRS employee. To do that you must owe less than $25,000 and be prepared to pay the full balance within 72 months or before the Collection Statute Expiration Date.

Attorney Steven A. Leahy explains the the IRSRobot plan on Today’s Tax Talk.

IRS expands AI-powered bots to set up payment plans with taxpayers over the phone

https://abcnews.go.com/Politics/irs-rolls-artificial-intelligence-callers-make-payments-resolve/story?id=85467107

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 June 15, 2022 – We all know of the infamous IRS backlog. We hear about it all the time. The Commissioner of Internal Revenue Charles Rettig has promised to resolve the backlog by the end of 2022.

Some recent photographs showing rooms full of files that have yet to be processed bring the enormity of the problem to light. The IRS, however, is using the photos to campaign for – wait for it – more funding!

Natasha Sarin, a tax policy and implementation counselor at the Treasury Department tells us “”[t]here’s no question that strategically starving the IRS of resources shortchanges American taxpayers,” She continued, “[d]edicated IRS employees working through the enormous paper backlog are doing so with near-obsolete technology, and 1970s level staffing. It’s time to deliver the sustainable resources for a modernized IRS every American can depend on.”

Attorney Steven A. Leahy reports on the IRS Backlog on Today’s Tax Talk.

https://www.businessinsider.com/photo-irs-why-refund-checks-delayed-paper-unprocessed-tax-returns-2022-6

https://www.fastcompany.com/90761498/the-irs-backlog-of-paper-tax-returns-is-even-more-horrifying-when-you-see-it-in-pictures

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 June 14, 2022 – What goes up, must come down. The old axiom rings true. Look at Bitcoin – the Gorilla of crypto – it was trading at nearly $70,000.00 in November 2021. Today, Bitcoin went below $21,000 for a short time. It’s fallen 25% in the past five days alone, to its lowest value in 18 months.

Crypto has always been volatile – it has weathered several “Crypto Winters” in its short life. Last month two coins, TerraUSD and cryptocurrency Luna, both of Terraform Labs, dropped to nearly zero in value.

Terraform Labs has since introduced Luna 2.0. “A chance to rise up anew from the ashes,” said Do Kwon, founder of Terraform Labs.

Attorney Steven A. Leahy takes a look at the ashes of the market to see if the phoenix will rise again on Today’s Tax Talk.

https://www.bbc.com/news/technology-61796155

https://www.msn.com/en-us/news/technology/their-cryptocurrencies-crashed-the-market-now-they-e2-80-99re-back-at-it/ar-AAXX7ZH

https://threadreaderapp.com/thread/1536476104986267648.html

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 June 13, 2022 – The IRS is not too active collecting immediately after tax season. After all, they have a lot to do. But, come to the end of June, into July, expect the IRS to start contacting you about any unpaid tax, or any questions they might have about matching information returns with tax returns.

IRS Form CP14 is the first in a series of letters the IRS will send you if there is an unpaid balance for the last tax year. When asked, “What is the notice about?” The IRS answers, “We sent you this notice because you owe money on unpaid taxes.”

If you receive IRS Notice CP14 – read it carefully. The notice will tell you how much the IRS says you owe, when the IRS expects you to pay, and what to do if you disagree.

If you disagree – contact the IRS right away. Object! If the IRS is correct, and you can pay, pay right away to avoid penalties and interest.

If you can’t pay – this Notice is not the last you will hear from the IRS. There is a series of letters the IRS must send BEFORE they can take anything away from you (Levy). So, you still have some time to work out an Installment Agreement, or some other remedy with the IRS.

Attorney Steven A. Leahy helps taxpayers who owe the IRS. So, he has seen IRS Notice CP14 before.

https://www.irs.gov/individuals/understanding-your-cp14-notice

https://www.nbc4i.com/news/local-news/columbus/still-owe-taxes-heres-an-irs-notice-to-watch-for/

https://www.cbsnews.com/news/irs-cp14-notice-taxes-due/

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