Monday November 7, 2022 – This space has been reporting on the Cash App law created by the American Rescue Plan of March 2021. The law changed the tax reporting requirements for third-party payment apps from 200 Transactions AND $20,000 or more to $600 or more, no matter the number of transactions.
This change went into effect on January 1, 2022. That means the new rule won’t really come to light until February 2023 when the information Returns must be delivered to taxpayers. Third-party payment apps, like Venmo, paypall, Cash app, etc. are subject to this rule.

But, early on, Zelle let consumers know they were not subject to this new rule. Because Zelle is not a third-party payment app. Instead, Zelle is a bank-to-bank payment service not subject to the 1099-K reporting rules.

Attorney Steven A. Leahy will take a close look at Zelle’s claim on Today’s Tax Talk.

https://www.bloomberg.com/news/articles/2022-11-07/zelle-becomes-loophole-for-business

Wendesday November 2, 2022 – The IRS has recalculated the guesses they made in 2014 – 2016. And, to one’s surprise – the estimates were raised.

The estimates are made up of people who do not file taxes; underreporting, or taxes that are understated on returns that are filed timely; and underpayment, or taxes reported, but not paid, on time.

The outgoing Commissioner Charles Rettig said, “The increase in the tax gap estimates reflects that the IRS needs to do more, both in improving taxpayer service as well as working to improve tax compliance.”

The estimates for the most recent tax reporting year, 2020, vary widely, for $250 Billion to $1 Trillion, depending on who and why the number is being reported.

Attorney Steven A. Leahy looks at the latest estimates on Today’s Tax Talk.

https://cbs4local.com/news/nation-world/irs-finds-number-of-unpaid-taxes-rises-fueling-growth-of-tax-gap-internal-revenue-service-audits-income-charles-rettig-inflation-reduction-act-treasury-department

https://www.journalofaccountancy.com/news/2022/oct/growing-tax-gap-shows-need-better-service-compliance-irs-says.html

Wednesday October 26, 2022 – The IRS has become an issue in the upcoming Mid-Term elections. The GOP recently announced its Commitment to America as their election platform .

The GOP has vowed their first bill will seek to strike down the $80 Billion IRS funding recently authorized by the Democrats Inflation Reduction Act.

Recognizing the history of unfair and biased IRS actions, the GOP promises to rein the IRS in.

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

https://www.washingtonexaminer.com/restoring-america/fairness-justice/gop-new-war-irs

Tuesday October 25, 2022 – Crypto news has diminished, along with its market cap. Blockchain has taken over the space.

Blockchain in banking. Blockchain public finanicing. Blockchain in gold market. Blockchain in gaming. Its everywhere.

This expansion was predicted by John McAfee

Attorney Steven A. Leahy discusses Blockchain on Today’s Tax Talk.

https://www.yahoo.com/now/fraud-prevention-fuelling-blockchains-adoption-070000893.html

https://www.etftrends.com/crypto-channel/jamie-dimon-praises-blockchain-calling-the-technology-real/

https://www.bloomberg.com/news/articles/2022-10-16/a-proposal-to-track-gold-bars-with-blockchain-technology#xj4y7vzkg