Thursday September 1, 2022 – We all know the IRS is growing – their staff is more than doubling and they have been awarded $80 Billion. More than half of that money is targeted for enforcement.

Many are concerned about doubling the size of the most feared agency in American life. But, the IRS and thier propagandists are playing down the whole matter.

:The IRS isn’t hiring an army of auditors. The IRS isn’t arming 87,000 new agents. The IRS isn’t targeting anyone who makes less than $400,000 per year. and on and on.

These news stories are simply parroting the talking points of the adminiistration without really looking at the IRS portion of tne Inflation Reduction Act.

Attorney Steven A. Leahy exposes the propaganda on Today’s Tax Talk.

https://www.thedailybeast.com/its-about-time-we-properly-funded-the-irs

https://www.cnbc.com/2022/08/31/irs-is-not-hiring-an-army-of-auditors-whats-really-happening.html

https://www.cbsnews.com/news/irs-safety-review-worker-threats/

https://www.yahoo.com/news/80-billion-irs-money-083000868.html

Wednesday August 31, 2022 – As we talked about on this show, the Amercian Rescue Plan required third-party e-commerce platforms like eBay, Poshmark, Mercari, Depop, and Tradesy to issue a 1099-K tax form to anyone with a total revenue of more than $600. A dramitic change to the old requirement of $20,000.00 in reveneue AND 200 or more transactions.

Well, EBay is now demanding social security numbers from anyone with $600 in sales – or their account will be locked until they comply.

Over and over, I opined that eBay and other cash app vendors would send 1099-Ks to anyone who met the threshold. Over and over, the IRS said no, this will not change the tax consequences of this sales. Only goods and services would be taxed.

Well, that’s still true. But, taxpayers who receive more than $600.00 will receive a 1099-K and have to prove to the IRS that the funds were not payments of goods or services.

It will be a nightmare for taxpayers!

Attorney Steven A. Leahy reveals the truth about 1099-Ks on Today’s Tax Talk.

https://www.msn.com/en-us/money/personalfinance/why-new-irs-rules-will-be-an-absolute-disaster-for-casual-ebay-users/ar-AA11jpLW?fromMaestro=true

https://www.aol.com/finance/used-paypal-venmo-look-irs-120033620.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAMukIXC-mlzESc-116NP8JUBjLAOyIQAdC9k6o9LWuPbQBAsiGGoZCIvlYeWfN88NtNwtf8P6lsMiU-8NCgfNEmKw4GbUprlL21CDs3mvFGP9RkenZeinjNU5U3Eo2T3sH5zjKWuwJip5PXurhgD3sxJUSN4QJMwpZgKJ2cKDm8y

Tuesday August 30, 2022 – The battle for control of the Digital Asset marketplace is fully engaged. The question “will the US Government control cryptocurrency and other digital assets” has been answered. Yes.

The new question is “Which government regulatory agency will win the battle of funding – and with funding, control – of the digital market place.

The battle lines are drawn – Recently, a bill was introduced in the United States Senate, Digital Commodities Consumer Protection Act of 2022. That bill “[g]rants the Commodity Futures Trading Commission (“Commission”) exclusive jurisdiction over digital commodity trades, except for transactions in which a merchant or consumer is using a digital commodity solely for the purchase or sale of a good or service.”

Meanwhile, Gary Gensler, the Chairman of the Securities and Exchange Commission, has staked a claim for the SEC to take the lead regulatory role in controlling the cryptocurrency and digital asset marketplace. The winning agency will be showered with funding – and power – to direct the future of the United States economy.

Attorney Steven A. Leahy exposes the battle that is now underway on Today’s Tax Team.

https://www.klgates.com/CFTC-and-SEC-Perspectives-on-Cryptocurrency-and-Digital-Assets-Volume-I-A-Jurisdictional-Overview-5-6-2022

https://www.foxbusiness.com/features/gary-gensler-gross-sec-overreach

Monday August 29, 2022 – The recently passed Inflation Reduction Act awards the IRS $80 Billion, nearly doubling the IRS Budget. Earlier this year Congress approved an increase in IRS budget to add 10,000 employees. But, the IRS has had trouble finding enough bodies to fill the spots.

So, the IRS is set to hire 87,000 new employees AND fill the 50,000 jobs open from retirement. Having problems filling the audit spots would be the best thing for the American people.

The IRS has demonstrated their inability to manage the budget they have. This massive increase in the IRS Budget will not make the IRS great administrators.

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

https://www.cnbc.com/2022/08/26/op-ed-the-irs-just-isnt-prepared-for-the-inflation-reduction-act.html

https://finance.yahoo.com/video/irs-commissioner-op-ed-really-210728003.html

Attoreny Steven A. Leahy asks the question – Why not answer real questions Commissioner on Today’s Tax Talk.

https://finance.yahoo.com/news/irs-sets-the-record-straight-130049197.html

https://nypost.com/2022/08/13/gop-demands-answers-on-700k-ammo-stockpile-for-irs-enforcement/

https://www.verifythis.com/article/news/verify/government-verify/internal-revenue-service-did-buy-nearly-700k-in-ammunition/536-0ce9f538-a372-4c26-8013-1ab4e571578c