Thursday April 21, 2022 – The Biden Build Back Better Plan is still being pushed by some in Congress. You can predict, right after Tax Day, 2 things: First, the IRS will ask for more money to preform their duties (we covered that yesterday). Second, we should give the IRS more power to make filing easier.

One can find a plethora of stories detailing how cheap it is in other countries to prepare taxes. “In Sweden, you get a text message,” “In Croatia it takes five minutes.” The one element these stories leave out – is government control. If the government controls every aspect of citizens lives and has these details readily available, the government can make these decisions for the citizens.

It may be cheaper – out of pocket for taxpayers – the real cost is much more. There is an old saying – if you want to make something really expensive – make it FREE.

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

https://www.bloomberg.com/news/articles/2022-04-21/crypto-billionaire-rankles-wall-street-with-futures-trading-plan

Wednesday April 20, 2022 – It is now common knowledge that the IRS is woefully understaffed and underfunded. In fact, Natasha Sarin, the Treasury’s counselor for tax policy and implementation asserted “chronic underfunding [] has starved the IRS of the tools it needs to serve the American people.”

Is that right? Has the IRS been starved of resources? Should the American public agree to double the size of the agency, as President Biden has asked? Would doubling the size of the IRS solve all of our budget problems?

Attorney Steven A. Leahy considers these questions, and more, on Today’s Tax Talk.

https://www.npr.org/2022/04/18/1093380881/on-tax-day-the-treasury-department-urges-for-more-funding-to-the-irs

https://www.businessinsider.com/americans-get-do-taxes-quickly-for-free-irs-funded-treasury-2022-4

Thursday April 14, 2022 – Tax Season is coming to a close. Your tax return must be filed (or postmarked) by April 18, 2022. Every year, a large portion of taxpayers ask for an extension.

Here are some things you should know about an IRS extension. First, extensions are automatic, as long as you file a request with the IRS before the deadline. Next, even you get an extension, the extension is only an extension of time to file the return – not to pay any tax that is due.

That begs the question: how do I know how much to pay the IRS if my return hasn’t been completed? The answer is – you won’t know. But, you can estimate. And you should estimate on the high side if you want to avoid any penalty. If you overpay you will receive a refund – like most Americans.

Attorney Steven A. Leahy reviews tax return extensions AND what you should know about them.

https://www.cbsnews.com/news/tax-extension-file-how-to-2022-04-14/

Tuesday April 12, 2022 – Federal Regulators, from most every agency, are looking into regulating all things Crypto. The Biden Administration recently issue an Executive Order – directing them to do do. But, here is the thing about Federal Regulations – they take a VERY long time to implement.

The Crypto industry moves quickly. They don’t have time to wait for the Federal Government to, first educate themselves about the nuances of Crypto, then draft meaningful regulations, get those regulations passed, and finally to apply the regulations.

So, the Crypto industry is taking a State by State approach to get the laws they need enacted.

Attorney Steven A. Leahy reveals this strategy with you on Today’s Tax Talk.

Monday April 11, 2022 – The Governor of Minnesota, Tom Waltz, issues 3 Executive Orders imposing and modifying a moratorium on residential evictions in the state. A property owner of rental units in Minnesota objected and filed an action in District Court, contending the Executive Orders violated their rights protected under the contract clause, the takings clause, the due process clauses, and the First Amendment to the U.S. Constitution as well as state law.

The District Court dismissed the case – on all three grounds and the property owner appealed to the Eighth Circuit Court. On April 5, a unanimous panel of the US Court of Appeals for the Eighth Circuit ruled that a Minnesota state eviction moratorium likely qualifies as a taking of private property requiring compensation under the Takings Clause of the Fifth Amendment.

Attorney Steven A. Leahy reviews this case for its important implications to private property rights.

https://news.bloomberglaw.com/coronavirus/minnesota-landlord-gets-covid-eviction-moratorium-suit-revived