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The SEC, IRS & US Government Do Not Like Crypto!

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In recent years, cryptocurrencies like Bitcoin and Ethereum have gained immense popularity, leading to a surge in people buying and selling digital assets. However, with the rise of these digital currencies, the Internal Revenue Service (IRS) is taking a more serious approach to ensure tax compliance in the crypto space.

For tax purposes, the IRS treats digital assets as “property,” similar to stocks or real estate. To tackle the complexities of cryptocurrency taxation, the IRS launched “Operation Hidden Treasure” in 2021, targeting individuals who fail to report their cryptocurrency income on their tax returns. Furthermore, the Inflation Reduction Act of 2022 allocated substantial funds to the IRS, a portion of which is dedicated to monitoring and enforcing cryptocurrency tax regulations.

Looking ahead, the IRS has laid out its strategic plan from 2023 to 2031, signaling its commitment to enhancing enforcement actions concerning digital assets. Stricter reporting requirements are being imposed on cryptocurrency brokers, including exchanges, which will provide the IRS with more data to closely monitor taxpayers involved in virtual currency transactions.

Taxpayers should take heed of the evolving tax reporting requirements for digital assets. Recent federal income tax returns have included questions about “digital assets,” including Non-Fungible Tokens (NFTs), which represent unique digital or real-world items on the blockchain.

Though cryptocurrencies offer a degree of anonymity, the IRS has demonstrated its ability to trace digital assets. In a recent court case, the IRS successfully obtained the cryptocurrency account information of a Coinbase customer.

To navigate the ever-changing landscape of cryptocurrency taxation, it’s crucial for taxpayers engaging in digital currency activities to stay informed and seek professional tax advice. Reporting cryptocurrency activities accurately and honestly is vital to avoid potential penalties or legal troubles with the IRS. Remember, compliance is key to stay on the right side of the law while delving into the world of digital currencies.

Article in The Pittsburg Post Gazette

https://www.post-gazette.com/business/money/2023/07/17/irs-cryptocurrency-digital-money-mining-bitcoin-bitcoin-ethereum-tax-enforcement/stories/202307160033

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

Claim Your IRS Unclaimed CASH!

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Wednesday, July 5, 2023 – The Internal Revenue Service, or IRS, is making a final call for taxpayers to claim tax refunds for the year 2019. Here’s the story

The IRS has issued a last-minute reminder to taxpayers, urging them to claim approximately $1.5 billion in unclaimed tax refunds from 2019. It is estimated that around 1.4 million individuals who filed their tax returns for that year are yet to collect their refunds.

Many taxpayers don’t realize they only have three years from the tax return due date to claim any tax refunds. Remember 2020? COVID pushed the filing date to July 17th. That means taxpayers have until July 17th of this year to claim any 2019 refunds. Unless you asked for an extension – then the deadline jumps to October 15th.
There is no penalty for filing a late return if a refund is owed. However, time is running out.

Taxpayers who are eligible to claim their refunds for 2019 should act fast. The deadline to submit their tax returns is July 17th or October 15th . After those dates, any unclaimed refunds will become the property of the U.S. Treasury, thank you.

The IRS advises eligible taxpayers to get their 2019 tax returns completed and filed BEFORE the deadline.

The IRS provides various resources on their official website, including forms, instructions, and tools to help taxpayers accurately prepare and file their tax returns. Additionally, free tax-filing assistance programs are available through volunteer organizations.

Most Taxpayers who haven’t claimed their 2019 refunds have until July 15, 2023, to do so. Make sure to gather your documents and file your tax returns promptly to avoid losing out on your unclaimed funds.

https://www.irs.gov/newsroom/time-is-running-out-taxpayers-missing-1-point-5-billion-in-refunds-for-2019-must-file-by-july-17

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

Real Lawyer Reacts to YouTube!

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Wednesday, June 7, 2023 – Attorney Steven A. Leahy has done more than 1,100 videos on YouTube. Some videos have done better than others. But, overall, the results have been disappointing, at best.

I have watched instruction videos, read YouTube books, and even attended conferences about YouTube Production. But I haven’t been able to break through.

In this video, I will tell you what I have learned.

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

Attorney Jason Newman

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Friday, May 19, 2023 – Meet Attorney Jason Newman. He practices in the areas of Civil/Commercial Litigation, Foreclosure, and Real Estate. He represents Banks, Mortgage Lenders, Loan Servicers, and various other creditors. Since 2001, he has litigated a countless number of cases in Illinois’ Federal and State Courts, while serving as Chicago-based local counsel to dozens of law firms across the Country.

Attorney Newman is also a licensed Broker with @properties, Chicago’s #1 Real Estate Brokerage. As an award-winning broker, with 35 years of combined experience as a Chicagoland REALTOR® and Foreclosure Attorney, Jason has an unparalleled knowledge of the Market.

From choosing an optimal purchase price, to reviewing offers and negotiating terms of sale, real estate deals are a science. Jason uses state-of-the-art technology to provide his clients with extensive information and reliable advice, ensuring a smooth close at the best possible price.

Attorney Newman acts as a trusted advisor, dedicated advocate, and is a strong negotiator. His combination of candor, professionalism, and keen attention to detail, has resulted in a plethora of referrals from happy clients. He genuinely values the relationships he forms, and is committed to helping homeowners achieve their goals, while consistently exceeding their expectations.

Join Attorney Steven A. Leahy, as we get to know Attorney Jason Newman.

Click Here To Reach Attorney Newman

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

Unanimous Court Limits Taxpayer Privacy

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Thursday May 18, 2023 – The Supreme Court released the much-anticipated decision in Polselli v. IRS. This case concerned a collection action of the IRS. So, I took a specific interest in this case.

While the case was often touted as a 4th amendment privacy case – that’s not how the court saw it. Rather, the court decided the case based on Statutory construction, not Constitutional Law.

Chief Justice Roberts delivered the Opinion of the Court. The court held:

“The question presented is whether the exception to the notice requirement in §7609(c)(2)(D)(i) applies only where a delinquent taxpayer has a legal interest in accounts or records summoned by the IRS under §7602(a). A straightforward reading of the statutory text supplies a ready answer: The notice exception does not contain such a limitation.”

In this case, [t]he parties did not argue, and the [court] below did not decide, the contours of [the phrase ‘in aid of the collection.'”

Justice Jackson wrote a concurring opinion (joined by Justice Gorsuch) in which she writes “Congress did not give the IRS a blank check, so to speak, to do with as it will in the collection arena.”

In her opinion, “the IRS is not necessarily exempt from notice obligations any time a tax-delinquency matter enters the collection phase.”

I only wish more Justices joined in her opinion.

While the Court upheld the IRS’s position in this instance, it did not define the full extent of the IRS’s authority to issue summonses, implying that there could be future clarification on this matter.

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

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