Chicago IRS Tax Attorney

Chicago Tax Team - We help business professionals solve their IRS problems - FOREVER!

Call Us 312-664-6649
Free Consultation
  • IRS Radio Hour
    • IRS Radio Hour Show – 8/31
    • IRS Radio Hour Show – 8/23
    • IRS Radio Hour Show – 8/17
    • IRS Radio Hour Show – 8/10
    • IRS Radio Hour Show – 8/03
    • IRS Radio Hour Show – 7/27
    • IRS Radio Hour Show – 7/13
    • IRS Radio Hour Show – 7/06
    • IRS Radio Hour Show – 6/29
    • IRS Radio Hour Show – 6/22
    • IRS Radio Hour Audio
      • IRS Radio Hour – 6/15
      • IRS Radio Hour – 6/08
      • IRS Radio Hour – 6/01
      • IRS Radio Hour – 5/25
      • IRS Radio Hour – 5/18
      • IRS Radio Hour – 5/11
      • IRS Radio Hour – 5/04
  • Services
    • Tax Preparation
    • Tax Resolution
      • IRS Installment Agreement
      • IRS Currently Not Collectible
      • IRS Offer in Compromise
      • IRS Penalty Abatement
      • Presidential Tax Resolutions Timeline
    • Bankruptcy
      • Chapter 7
      • Chapter 13
    • Foreclosure Defense
  • About Us
    • Why Us
  • Testimonials
  • Today’s Tax Talk
    • Steven Leahy – Legal Questions Answered
  • Contact Us

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

July 21, 2023 by admin

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

Filed Under: Cryptocurrency, Today's Tax Talk Tagged With: Crypto, crypto-tax, cryptocurrency

Claim Your IRS Unclaimed CASH!

July 5, 2023 by admin

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

Filed Under: Today's Tax Talk Tagged With: IRS, Refund, taxrefund

Attorney Karen Conti

June 30, 2023 by admin

Friday June 30, 2023 – For more than 35 years, Karen Conti has been a dynamic and influential attorney in the local and national legal community. Karen has intensive and diverse trial experience from the Circuit Court of Cook County to the U.S. Supreme Court. At the same time, Karen has exceptional negotiation skills which allow her to quickly and creatively settle matters with the least possible expenditure of time and money. She is formally trained and certified as a mediator and in collaborative law. Karen’s handling of numerous high-profile cases has created her reputation for fierce advocacy among judges and other lawyers.

Karen now concentrates much of her practice in family law, where she has gained prominence among her peers and the bench. She was appointed by Illinois House Speaker to assist in redrafting the new family laws that took effect in Illinois in 2016. She was solely responsible for the statute regarding grounds for divorce, which modernizes and streamlines the dissolution of a marriage. Karen was a keynote speaker at the Family Rights Rally at the Lincoln Monument in Washington, D.C. on the issue of child custody and parental alienation. As a former partner with the prestigious family law firm of Beermann LLP, she handled cases from the highest net worth clients to simple matters of dissolution of marriage. She has represented sports celebrities, politicians, police officers, teachers, artists and stay-at-home mothers.

Karen further distinguishes herself from other lawyers because she is in constant contact with her clients. She and the client discuss goals and devise a game plan. This gives the case direction and allows Karen to prepare aggressively for hearings and arguments, achieving the very best results.

Join Attorney Steven A. Leahy in welcoming Attorney Karen Conti to the program.

Click Here To Reach Conti & Dolan

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

Filed Under: Trust Radio Network

Attorney James Lowry

June 16, 2023 by admin

Friday, June 16, 2023 – Attorney James Lowry practice includes Real Estate. Estate Planning and Commercial Litigantion. Jim is an Illinois native who grew up in Palatine, IL. He attended Texas Christian University for his undergraduate studies, earning a B.A. in Finance in 1999.

In 2004, he graduated from Southern Illinois University with his Juris Doctor and was admitted to the bar in Illinois that same year. He was also admitted to practice in Wisconsin in 2005 and he earned an LL.M. in Taxation with Honors in 2010 from Chicago-Kent.

Jim also holds a managing real estate broker’s license and is a Realtor.

Jim has a wide breadth of experience in litigation and transactional matters. The Law Offices of James Lowry opened in January 2011 and continues to succeed.


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

Filed Under: Trust Radio Network

Real Lawyer Reacts to YouTube!

June 8, 2023 by admin

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

Filed Under: Today's Tax Talk Tagged With: Lawyer, Reaction, YouTube

  • « Previous Page
  • 1
  • …
  • 8
  • 9
  • 10
  • 11
  • 12
  • …
  • 116
  • Next Page »

Listen to the PodCast!

IRS Radio Hour

Sunday at 5:00 pm
AM 560 The Answer
LISTEN HERE

Our Resources

  • Learn about Chicago Tax Resolution Law Firm »
  • Learn About Bankruptcy Chapter 7 »
  • Look at our blog for more information »
  • Expert IRS Tax Problems - How to Solve »
  • Timeline on IRS Tax Resolutions »
  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

Testimonials

Our Office

Our Office has represented Clients throughout Chicago & Northern Illinois. We represent many clients from Cook County; however, we have represented clients from:

DuPage County
Kane County
Kendall County
Grundy County

Lake County
McHenry County
Will County
LaSalle County

We have helped taxpayers in Wisconsin, California, Tennessee, and perhaps your state. No matter where you call home, we look forward to your telephone call for your FREE consultation.

2525 Waukegan Road * Suite 210 * Bannockburn, Illinois 60015
Telephone: (312) 664-6649

Opem Tax Advocates, The Law Office of Steven A. Leahy, PC, Attorneys & Lawyers  Bankruptcy, Chicago, IL

Disclaimer - Privacy Policy

All text and design is copyright © 2021 Opem Tax Advocates, LLC. All rights reserved