Thursday September 8, 2022 – Recently, Congress and the Administration passed the Inflation Reduction Act. That Act authorized $80 Billion to the IRS.over 10 years. According to the United States Department of Treasury, the money “could fund 86,852 full-time hires through 2031.”

Add the 10,000 additional employees authorized just prior to the Inflation Reduction Act passing, and we are at nearly 97,000 new hires.

Just what will the IRS do with the new workers? Well, more than half of the money is allocated to enforcement. Read that as “audits.”

What can you do to prepare for the 87,000 plus surge in the IRS? Attorney Steven A. Leahy addresses that question on Today’s Tax Talk.

https://www.forbes.com/sites/robertwood/2022/09/07/irs-audits-with-no-time-limit-and-no-statute-of-limitations/?sh=11456d35526d

Consequences of 87,000 New IRS Employees

https://www.msn.com/en-us/news/us/my-irs-audit-from-hell-over-a-small-boat-and-the-folly-of-87000-new-agents/ar-AA11fccU

IRS Audits – What are they looking for?

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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

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

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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

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

eBay Turns to YouTube to Share Tax Message

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

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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

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

US looks to provide customer protections to crypto investors in this new bill

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

US Congressman Says the SEC Acts Like a “Shakedown Authority” with Crypto

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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