Have you heard of a Decentralized Autonomous Organization (DAO), Non-Fungible Tokens (NFT), or WEB3? If you haven’t, listen up.

First Decentralized autonomous organizations (DAOs) are typified by the use of blockchain technology to provide a secure digital ledger to track digital interactions across the internet, hardened against forgery by trusted timestamping and dissemination of a distributed database.

Non-Fungible Tokens (NFT) are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can be used as a medium for commercial transactions.

Finally, WEB3, also known as Web 3.0, is an idea for a new iteration of the World Wide Web that incorporates decentralization based on blockchains. It is often contrasted with Web 2.0, wherein data and content are centralized in a small group of companies and Web 1.0. Web 1.0 refers roughly to the period from 1991 to 2004, where most websites were static webpages, and the vast majority of users were consumers, not producers, of content.

In this episode of Today’s Tax Talk, Attorney Steven A. Leahy reviews the latest news in Crypto and blockchain.

Biden’s Build Back Better Plan has been delayed – but not killed! the US Chamber of Commerce, Republican Senators, and Editorial Boards across the Nation are still strongly opposing making the IRS bigger and more powerful than ever.

They oppose the $80 billion increase in IRS funding and the 87,000 additional employees proposed by the Bill. The best step, say many, would be to eliminate the IRS altogether, pointing to the history of abuse and targeting for politics rather than policy.

The Bank Reporting scheme is also not yet dead. So, Senators Carpo and Capito, among others, continue to speak out about the plan.

Attorney Steven A. Leahy looks at the reports opposing making the IRS Bigger and More Powerful than ever before.

This week on Crypto Tuesday we begin, like we always do, with a review of the markets. We all know the rollercoaster ride cyrpto can be. Where are we this week?

Next, while Cryptocurrency is not new, many are hearing the “Crypto Lingo” for the first time. We review and comment on an article from Kim Komando in which she lists “10 cryptocurrency terms people use every day.” How many terms do you know?

Finally, Attorney Steven A. Leahy looks at the progress of El Salvador and their Bitcoin experiment.

The TREASURY INSPECTOR GENERAL FOR TAX ADMINISTRATION (TIGTA) conducts a yearly audit to “assess the adequacy and security of the IRS’s information technology.”

Problems were reported in the IRS’s handling of the privacy of taxpayer data, access controls, system environment security, information system boundary components, network monitoring and audit logs, disaster recovery, roles and responsibilities, and separation of duties, as well as security policies, procedures, and documentation.

Two of five function areas of the IRS’s Cybersecurity Framework were rated “not effective,” namely its ability to identify its cybersecurity risks, and its ability to detect cybersecurity incidents. In both areas, TIGTA said that the IRS had defined policies, procedures and strategies, but that they were not consistently implemented, leaving taxpayer information at risk.

Attorney Steven A. Leahy discusses the report and its impact on taxpayer data.

Milan M. Filipovich is a long time friend and regular guest on the Trust Radio Network. Attorney Filipovich’s practice centers on helping people with Criminal Defense & Family Law legal issues.

Attorney Filipovich was recently honored with the distinction of “Rising Star” by Super Lawyers. Rising Stars is a designation of top-rated practicing attorneys selected through extensive evaluation.

Attorney Filipovich shares his insight into important legal issues and practical direction to the public on police interactions. You can reach Attorney Filipovich can be reached at 1800 BEATDUI