Biden’s Build Back Better Bill has hit a brick wall in the Senate. After fighting its way through the House last month – passing with the help of 13 “Republicans” – it appeared the Bill would sail through the Senate.

But, with many Senators objecting to Bank Reporting Requirements, others objecting to doubling the size of the IRS and still others objecting to the expanded child credits the demise of the Bill was inevitable.

The objections to other items in the legislation, such as long-term home health care, generous child care subsidies, expanded Medicare benefits, universal prekindergarten and raising the cap on state and local tax deductions never really reached the stage for debate. .

The Senate is said to put the vote off until early next year, or maybe next March. But, according to Senator Graham, the “Bill is Dead Forever.”

Attorney Steven A. Leahy reviews the latest news articles about Biden’s Build Back Better Bill.

Biden’s Build Back Better Plan proposes a whooping $80 Billion increase to the IRS budget, adding roughly 87,000 new employees. That’s nearly doubling the current size of the IRS.

Many in Congress are questioning the wisdom of such a move. Senators Grassly, Capito, & Thune and others have publicly objected to the IRS budget increase. Citing past IRS indiscretions and outright bulling of taxpayers, those Senators have said no to the Build Back Better Plan.

Last week Attorney Leahy talked about the IRS case against Charlie Sheen. This week the IRS publicized their case against the actor Chris Tucker. Make no mistake, there will be additional cases in the news in the coming weeks – just as tax season approaches. The purpose is to scare American Taxpayers to tow the line.

Everyone should pay their fair share in taxes, as dictated by the IRS Code. But, harassing taxpayers and making examples out of some in order to scare overcompliance – which is what happens when taxpayers are frightened about what can happen if they make a mistake – is wrong.

Attorney Steven A. Leahy reviews this matter with his viewers and listeners.

Charlie Sheen owes the IRS. For tax year 2015 the IRS said Sheen owed nearly $5 million. Sheen claimed he could not pay the full amount. He sought an installment agreement, then an offer-in-compromise. The IRS denied both.

So, in 2018 Sheen took his case to the United States Tax Court. While the case was pending, the IRS claimed Sheen owed additional monies for 2016 and 2018. Sheen combined all the cases and offered $3.1 million to settle the matter. The IRS calculated he could pay 3 or 4 times that amount. The Tax Court agreed with the IRS.

Attorney Steven A. Leahy reviews this case as only a Tax Attorney who helps taxpayers with IRS collection cases can.

Steven A. Leahy is a tax attorney in Illinois. He is 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

The IRS National Taxpayer Advocate’s Office recently held discussions about temporarily shutting down IRS phone lines. The IRS needs to focus on clearing the unprecedented backlog of unfiled returns. Some 5.9 million individual 2021 returns and 2.7 million amended 2021 returns are still unprocessed.

Attorney Steven A. Leahy reveals the disappointing numbers as released by the IRS

In addition, the Taxpayer Advocates Service has stopped accepting cases for those with amended returns. “Under our current procedures, [we do] not accept cases in which we cannot meaningfully expedite or improve case resolution for taxpayers,” it said, and “amended returns fall into this category.” What is a taxpayer to do?

Attorney Steven A. Leahy reveals the numbers the IRS released in their recent report “Review of the 2021 Filing Season.”

Any Cryptocurrency observer knows the Crypto Roller-Coaster can occur at ANY time. It happened again! Bitcoin lost more than 20% OVERNIGHT!

Why is the price Fluctuating? Many different reasons have been presented – the stock market.- new Omicron variant – the Federal Reserve’s response to Inflation – Pick your poison.

The BIG winner this week was the new Omicrom, a lesser known Cryptocurrency that took off after the World Health Organization named the newest Coronavirus variant after the Greek letter.

Attorney Steven A. Leahy rides the rollercoaster!