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Attorney Karen Conti

December 3, 2021 by admin

For more than 33 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.

Filed Under: Trust Radio Network

New IRS Cannabis Rules?

December 2, 2021 by admin

Under the federal Controlled Substances Act, Marijuana is a “controlled substance.” The United State Supreme Court has held that “no exception in the Controlled Substances Act exists for marijuana that is medically necessary.” Or, for recreational use for that matter.

IRS Code Section 280E “prohibits taxpayers[] from deducting any expense of a trade or business that consists of the trafficking of a controlled substance such as marijuana.” The controlled substance status also makes it difficult or impossible for Cannabis business to get a bank account. Forcing these business to deal in cash.

There have been efforts to ease the prohibition And, with the recent IRS push to track every dollar in and out of every bank account, the Secretary of the United States Treasury Department, Janet Yellen, has voiced her support to change IRS rules to allow Cannabis businesses access the banking system in an effort to “make the IRS job easier.”

Attorney Steven A. Leahy reports on the latest IRS related cannabis news.

Filed Under: Today's Tax Talk

It Ain’t Over…Til It’s Over – Bank Reporting Reconsidered

December 2, 2021 by admin

The public has objected. The Republicans have objected. 21 Democrat Congressman have objected. Several Democrat Senators have objected. Yet, Janel Yellen, The Secretary of the Department of Treasury is still pushing to have the Bank Reporting provision included in the Build Back Better Plan.

The Bank Reporting requirement would allow the IRS access to individual’s bank account “inflows and Outflows.” In addition to the $80 billion and 87,000 more tax collectors, the IRS hopes to generate $400 billion of additional tax revenue.

Attorney Steven A. Leahy campaigns against this provision AND The Build Back Better Plan.

Filed Under: Today's Tax Talk

Cryptocurrency & Your 2021 Tax Return

November 30, 2021 by admin

The IRS has made cryptocurrency (or virtual currency as the IRS calls it) a priority. The IRS specifically asked, for the first time, about “virtual currency” on Schedule 1 of the 2019 1040 tax form. In 2020 – that question was moved to page one of the 1040 return.

The early draft of 2021 IRS Tax Form 1040 includes the language “At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial of any financial interest in any virtual currency?” directly under your name and address information. So there is no getting around reporting cryptocurrency to the IRS. Remember, IRS Form 1040 is submitted under penalty of perjury!

Attorney Steven A. Leahy – the Crypto Lawyer – reviews what you need to know about cryptocurrency and your taxes.

Filed Under: Today's Tax Talk

BBB = “Total Financial Surveillance”

November 30, 2021 by admin

The Biden Administration’s Build Back Better Plan (BBB) includes a massive increase in the size and scope of the IRS. The plan provides an additional $80 Billion Dollars and 80,000 more “tax cops..” The IRS will use these additional resources to expand IRS Audits on “small businesses and households of modest means.”

The Bank Statement Reporting was not included in the house version of the Bill, but is expected to be added on the Senate side. Many Democrats in Congress have come out against that scheme, but there really is no other way to pay for BBB without increasing tax collection from American Taxpayers.

Attorney Steven A. Leahy goes though the latest news on Build Back Better to inform the public on exactly what Congress has in mind. And it isn’t good.

Filed Under: Today's Tax Talk

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

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