Congress has proposed yet another version of a Tax Bill Today. Although, as Senator Manchin points out, no one really knows what provisions are in any of the versions. Different elements are suggested as a trial balloon and quickly removed – then reinserted.

For example, the Bank Reporting provision has been floated, removed, floated again, then changed, then struck down and now it may be part of the new bill. Like wise, the family leave provisions. Initially, 12 Weeks was proposed, and then quickly eliminated. Only to be family leave reintroduced for 4 weeks.

What’s really in the Bill? No one knows. Attorney Steven A. Leahy goes over the latest news to try to bring light to this dark subject.

There is a current aphorism “COVID changed Everything!” That saying even goes to the IRS. Initially, in March 2020, the IRS shut down all operations: enforcement, collections, mail, phone, and print. These interruptions caused delays and backlogs in IRS’s enforcement caseloads even after operations resumed. The IRS even significantly reduced its efforts to enforce taxpayer compliance.

After the initial shut down, the IRS tried to move to telework – but most IRS operations were not set up for that. The IRS was tied to paper processing –

COVID has caused the IRS to reevaluate its operations. Even looking for ways to expand acceptance of digital signatures on electronic documents..

The long awaited “President’s Working Group on Financial Markets: Report on Stablecoins” was released today. The new report of these U.S. financial authorities has predicable conclusions: REGULATE.

For those who don’t know, Stablecoin is a class of cryptocurrencies that use a “stable” reserve asset, like the US Dollar or Gold, to peg their market value.

Today, stablecoins are primarily used in the United States to facilitate trading, lending, or borrowing of other digital assets, predominantly on or through digital asset trading platforms. Proponents believe stablecoins could become widely used by households and businesses as a means of payment. If well-designed and appropriately regulated, stablecoins could support faster, more efficient, and more inclusive payments options. Moreover, the transition to broader use of stablecoins as a means of payment could occur rapidly due to network effects or relationships between stablecoins and existing user bases or platforms.

With the demise of the bank statement reporting regime sought by the Administration, they have turned their attention to funding. Although, increased funding has been on the agenda from day one. The current ask is for $80 Billion over the next 10 years, a nearly 70% increase from current funding.

The goal, says the administration, is to target wealthy taxpayers with stricter IRS enforcement. “When you are focusing on audits and people see that audits are happening – especially amongst people who are situated similar to them – you have better compliance,” said Deputy Treasury Secretary Wally Adeyemo..

“When they see more cops on the beat looking at tax returns, what people will decide is that it’s better to pay than to pay the penalty in the end.”

In the meantime, a former IRS commissioner is on record as saying ““I think this funding is dramatically in excess of what the IRS needs and could probably effectively use,”