The Biden Administration touts the “American Families Family Plan” as “an investment in our kids, our families, and our economic future.” A “once-in-a-generation investments in our nation’s future.” But what is hidden inside this bill are Sweeping new powers for the IRS. Not only to tax us more, but to investigate our bank accounts without our permission. Senator Warren, The IRS Commissioner and others in Congress propose HUGE increases in the IRS budget to go after the famous three – The Millionaires & Billionaires, The Tax Gap, and Cryptocurrency. Be afraid. Be very afraid!

The IRS and Congress has demonized Millionaires and Billionaires for not “paying their fair share.” Under the Tax Cuts and Jobs Act of 2017 higher income taxpayers were targeted to pay more taxes through a limit on State And Local Tax (SALT) deductions. Now, Illinois and other states have found deduction workarounds for pass-through entities. Attorney Leahy reviews the new Illinois SALT workaround.

Small Business Operators can gain tax advantages by forming an S Corporation. But, there is more to it then forming a corporation and continuing your business as usual. The IRS sees a way to increase revenue by simply targeting these S Corporation owners. Attorney Steven A. Leahy reviews what a S Corporation is and the tax advantages possible using this vehicle. But there are dangers and procedures that must be followed.