Chicago IRS Tax Attorney

Chicago Tax Team - We help business professionals solve their IRS problems - FOREVER!

Call Us 312-664-6649
Free Consultation
  • IRS Radio Hour
    • IRS Radio Hour Show – 8/31
    • IRS Radio Hour Show – 8/23
    • IRS Radio Hour Show – 8/17
    • IRS Radio Hour Show – 8/10
    • IRS Radio Hour Show – 8/03
    • IRS Radio Hour Show – 7/27
    • IRS Radio Hour Show – 7/13
    • IRS Radio Hour Show – 7/06
    • IRS Radio Hour Show – 6/29
    • IRS Radio Hour Show – 6/22
    • IRS Radio Hour Audio
      • IRS Radio Hour – 6/15
      • IRS Radio Hour – 6/08
      • IRS Radio Hour – 6/01
      • IRS Radio Hour – 5/25
      • IRS Radio Hour – 5/18
      • IRS Radio Hour – 5/11
      • IRS Radio Hour – 5/04
  • Services
    • Tax Preparation
    • Tax Resolution
      • IRS Installment Agreement
      • IRS Currently Not Collectible
      • IRS Offer in Compromise
      • IRS Penalty Abatement
      • Presidential Tax Resolutions Timeline
    • Bankruptcy
      • Chapter 7
      • Chapter 13
    • Foreclosure Defense
  • About Us
    • Why Us
  • Testimonials
  • Today’s Tax Talk
    • Steven Leahy – Legal Questions Answered
  • Contact Us

Are Federal Agencies Killing Crypto In US?

March 8, 2023 by admin

Crypto-Tuesday March 7. 2023 – Cryptocurrency has emerged as a popular form of investment and a means of trade. The US government has been increasingly cracking down on the use of cryptocurrencies, with various agencies taking steps to curb their use.

Today we will explore how US agencies are killing cryptocurrency in the US and the impact it may have on the future of digital currencies.

One of the most significant moves against cryptocurrencies in the US was made by the Internal Revenue Service (IRS) in 2014. The IRS declared that cryptocurrencies should be treated as property for tax purposes, which meant that any gains from the sale of cryptocurrencies would be subject to capital gains tax.

This was a major blow to cryptocurrency investors, who had previously enjoyed tax-free gains from their investments. The decision by the IRS to tax cryptocurrencies has made it more difficult and costly for individuals to trade in digital currencies.

The Securities and Exchange Commission (SEC), under Chairman Gensler, has taken legal action against cryptocurrency companies. Going so far as to say that “everything but Bitcoin” should be considered a security and regulated as such.

The ongoing legal battle between the SEC and Ripple may decide the fate of the entire crypto industry and whether many cryptocurrencies survive. Ripple CEO Brad Garlinghouse has said Crypto companies have “already started moving outside” the US to avoid the heavy hand of the SEC.

More recently, the US Treasury Secretary, Janet Yellen, said it was “critical to put in place a strong regulatory framework.“ While she stopped short of calling for a ban on Cryptocurrencies, there have been very powerful forces stating that banning crypto should be an option.

And today, Federal Reserve Chairman Jerome Powell, restated his heavy warnings to banks that the Federal Reserve are watching their Cryptocurrency moves closely. Saying, “We see in crypto activity lots of things that suggest that regulated financial institutions should be quite cautious in doing things in the crypto space.”

Some experts believe that cryptocurrencies will continue to thrive despite the increased scrutiny, while others believe that they will struggle to gain widespread adoption if they are subject to onerous regulations. In any case, the US government’s increased scrutiny of cryptocurrencies has had a significant impact on the industry.

The tax treatment of cryptocurrencies, along with proposed regulations from a host of United States Government Regulatory Agencies, including, the IRS, the SEC, the Department of Treasury, the Federal Reserve Board, and others, have made it more difficult and costly for individuals to trade in digital currencies. While some argue that this regulatory crackdown is necessary to prevent illicit activities, others worry that it will stifle innovation and prevent the growth of this possibly freedom enhancing technology.

Attorney Steven A. Leahy looks at the regulatory landscape in this Crypto-Tuesday episode of Today’s Tax Talk.

https://coinflip.tech/markets

https://cointelegraph.com/news/u-s-treasury-janet-yellen-calls-for-strong-regulatory-framework-for-crypto-activities

https://www.coindesk.com/policy/2023/03/07/federal-reserves-powell-we-dont-want-to-strangle-crypto-innovation-but-sector-is-a-mess/

https://www.thestreet.com/crypto/news/ripple-ceo-crypto-will-go-overseas-due-to-sec-regulations

https://www.nasdaq.com/articles/secs-gensler-warns-crypto-investors-but-differentiates-bitcoin


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

Filed Under: Today's Tax Talk Tagged With: blockchain, Crypto, cryptocurrency, IRS

Has SEC’s Gensler Decided Against Crypto?

March 1, 2023 by admin

Crypto-Tuesday February 28, 2023 – Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission (SEC), has come out with a statement that all digital assets, besides bitcoin, are securities. But according to various lawyers, his opinion cannot be taken as law without the SEC having to prove its case in court for each individual token, a process which would be incredibly timely and expensive.

Gabriel Shapiro from the Delphi Labs outlined that it would take 12,305 lawsuits for this to happen, making it unfeasible for most token creators. He also noted that registration is not feasible as there is no clear path for it. Overall, this statement has sparked fear in the industry as to what the SEC’s plan for crypto.

That said, it is important to note that Gensler’s opinion should not be taken as the final legal determination – although powerful. Ultimately, judicial decisions determine what the law means and how it applies.

In conclusion, Gensler’s comments are something to be feared, as his opinion could have a dramatic impact on how things are regulated. Remember, Gensler has been asked to recuse himself in crypto enforcement cases because of his clearly bias statements.

Attorney Steven A. Leahy reviews the current SEC vs Crypto standings on Today’s Tax Talk.

https://coinflip.tech/markets

https://cointelegraph.com/news/crypto-lawyers-flame-gensler-over-claims-that-all-crypto-are-securities

Ripple asks SEC chair to recuse self from crypto enforcement cases

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

Filed Under: Today's Tax Talk Tagged With: blockchain, Crypto, cryptocurrency, SEC

Blockchain – Tokenized

February 7, 2023 by admin

Crypto-Tuesday February 7, 2023 – Tokenizing assets like stocks, bonds and real estate has been an idea bandied about within the financial services industry for years. Blockchain-based platforms such as Ethereum are now leading the way to do just that.

Tokenized blockchains are used to expedite financial transactions and create new opportunities for smart contracts, asset tokenization and decentralized financing.

It’s now up to big banks and financial institutions to show consumers that tokenization is secure, cost-efficient, and compliant with existing regulations. With their deep pockets and government-mandated external oversight, they’re the ones best positioned to do it.

As Ronald Reagan said, “Trust, but verify.” It’s time for big banks to put their money where their mouth is—literally—and prove that tokenization is the way of the future. Through this process, they have an opportunity to gain back the trust of consumers and investors who are skeptical about digital assets in general. With tokenization, America’s biggest banks can lead a revolution that not only changes how we transact with each other, but also rebuilds confidence in our financial system—one block at a time. When done correctly, it can open up new opportunities for all of us.

Attorney Steven A. Leahy examines tokenizing assets and blockchain technology on Today’s Tax Talk.

https://www.forbes.com/sites/ninabambysheva/2023/02/07/how-mastercard-goldman-sachs-and-other-tradfi-titans-are-using-blockchain-to-rewire-global-finance/?sh=621332f8339f

https://decrypt.co/120639/institutional-trader-survey-jp-morgan-crypto-artificial-intelligence


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

Filed Under: Cryptocurrency Tagged With: blockchain, cryptocurrency, Tokenized

Unlocking the Potential of Account Abstraction

January 11, 2023 by admin

Crypto-Tuesday January 10, 2023 – Account abstraction (AA) is a powerful concept that can help business owners unlock the full potential of Ethereum transactions. AA combines user accounts and smart contracts into just one account type, giving users more flexibility in validating a transaction on the blockchain.

Account abstraction (AA) is a proposal that attempts to combine user accounts and smart contracts into just one Ethereum account type by making user accounts function like smart contracts. This means that transactions on the Ethereum blockchain will have more flexibility when it comes to being validated. For instance, instead of having rigid requirements such as a valid ECDSA signature or sufficient balance to cover the cost of computation, users will be able to design their own unique criteria for validating their transactions.

One of the biggest benefits of using account abstraction (AA) is that it enables multi-owner accounts, which can be used to facilitate auto payments between multiple parties without any manual intervention. This makes AA perfect for businesses looking to streamline their payment processes. Additionally, since AA allows you to customize your own criteria for validating a transaction, you can ensure that only legitimate transactions are processed on your blockchain network. This helps minimize fraud and other malicious activity on your blockchain network.

Another benefit of using account abstraction is that it allows for much faster transaction processing times than traditional Ethereum transactions. Since users are not required to wait for confirmations from miners before processing a transaction, you can dramatically reduce transaction processing times with AA and make sure your customers get their products or services delivered promptly.

Account abstraction (AA) offers numerous benefits for business owners looking to transition onto the blockchain platform and take advantage of its features in order to streamline their operations and reduce costs associated with managing payments between multiple parties. With AA, businesses can enjoy enhanced security measures due to customizable criteria for validating transactions as well as faster processing speeds due to reduced waiting times for confirmations from miners. Ultimately, if you want your business operations to run smoothly and efficiently while enjoying maximum security and trustworthiness from customers, then account abstraction may be exactly what you need!

Attorney Steven A. Leahy takes an in-depth look at what Account Abstraction is and how it can benefit your business.on Today’s Tax Talk.

https://www.forbes.com/sites/michaeldelcastillo/2022/12/19/visa-proposal-would-bring-ethereum-users-one-step-closer-to-being-their-own-bank/?sh=7b43948521b5

https://usa.visa.com/solutions/crypto/auto-payments-for-self-custodial-wallets.html


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

Filed Under: Today's Tax Talk Tagged With: account abstraction, blockchain, cryptocurrency

Listen to the PodCast!

IRS Radio Hour

Sunday at 5:00 pm
AM 560 The Answer
LISTEN HERE

Our Resources

  • Learn about Chicago Tax Resolution Law Firm »
  • Learn About Bankruptcy Chapter 7 »
  • Look at our blog for more information »
  • Expert IRS Tax Problems - How to Solve »
  • Timeline on IRS Tax Resolutions »
  • 
  • 
  • 
  • 
  • 

Testimonials

Our Office

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

DuPage County
Kane County
Kendall County
Grundy County

Lake County
McHenry County
Will County
LaSalle County

We have helped taxpayers in Wisconsin, California, Tennessee, and perhaps your state. No matter where you call home, we look forward to your telephone call for your FREE consultation.

2525 Waukegan Road * Suite 210 * Bannockburn, Illinois 60015
Telephone: (312) 664-6649

Opem Tax Advocates, The Law Office of Steven A. Leahy, PC, Attorneys & Lawyers  Bankruptcy, Chicago, IL

Disclaimer - Privacy Policy

All text and design is copyright © 2021 Opem Tax Advocates, LLC. All rights reserved