Today's Tax Talk with Attorney Steven Leahy

Tuesday February 1, 2022 -The U.S. Securities and Exchange Commission has added a new stock exchange - one that will contain blockchain technology. 

BOX Exchange (BSTX), is the 17th Exchange in the US,  The SEC has taken an important step forward today in its approval of BSTX as a national securities exchange facility,” said BSTX CEO Lisa Fall in a statement. “We are eager to continue to work closely with the SEC to launch BSTX as a fully regulated exchange and to help provide capital markets with more modern tools for issuers and investors.”

SEC Chairman Gary Gensler has argued that that nearly all cryptocurrencies qualify as securities and should be regulated by his agency.

Attorney Steven A. Leahy will also "Bust" some of the myths associated with Blockchain technology.  Blockchain technology is just starting to take over.

Monday January 31, 2022 - Charlie Sheen's CPA is getting around.  I reviewed the email he sent to me about our December story on this case.  Mr. Jager also contacted Forbes about this case.  

We will look over the latest Forbes article because the author, Peter Reilly, does a very good job explaining "What Happens When You Don't Pay."  He goes on to discuss a Collection Due Process or Equivalent Hearing in general and how that worked into the Charlie Sheen case.

One more item - Mr. Reilly included his "Reilly's Tenth Law Of Tax Planning - Once the tax is more than you can pay, it might not matter how much more."  

Mr. Reilly even mentioned Attorney Steven A. Leahy and linked to my previous video on the case https://youtu.be/bBYAUnANic8.

Thursday January 27, 2022 - Recently we reviewed the National Taxpayer Advocate's Annual Report to Congress.  The big news out of that report was the finding - by the Taxpayer Advocate Erin Collins - that the IRS is in "Crisis."  Her words, not mine.

In that report, the Taxpayer Advocate lists "THE MOST SERIOUS PROBLEMS ENCOUNTERED BY TAXPAYERS."  The report goes on to report "Services Taxpayers Want and the Problems the IRS Faces in Delivering Them."

Attorney Steven A. Leahy goes through the Taxpayer Advocate Report "At a Glance."

Wednesday January 26, 2022 - We reported on the Charlie Sheen Tax Court case.  My reporting was based on a story in Forbes.  Charlie Sheen's representative, Steven Jager, contacted me about our original story.  I re-watched that episode and it looks like the story was accurate - but not complete.

It seems the story is ongoing - and Mr. Jager pointed me to a new article and his own take on the case.  The 2021 case has been remanded (sent back) to appeals.  “This case is remanded to respondent’s Office of Appeals for the purpose of affording petitioner an administrative hearing pursuant to I.R.C. section 6320 and/or 6330,” the court wrote in a January 24 order in Sheen v. Commissioner.

Attorney Steven A. Leahy shares his insight into the Charlie Sheen Tax Court Case(s).

Tuesday January 25, 2022 - The Biden Administration is causing a stir with a recent announcement there is an executive order under development that will "address the economic, regulatory, and national security challenges posed by cryptocurrencies."

The Executive Order will "assign specific roles to a broad spectrum of federal departments and agencies in developing a comprehensive U.S. digital asset strategy."  Including looking into establishing a Central Bank Digital Currency (CBDC).

The talk of creating a CBDC vs a Stablecoin.  The need to move quickly is emphasized by some.  But the surest way to slow the process down is to assign the task to a "broad spectrum of federal departments and agencies."

Attorney Steven A. Leahy will report the latest on this week's edition of Crypto Tuesday.

Monday January 24, 2022 - The 2021 Tax Filing Season opens today.  The IRS begins accepting individual tax returns and sending out refunds. The IRS has already alerted the public - through the National Taxpayer Advocate Erin Collins and Charles P. Rettig, commissioner of the Internal Revenue Service no less.

While the IRS places much of the blame on inadequate funding - the real culprit - in my opinion - is the number of paper returns that resulted from COVID restrictions and the additional responsibilities that came with them.  

Attorney Steven A. Leahy looks ahead to the 2022 tax season.

Thursday January 20, 2022 - The IRS has been promoting IRS.gov for some years, promising a list of online services and ease of use for the taxpayer.  Now that there is a record number of online users, the IRS is implementing a new plan "to secure your data."   Facial recognition.

Beginning this summer, in order for taxpayers to access their online account they will need to provide a government identification document, a selfie, credit report information, and copies of their bills to a private security company called ID.me.

That's right - not only does the IRS want all your sensitive tax information, now they want your biometric information as well.  Don't worry - all that data is secure.  Or so they say.

Attorney Steven A. Leahy reveals this new IRS scheme on Today' Tax Talk.  Won't you join him.

Wednesday January 19, 2022 - The new Cash App rule is still all over the news.  The reason it is still all over the news is because there is much confusion and no one seems to be cutting to the chase and telling the truth.  

Attorney Steven A. Leahy has read article after article, researched the IRS website, rules and regulations - and now, does an analysis of the statute - 26 USCS Section 6050W and accompanying IRS regulations.  

There is good news - bad news - and ambiguities.  The purpose of this rule is to find income people are not reporting.  To what level will the IRS rise to collect according to these regulations?  The simple answer is - the top level.

At least that is Attorney Leahy's opinion - forged with my experience dealing with the IRS for many years.

Tuesday January 18, 2022 -After reminiscing about the last year, the new year always turns to look to the future.  What does the future hold for Cryptocurrency in particular, and Blockchain in general?

In my view, new technology  brings with it the promise for a better, more independent future.  I dreamt the Internet would bring an infinite number of participants into the "village square" to discuss issues and collaborate on a better future.  

That's not what happened.  A few large corporations now dominate the internet and drown out independent voices.  

Now, Cryptocurrency and Blockchain technology hold the very same promise as the 1995 internet.  What does the future hold.

Attorney Steven A. Leahy looks into that future - find out what he sees.

Monday January 17, 2022 - Tax Season officially opens January 24, 2022 - and the IRS has launched Free File Program on January 14th.  The IRS Free file Program is a partnership between the IRS and tax preparation and filing software firms that provide their brand-name tax filing products for free.  

The popular Turbo Tax will not participate in the IRS program this year.  Turbo Tax does, however, have a free file option on its website.

“This decision will allow us to focus on further innovating in ways not allowable under the current Free File guidelines and to better serve the complete financial health of all Americans through all of our products and services, in tax preparation and beyond,” Intuit said.

The IRS Free File program is a Public-Private Partnership between the IRS and the Free File Alliance, a coalition of leading tax preparation software companies.

 two ways for taxpayers to prepare and file their federal income tax online for free:

Guided Tax Preparation provides free online tax preparation and filing at an IRS partner site. Our partners deliver this service at no cost to qualifying taxpayers. Only taxpayers whose AGI is $73,000 or less qualify for a free Federal tax return using IRS Free File guided tax preparation.

Free File Fillable Forms are electronic federal tax forms, equivalent to a paper 1040 form, you fill out online for free. If you choose this option, you should know how to prepare your own tax return. It is the only IRS Free File option available for taxpayers whose income (AGI) is greater than $73,000.

Tax Attorney Steven A. Leahy reviews this FREE option.