The 2,100-page Infrastructure Bill is full of payoffs for special interests. One of the most egregious examples is the change in the tax law granting trial attorneys to deduct legal fees as they incur them … Continue reading Infrastructure: Tax Breaks For Trial Attorneys
Flawed Infrastructure Crypto Provision
The new infrastructure bill expands the definition of cash to include “digital assets” and includes tax reporting provisions that capture Miners, stakers, lenders, decentralized application and marketplace users, traders, businesses, and individuals into these reporting … Continue reading Flawed Infrastructure Crypto Provision
Attorney Steven A. Leahy
Steven A. Leahy is the Principal of the Law Office of Steven A. Leahy, PC and Opem Tax Advocates. He is a regular contributor on law and tax-related matters across Chicago media, including WGN 720 Radio, … Continue reading Attorney Steven A. Leahy
New Tax Plan Expands SALT
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 … Continue reading New Tax Plan Expands SALT
How COVID Changed The IRS
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 … Continue reading How COVID Changed The IRS
Stablecoin – New Tech, Old Reg??
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 … Continue reading Stablecoin – New Tech, Old Reg??
Funding The IRS
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 … Continue reading Funding The IRS
Attorney Dennis Favaro
Attorney Favaro protects, defends and advocates for the rights of Illinois employees. Dennis R. Favaro is a principal and managing partner of Favaro & Gorman, Ltd. He has provided legal counsel and services, including all … Continue reading Attorney Dennis Favaro
RIP IRS Bank Reporting ?
IRS Bank Reporting has been a hot issue all summer long. Today’s Tax Talk has been bringing this issue to the forefront since May 2021, knowing if the public knew of these plans there would … Continue reading RIP IRS Bank Reporting ?
The Constitution Stands In The Way
The Administration looks to upend the Constitution in order to obtain the money necessary to “reshape” America. The Bank Reporting provision may have been defeated. So, the Wealth tax has been introduced as an alternative. … Continue reading The Constitution Stands In The Way
