Tuesday August 16, 2022 – President Biden signed the Inflation Reduction Act today. You may not know the Inflation Reduction Act allocates $4.6 billion dollars to “Enforcement.”
The Act also explictly directs the IRS to perform “digital asset monitoring and compliance activities.”
“(ii) ENFORCEMENT.—For necessary expenses for tax enforcement activities of the Internal Revenue Service to determine and collect owed taxes, to provide legal and litigation support, to conduct criminal investigations (including investigative technology), to provide digital asset monitoring and compliance activities,”
Attorney Steven A. Leahy reviews the impact of the Inflation Reduction Act on Cryptocurrency and Digital Assets.
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.
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