This week President Biden signed into law the $437 Billion spending bill ironically called the Inflation Reduction Act (IRA). $80 Billion is to be used to increase the size of the IRS… Why does this matter to you? The gurus disagree on how we’ll be taxed upon exchange. Some feel there will be no tax, others feel you’ll owe capital gains, others feel it will be treated as ordinary income. There’s only one opinion that matters – the IRS’s. Whatever they say is what you pay. Consult your tax professionals to determine the right taxes for your unique circumstances. $45 Billion Biden’s Inflation Reduction Act money is specifically for tax collection and enforcement. Reports are between 50,000 to 87,000 IRS agents will be hired. Are they coming for you? Are they coming for people with a financial windfalls? They’re coming for someone. That’s why it’s important to consult with your tax professionals so you pay the correct amount. Stay tuned as the gurus continue to debate this important subject.
