Topic: Crypto Taxes

The IRS has implemented new AI software to track "tax cheats," specifically flagging any accounts with cryptocurrency transactions or 1099 income. This surveillance is part of a broader push for a social credit system, which includes the new requirement to report Venmo and Zelle transactions over $600. The Biden administration is also proposing an unrealized capital gains tax that would disproportionately affect middle-class investors.

Tyler Bennett explains that the IRS is specifically targeting cryptocurrency users by checking for digital asset disclosures on Form 1040. He notes that the IRS collected record revenue recently but plans to increase aggressive collection efforts in 2023. Bennett details how his firm, American Tax Relief, negotiates with the IRS to lower tax debts by up to 80-90% for qualified clients.

American Tax Solutions offers services to help individuals transition to corporate structures with a 21% flat tax rate. Bennett also highlights their expertise in cryptocurrency taxation and the use of irrevocable trusts to protect estates from capital gains taxes, noting that many traditional firms are too "scared" to handle crypto assets.

Tyler Bennett warns that "audit season" has begun and that the IRS is specifically targeting cryptocurrency users. He argues that inflation is a hidden tax and that proper business entity selection can save individuals 20-30% on their taxes. Listeners are directed to "JonesTaxRelief.com" for a free assessment of their tax situation.

The Biden administration's plan to hire 80,000 new IRS agents and monitor bank transactions over $600 is analyzed as an attack on the middle class and the "underground" barter economy. Bennett notes that the IRS has already collected biometric data on 73 million taxpayers. He highlights a horror story where a paralyzed man was taxed on non-taxable workers' comp income, illustrating the need for expert legal representation against aggressive revenue officers.