Episode 42: The IRS destroys 30M paper filed returns.

In this episode: 

• Lifetime in gift tax exemptions are $12,060,000 for 2022, due to be reduced to $5M after 2025.
• The IRS will increase interest rates at the end of Quarter 3 this year.
• Form 1023-EZ returns are being abused and overused for nonprofit organizations.  Lawmakers are discussing rescinding.
• The proceeds from lawsuits from physical injuries may not be taxable.
• The IRS destroyed 30M paper filed returns.

We also tell the story of Billy McFarland and his Fyre Festival disaster.