Frost & Associates, Attorneys at Law
Call Today 202-618-1873

July 2017 Archives

Will Foreign Financial Institutions renew their FATCAs in time?

Foreign financial institutions that provide financial accounts to U.S. taxpayers or foreign entities that have a substantial ownership interest by a U.S. taxpayer are generally required to report information to the IRS. In some cases, this requires completion of an FFI agreement.

Is the streamlined process for foreign accounts a good bet?

If you are a United States taxpayer with interest in a foreign asset, odds are high you know that you must report this interest to the government. A failure to do so can result in serious penalties, ranging from steep monetary fines to potential imprisonment. The severity of the penalties often hinges on one thing: whether or not the failure to report was willful.

Will Congress pass a foreign earnings tax?

Congress is considering a new tax proposal that would result in a minimum tax applied to the foreign earnings made by U.S. companies’. The effort is viewed as an attempt to keep funds here in the United States as opposed to sending them overseas.

Foreign trusts & gifts can require a special tax form

In some cases, those who conduct certain qualifying transactions using a foreign trust, those who own a foreign trust or those who receive a gift or bequest from a foreign person must file special tax documentation. It is important to make sure these dealings are in compliance with tax laws, or else harsh penalties can apply.

Know Your Rights If the IRS Breaks The Rules

Glen Frost, managing partner of Frost & Associates, was quoted in an article featured in the USA Today speaking on taxpayers rights. Most individuals are aware of the severe consequences they may face if they break a tax law, even if it was done accidentally. However, most aren't well versed in the rules that the IRS must follow. Glen Frost says "It's often helpful to reference these rights when talking with the IRS." The key to this is knowing them.

Feds closing in on Caterpillar amidst allegations of tax fraud

The Internal Revenue Service (IRS) appears to be making headway in its attempts to bring down Caterpillar. The industrial equipment supplier is facing allegations of tax fraud. Essentially, the IRS believes the Peoria, Illinois based company has attempted to avoid its tax obligations by putting profits for sales into a subsidiary based in Switzerland.

The limits of helpfulness at the IRS

As its customer service budget has shrunk in recent years, the IRS has pushed hard to get people to go online with tax questions.Online resources do not take the place of a phone conversation with a tax compliance professional. But the IRS website, IRS.gov, does generally have a lot of information. Is the information there reliable?

Making Money by Paying Local Taxes: Should Richmond Amend Its Tax Refund Interest Ordinance?

In an article in The Washington Post, Glen Frost was quoted when he talked about a "mystery business." The business found an ingenious and legal way of making a 10 percent return on their money. The business just made sure to significantly overpay its estimated taxes, triggering a law that required the city to refund the overpayment plus 10 percent--in this case, an amount reportedly equaling around $475,000-- "If somebody could legally think of a way to get a guaranteed 10 percent, why wouldn't you do it?" said Glen Frost, adding, "Especially with the uncertainty of the market right now, I'd put that down."

Every Tax Problem Has A Solution

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Contact us today!

Frost & Associates, Attorneys at Law
1629 K Street NW
Suite 300
Washington, D.C. 20006

Phone: 202-618-1873
Phone: 202-618-1873
Fax: 888-235-8405
Washington Law Office Map

Columbia Office
10440 Little Patuxent Parkway
Suite 300
Columbia, MD 21044

Phone: 202-618-1873
Phone: 202-618-1873
Fax: 888-235-8405
Columbia Law Office Map

Annapolis Office
888 Bestgate Road
Suite 400
Annapolis, MD 21401

Phone: 202-618-1873
Phone: 202-618-1873
Fax: 888-235-8405
Map & Directions

Fairfax Office
8280 Willow Oaks Corporate Drive
Suite 600
Fairfax, VA 22031

Phone: 202-618-1873
Phone: 703-621-7169
Fax: 888-235-8405
Map & Directions

Rockville Office
199 E. Montgomery Avenue
Suite 100
Rockville, MD 20850

Phone: 202-618-1873
Phone: 240-599-5009
Fax: 888-235-8405
Map & Directions

Google+
Find us on...
  • Facebook
  • Twitter
  • Linked In