New Report: Large Partnerships can be Difficult for IRS to Audit

On behalf of Frost Law posted in on July 28, 2014.

These days, it is increasingly rare to find a business partnership that consists of two doctors, lawyers or financial professionals setting up shop together. The Government Accountability Office defines a large partnership as having at least $100 million in assets and at least 100 direct and indirect partners. Over the last few years, the number […]

Tags: Blog, Audits

Rabbi Convicted for Tax Evasion

On behalf of Frost Law posted in on July 24, 2014.

It seems that just about anyone can get into tax trouble, including religious leaders. Late this July, a prominent Rabbi involved in a number of charitable organizations was convicted on charges of tax evasion. As it turns out, many of the charitable endeavors operated by the Rabbi were actually ghost entities. In a guilty plea, […]

Tags: Blog, Tax Evasion

Will New IRS Policy Encourage Tax Fraud?

On behalf of Frost Law posted in on July 14, 2014.

Starting on July 1 a new policy went into effect for organizations seeking tax-exempt status as a charity. Previously, groups pursuing this designation had to complete a detailed 26-page form, provide reams of supporting documentation and describe their intended activities in narrative form. To obtain tax-exempt status as a nonprofit now, many groups will simply […]

Tags: Blog, IRS

Proposal to Further Slash IRS Budget Could Mean Fewer Audits

On behalf of Frost Law posted in on July 7, 2014.

In recent years, the IRS has been forced to operate with a significantly lower budget. Since 2010, IRS funding has been cut by nearly $1 billion. And, after a recent meeting of the House Appropriations Committee, everyone’s favorite tax collection agency could be on the chopping block once again. On June 25, a bill was […]

Tags: Blog, IRS

IRS Publicizes Rights of Taxpayers

On behalf of Frost Law posted in on June 24, 2014.

Whether you know it or not (and you probably don’t), you have a variety of rights when it comes to paying your taxes and contesting any IRS assertion that you didn’t pay your taxes. But there are few things more unwieldy than the U.S. tax code, and rights afforded to you by law in the […]

Tags: Blog, Tax Controversies

TBOR: an Acronym Taxpayers Might Actually Like

On behalf of Frost Law posted in on June 23, 2014.

Washington, D.C., loves acronyms. Nearly everything has one and they are so widespread that a Google search of “government acronyms” delivers a whole slew of sites that offer guides to help people decipher who’s who and what’s what. In the tax realm, the Internal Revenue Service provides a list of about 80 different acronyms. The […]

Tags: Blog, IRS

IRS Program can Help Those with Hidden Foreign Assets or Income

On behalf of Frost Law posted in on June 20, 2014.

If you are an American citizen, you must file a U.S. tax return, even if you live abroad and keep all your money overseas. If you are a U.S. citizen living in American, you must inform the IRS of any foreign accounts. Despite these requirements, foreign assets often go overlooked by the IRS — for […]

Tags: Blog, Tax Evasion

Tax Court: Perhaps the Less-Known Route to Tax Issue Resolution

On behalf of Frost Law posted in on June 13, 2014.

When dealing with the Internal Revenue Service, it would probably be fair to say that the phrase, “It’s a pleasure doing business with you,” does not gets used much. The controversies the IRS raises tend to be focused on extracting money that individual taxpayers don’t believe they owe. They can involve disputed tax issues such […]

Tags: Blog, Tax Controversies

The Confusing State of Tax Policy on Bitcoin

On behalf of Frost Law posted in on June 12, 2014.

To file or not to file an FBAR report, that may be a question taxpayers with Bitcoin exchange accounts are asking themselves right now. This may be a particularly pertinent question for D.C.-area readers to be posing for two reasons. First, the deadline for filing what is now called the Financial Crimes Enforcement Network (FinCEN) […]

Tags: Blog, Tax Controversies

$900M MoneyGram Tax Dispute Due for Hearing This Week

On behalf of Frost Law posted in on June 5, 2014.

What constitutes a bank? The answer to that question is not as clear as it used to be. Recent years have seen growth in the variety of financial institutions seeking to hold bank status and just such a legal challenge is one that will be getting a hearing this week in Washington. The matter is […]

Tags: Blog, Tax Controversies