Starting in 2017, Automatic Extension will be Available for FBAR

On behalf of Frost Law posted in on December 24, 2016.

Technically, it isn’t even called the FBAR anymore. The form for filing a report of foreign bank accounts that meet certain dollar thresholds is now called FinCEN 114, though the term FBAR is still commonly used. The name change for the form is only one of many changes relating offshore account compliance that has changed […]

Tags: Blog, Tax Controversies


Criminal Investigations: Numbers Trending Down this Year

On behalf of Frost Law posted in on December 18, 2016.

Many tax proposals are in play as President-elect Donald Trump and his administration prepare to take office. One of those proposals is not about specific tax provisions, but about the structure of the agency itself. The proposal is to split off the criminal enforcement division from the IRS and place it elsewhere within the Treasury […]

Tags: Blog, Tax Crimes


2017 Tax-Filing Season Approaching Fast

On behalf of Frost Law posted in on December 6, 2016.

Christmas is still a couple of weeks away, with plenty of presents not yet purchased, much less placed under the tree or chimney with care. But if Christmas is coming, it also means a new year and a new tax-filing season are approaching fast. This week, the IRS announced details about the opening of the […]

Tags: Blog, IRS


Estate Tax Rule Changes: Will Proposed New Rules Take Effect?

On behalf of Frost Law posted in on December 3, 2016.

A repeal of the federal estate tax may or may not happen when the Trump administration takes office. A lot will depend on the dynamics of the new, Republican-controlled Congress. In the meantime, however, new proposed rules from the Treasury Department and the IRS on the taxation of interests in family-owned businesses are generating significant […]

Tags: Blog, Tax Controversies


The ABCs Of Tax Liens, Part 2: How Can You Get Rid Of A Lien?

On behalf of Frost Law posted in on November 23, 2016.

In the first part of this post, we discussed several negative effects that can result from a tax lien. These include keeping you from selling or refinancing your house and hurting your credit rating. Because credit checks by prospective employers are increasingly common, a tax lien can even make it more difficult to get a […]

Tags: Blog, Tax Controversies


The ABCs of Tax Liens, Part 1: the Negative Effects of a Lien

On behalf of Frost Law posted in on November 19, 2016.

If you have tax debt, the IRS may use a tax lien as a key tool in its collection process. A lien does not actually take your property; a levy, not a lien, does that. But a tax lien can still have many negative effects. In part one of this two-part post, we will discuss […]

Tags: Blog, Tax Controversies


3 Reasons to be Wary of a Tax Audit

On behalf of Frost Law posted in on November 11, 2016.

A tax audit is hardly a deal breaker for moving forward with life. After all, an audit doesn’t necessarily mean you owe more tax or did anything wrong. And of course a celebrity businessman who has famously been under near-constant audit for the last two decades has just been elected president of the United States. […]

Tags: Blog, Audits, IRS


Tax Penalty Relief, Part 2: What are the Most Common Types?

On behalf of Frost Law posted in on November 5, 2016.

Let’s resume our discussion of tax penalties and the possibilities for getting relief from them. In part one, we focused on first-time abatement (FTA) of penalties. FTA is a program for taxpayers with a strong previous record of complying with tax laws. In this part of the post, let’s use a Q & A format […]

Tags: Blog, Tax Controversies


Getting Out From Under Tax Penalties, Pt 1: First-Time Abatement

On behalf of Frost Law posted in on October 28, 2016.

The IRS is much more apt to use sticks than carrots to encourage tax compliance. And one of the most frequently used sticks is to hit you with tax penalties. Fortunately, you don’t have to just roll over and accept the hit. Taxpayers have every right to contest tax penalties – and often succeed in […]

Tags: Blog, Tax Controversies


Taxing Illegal Income: Long After Al Capone, Charges Still Occur

On behalf of Frost Law posted in on October 23, 2016.

It’s been 85 years since the IRS took down Al Capone. Other law enforcement agencies had sought to prosecute the famed gangster for murder, extortion and host of other crimes. But it was the IRS that put him in prison, on a charge of tax evasion. After so long, the Capone case might seem as […]

Tags: Blog, Tax Evasion