President Trump Does 2 Things Before Taking a Holiday Break

On behalf of Frost Law posted in on December 22, 2017.

The pre-holiday crunch is often a busy time. This holds true for everyone that works at any level of employment. Retail, clerical, legal, financial, medical, or politics. In fact, this truth holds even for the person who holds the highest office in the country. President Donald Trump felt the crunch and encouraged Congress to get […]

Tags: Blog, IRS

Three Tips for Those Planning to Retire Abroad

On behalf of Frost Law posted in on December 14, 2017.

Retirement is a time to reap the rewards of years of hard work and planning. For some, this may mean leaving the country to be closer to family, friends, or to simply take more time to explore the world. This can be a rewarding endeavor when done wisely. However, a failure to properly account for […]

Tags: Blog, IRS, Tax Topics

One Problem with Cryptocurrency Transactions: Property or Money?

On behalf of Frost Law posted in on December 7, 2017.

One of the key issues when it comes to taxation of cryptocurrency is its basic definition. Is cryptocurrency property or money? It may not seem like an important distinction, but the answer directly impacts the application of federal tax laws on this form of currency. What is the difference between property and money? The Internal […]

Tags: Blog, Tax Controversies

How does the U.S. Government Encourage Foreign Asset Reporting?

On behalf of Frost Law posted in on December 4, 2017.

The United States government recognizes that unreported foreign assets translate to lost revenue. Various efforts are made in an attempt to recoup some of these losses. Three examples include: Foreign Account Tax Compliance Act (FATCA). As noted in a recent piece in HuffPost, one of the main tools used by the government to gather information […]

Tags: Blog, Tax Evasion

IRS Fights to Learn Names of Coinbase Customers

On behalf of Frost Law posted in on November 13, 2017.

The Internal Revenue Service (IRS) has taken an interest in Coinbase. Coinbase is a cryptocurrency company, specializing in this form of digital currency. The federal agency has requested the company release the names of its customers. Why is the IRS interested in Coinbase’s customers? The agency contends that cryptocurrency users may not report their proceeds […]

Tags: IRS, Blog

What are the Paradise Papers?

On behalf of Frost Law posted in on November 9, 2017.

The second wave of leaks about the use of offshore accounts is making its way through the media. The first was dubbed the Panama Papers; the latest, the Paradise Papers. What exactly are the Paradise Papers? The term refers to over 13.4 million documents connected primarily to a law firm that aids the wealthy with […]

Tags: Blog, IRS, Tax Crimes

Will American Expats Get a Tax Break in the Future?

On behalf of Frost Law posted in on October 30, 2017.

Proposed tax changes could benefit American expats. There is a strong push by expats to include language that would address the United States’ current tax system and how it handles expats. How do U.S. taxes work for expats? Currently, the system uses a citizenship based system as opposed to a residence based system. This results […]

Tags: Blog, Tax Controversies

IRS Continues to Focus on Cayman Islands for Tax Violations

On behalf of Frost Law posted in on October 27, 2017.

Offshore accounts continue to face scrutiny by the Internal Revenue Service (IRS). The federal agency examines these accounts to ensure the owner is in compliance with tax laws. A failure to do so can result in serious penalties, including fines and potential prison time for serious offenses. With these potential penalties, it may seem like […]

Tags: Blog, Tax Controversies

Reminder: Tax Filing Extension Deadline Oct. 16

On behalf of Frost Law posted in on October 10, 2017.

If you got an extension on your tax filings, the deadline is likely fast approaching. For many, the deadline for extended filings is set at October 16. Before submitting that filing, be sure to check to make sure that you are getting the most of available benefits. Three examples to check for include: Income. Depending […]

Tags: Blog, Tax Controversies

Do You Need to Comply with FATCA?

On behalf of Frost Law posted in on October 3, 2017.

The Foreign Account Tax Compliance Act (FATCA) requires certain United States taxpayers to report foreign assets to the Internal Revenue Service (IRS). This is in addition to other requirements, such as filing the Report of Foreign Bank and Financial Accounts (FBAR) form. So how do you know if you must comply with FATCA requirements? Ask […]

Tags: Blog, IRS