Is the Streamlined Process for Foreign Accounts a Good Bet?

On behalf of Frost Law posted in on July 28, 2017.

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: […]

Tags: Blog, IRS

Will Congress Pass a Foreign Earnings Tax?

On behalf of Frost Law posted in on July 21, 2017.

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. How do these taxes currently work?Current law applies a 35 percent […]

Tags: Tax Topics, IRS, Blog

Foreign Trusts & Gifts can Require a Special Tax Form

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

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 […]

Tags: Tax Crimes, Blog

How to Ensure Your Business Will Thrive Without You

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

Developing and implementing a succession plan can provide several benefits to CEOS and partners. According to the U.S Small Business Administration, Office of Advocacy, based on 2013 U.S. Census Bureau data, more than 51 percent of small business owners are ages 50 and older. These statistics show that a large percentage of business owners are […]

Tags: Business Law, Blog

Know Your Rights if the IRS Breaks the Rules

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

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 […]

Tags: Tax Topics, Blog

Charitable Giving: Not All Methods are Created Equal Part 2

On behalf of Frost Law posted in on July 6, 2017.

Leanne Fryer Broyles Part II In Part I of this post we reviewed the importance of discussing planned giving with your financial advisors. This month’s post focuses on just one way to give. The Charitable Remainder Trust is a popular planned giving tool that offers many benefits for philanthropists. If you are a good candidate, […]

Tags: Estate Planning, Blog

Feds Closing in on Caterpillar Amidst Allegations of Tax Fraud

On behalf of Frost Law posted in on July 6, 2017.

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. A […]

Tags: Tax Controversies, Blog

Tax Court: Economic Hardship Exception to Proposed Levy Only for Individuals

On behalf of Frost Law posted in on July 6, 2017.

In Inc. v. Commissioner, Manor Nursing Home, 148 T.C. No. 9 (Mar. 23, 2017), where a corporate taxpayer sought release from a proposed levy because it would create an economic hardship, the Tax Court concluded that limiting economic hardship relief to individuals is a permissible interpretation of the statute. Taxpayer, a nursing home facility in […]

Tags: Tax Topics, Blog

The Limits of Helpfulness at the IRS

On behalf of Frost Law posted in on July 2, 2017.

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,, does generally have a lot of information. Is the information […]

Tags: IRS, Blog

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

On behalf of Frost Law posted in on July 1, 2017.

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 […]

Tags: Tax Topics, Blog