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. The Internal Revenue Service (IRS) recently posted a reminder that foreign financial institutions […]

Kristin LeClair Zurowski Generally, the first step in setting up a business is the choice of entity. While state laws govern the formation of entities, Federal law dictates the treatment of entities for Federal tax purposes. Additional considerations should be liability, control, and exit strategy. The most common entity types are: Sole Proprietorship – An […]

Tax law is a difficult area of law for many reasons. The law is often changing and, as highlighted in a recent decision by the Tax Court; unexpected interpretations of the law are not uncommon. Take the Citizens United case from 2010. Essentially, this case involved a question as to what protections are available for […]

Frost & Associates, LLC, successfully represented an angler in the White Marlin Open Fishing Tournament in Ocean City, MD, who was moving to get another angler disqualified for alleged rule violations. With over $2.8 million in dispute over the top fish, our client stands to collect a substantial portion of the proceeds. This is one […]

Non-Disclosure Agreements (NDA), also known as confidentiality agreements, are used to protect a business’s proprietary information. An NDA is a legally binding contract between a business and another party who agree to keep specific information, such as patents, recipes, marketing research and trade secrets, confidential. The definition in the NDA needs to be as specific […]

We are pleased to announce that our blog has been recognized as one of the top tax blogs in the country. Out of thousands of tax blogs, only 100 were selected for this honor. You can view the full list here.

The financial world is evolving. This is not the first time the economy has shifted its focus. The focus has shifted in the past from one that depends on gold as currency to paper dollars to credit cards. The shift is now moving to the novel world of digital currency. With every change in economic […]

Glen Frost was quoted in an article describing an ingenious way in which a “mystery business” was able to secure 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. “If somebody could […]

The Internal Revenue Service (IRS) is not relaxing its crackdown on the proper taxation of foreign financial accounts. Part of the agency’s efforts include requiring foreign financial institutions (FFIs) to provide the agency with information about persons from the United States that hold accounts within their institutions. The agency recently announced that the process required […]

In terms of sheer revenue generated, limited-amnesty programs for noncompliance with offshore reporting requirements has been tremendously successful for the IRS. Since the IRS started these initiatives in 2009, the amount of revenue generated in fines, penalties and back taxes is upwards of $10 billion. Many questions remain, however, about the main limited-amnesty program, the […]