D.C. Council Pursuing Reform of Controversial Tax Lien Program

On behalf of Frost Law posted in on September 18, 2018.

The District of Columbia is an entity unto itself. Those who live within its boundaries know well that they have no vote in Congress. For many, that has sparked cries that they suffer taxation without representation. Whether that is true is not something this blog is intended to address. What this blog does seek to […]

Tags: Blog, IRS


Is the New 1040 Form Really Going to be a Postcard?

On behalf of Frost Law posted in on August 10, 2018.

President Donald Trump and his administration have made many promises in light of recent tax reform. In addition to reducing most taxpayer’s overall tax obligations, the administration also promised to unveil a “postcard-sized income tax return” to simply tax filings for the 2018 tax year. It is important to note the government aims to have […]

Tags: Blog, IRS


How do I report Offshore Accounts or Foreign Assets?

On behalf of Frost Law posted in on August 8, 2018.

The United States Internal Revenue Service (IRS) requires taxpayers to report foreign assets. A failure to do so can result in fines and even criminal charges. Although most people know about this requirement, not everyone knows exactly how to go about reporting these assets. This post will provide some basic information, including common tax forms […]

Tags: Blog, IRS, Tax Topics


What Happens When the IRS Audits a Tax Return?

On behalf of Frost Law posted in on August 1, 2018.

Think the IRS is about to conduct an audit of your tax returns? The following basic questions and answers can help you get through the process with minimal stress. What is the purpose of an audit? The Internal Revenue Service (IRS) conducts an audit when there is a tax discrepancy. The agency’s decision to review […]

Tags: Blog, Audits, IRS


Can the IRS Enforce the FATCA?

On behalf of Frost Law posted in on July 20, 2018.

The Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions to register with the Internal Revenue Service (IRS) and report the holdings of United States taxpayers. Foreign institutions that fail to abide by this law face serious monetary consequences — up to 30 percent of the income received from U.S. sources. But is the […]

Tags: Blog, IRS


Reminder: Get Foreign Accounts in Order Before OVDP Sunsets

On behalf of Frost Law posted in on July 12, 2018.

The Internal Revenue Service (IRS) recently announced the impending end of the Offshore Voluntary Disclosure Program (OVDP). The program, scheduled to end this September, offers a trade. In exchange for reporting previously undisclosed foreign assets, the IRS will cap some of the potential penalties. The IRS also notes that participation in the OVDP reduces the […]

Tags: Blog, IRS


IRS Recommends “Paycheck Checkup” to Adjust Tax Obligations

On behalf of Frost Law posted in on July 5, 2018.

Considering recent tax law changes, the Internal Revenue Service (IRS) encourages taxpayers to conduct a “paycheck checkup” and adjust tax obligations accordingly. What is a paycheck checkup? This term refers to a review of one’s paycheck to check and adjust the withholding status as needed. Why do I need to review this information? The Tax […]

Tags: Blog, IRS


SCOTUS Rules in Favor of Online Tax — What’s Next for Businesses?

On behalf of Frost Law posted in on June 28, 2018.

The Supreme Court of the United States (SCOTUS) agreed to allow states to impose a tax on online transactions in the recent case South Dakota v. Wayfair. Why is the ruling important? In order to move forward with this change, SCOTUS had to overturn two previous decisions, one in 1967 and one in 1992. These […]

Tags: Blog, IRS


The Price of Paradise: Taxes and Foreign Property

On behalf of Frost Law posted in on June 22, 2018.

The allure of a foreign country calls to many United States citizens. Some fall in love with the views, the culture, the weather. Some choose to make their vacation destinations more than just an occasional stop, but rather invest in property and visit their personal paradise on a more regular basis. Ownership of property in […]

Tags: Blog, IRS, Tax Topics


Recent Case Questions Limit on FBAR Penalties

On behalf of Frost Law posted in on June 20, 2018.

The Internal Revenue Service (IRS) requires those who hold an interest in or signature authority over a foreign account with a value over $10,000 at any point during the applicable tax year file the Foreign Bank Account Report (FBAR). A failure to do so can lead to both civil and criminal penalties. But how harsh […]

Tags: Blog, IRS, Tax Topics