Biggest Tax Tip for 2017 Filings? You may be Surprised.

On behalf of Frost Law posted in on April 2, 2018.

The biggest tax tip for 2017 tax filings may come as a surprise. This is because it does not have to do with 2017 taxes. The tax reform passed for 2018 overhauls the system. As a result, the reform could translate to a change in your tax obligations in 2018. Thus, arguably the biggest benefit […]

Tags: Blog, IRS


Morocco Signs on to the Foreign Account Tax Compliance Act

On behalf of Frost Law posted in on March 23, 2018.

The United States has taken a hard-line approach on tax compliance for assets held in foreign countries. Those who hold these assets and fail to comply with tax laws face serious penalties. These penalties can include jail time. Part of this effort involves the Foreign Account Tax Compliance Act (FATCA). What is FATCA? The law […]

Tags: Tax Topics, Blog


Tax Reform in the U.S. Could Trigger Big Changes in Europe

On behalf of Frost Law posted in on March 19, 2018.

One of the goals of recent tax reform in the United States was to encourage businesses to bring revenue currently kept in foreign countries back into the United States. Not everyone was thrilled with this change — including a number of European countries. In response, the European Commission is taking into consideration tax revisions of […]

Tags: Tax Topics, Blog


As FBAR Deadline Looms, IRS and Treasury Threaten Penalties

On behalf of Frost Law posted in on March 7, 2018.

American taxpayers with overseas accounts are required to report these accounts through the use of the Report of Foreign Bank and Financial Accounts form (FBAR). Failures to file this report with the Treasury’s Financial Crimes Enforcement Network (FinCEN) are not uncommon. Failures can stem from a lack of awareness of the requirement or simple confusion. […]

Tags: IRS, Blog


Home Equity Loans and the New Tax Law: Clarification from the IRS

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

The Internal Revenue Service (IRS) recently published a clarification on how the new tax law impacts deductions for interest paid on home equity loans. The agency notes that there are restrictions, but many homeowners can still qualify for these deductions. What types of home equity loans will qualify? Deductions will remain for home mortgages, home […]

Tags: IRS, Blog


The Impact of the Corporate Repatriation Tax

On behalf of Frost Law posted in on February 21, 2018.

The corporate repatriation tax is one part of the new tax law. This tax specifically addresses those who have earnings abroad. How is this different than the previous repatriation tax? The concept of a repatriation tax is not a novel one. A repatriation task was already present. However, the previous repatriation tax was set at […]

Tags: Blog, IRS


Two new Tax Laws impact Olympic Medalists

On behalf of Frost Law posted in on February 14, 2018.

Victory at the Olympics comes with more than just a medal and prestige, it also comes with a big bonus paycheck. The amount awarded varies depending on the medal. Gold winners will win $37,500 at the Winter Olympics this year, Silver medalists earn $22,500 while a Bronze wins $15,000. The Internal Revenue Service (IRS) taxed […]

Tags: IRS, Blog


How does the New Tax Law impact Expats?

On behalf of Frost Law posted in on February 9, 2018.

Recent tax reform has changed tax obligations. These changes impact not just those currently living in the United States, but also those living abroad. Some changes that will specifically impact expats include adjustments to exclusion rates and corporate taxes. Exclusion rates and expats: Some things remain the same, some change The Foreign Tax Credit and […]

Tags: IRS, Blog


Tax Planning for the Cryptocurrency Millionaire

On behalf of Frost Law posted in on February 6, 2018.

Matthew Costa, CPA, CFP® MAcc All of us paying attention to the recent tax reform suspected that: 1. We will not be doing our taxes on a postcard going forward, and 2. The US treasury would not just forget about the wealth that has been created in the cryptocurrency space in 2017. Washington lawmakers and […]

Tags: IRS, Blog


Willful Violations and the FBAR

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

The Report of Foreign Bank and Financial Accounts (FBAR) is generally required for United States citizens and residents that have an interest in foreign accounts. A failure to properly report these assets can result in fees and other penalties, including imprisonment. The severity of the penalty generally depends on the details of the violation. Willful […]

Tags: Tax Evasion, Blog