Pay Estimated Taxes? 3rd Quarter Payment is Due on Monday.

On behalf of Frost Law posted in on September 11, 2019.

The Internal Revenue Service (IRS) recently released a publication reminding taxpayers the third quarter estimated tax payment for 2019 taxes is due soon. Normally, the tax payment is due on September 15th. However, since September 15th falls on a Sunday this year, the agency expects taxpayers to make their payment by Monday, September 16th. What […]

Tags: Blog, IRS

Does Willful v. Non-Willful Matter When It Comes to Tax Crimes?

On behalf of Frost Law posted in on September 3, 2019.

Getting accused of a tax crime is a serious matter. The allegations can range from a relatively minor discrepancy that results in a financial penalty to major errors that lead to prison time. One of the key factors that will determine the severity of the allegations is whether the government claims the crime was willful. […]

Tags: Tax Evasion, Tax Crimes, Blog

80 Individuals Indicted for Conspiracy to Steal and Launder Millions Via Online Fraud Schemes

On behalf of Frost Law posted in on August 26, 2019.

On August 22, 2019, the United States Attorney’s Office for the Central District of California reported the unsealing of a 252-count federal grand jury indictment charging 80 defendants, mostly Nigerian nationals, with conspiracy to steal and launder millions of dollars via multiple online fraud schemes. The report emphasizes that the “FBI is committed to working […]

Tags: IRS, Blog

Tax Withholdings: A Primer

On behalf of Frost Law posted in on August 26, 2019.

A failure to adjust your tax withholding can lead to serious problems. Your tax withholding impacts how much tax the Internal Revenue Service (IRS) and state tax authorities take out of your paycheck. The government expects taxpayer to pay their tax obligations throughout the year. What happens if you do not pay 90% of your […]

Tags: IRS, Blog

Fail to Meet Estimated 2018 Tax Payment? IRS May Waive Fees.

On behalf of Frost Law posted in on August 19, 2019.

The Tax Cuts and Jobs Act (TCJA) meant big tax changes for 2018 tax filings. For some, the changes impacted tax withholdings. As a result, the Internal Revenue Service (IRS) encouraged taxpayers to conduct a paycheck checkup to make sure they were withholding enough funds to cover their tax obligations. Those who failed to cover […]

Tags: IRS, Blog

Reality Television Stars and Accountant Indicted on Tax Evasion Charges

On behalf of Frost Law posted in on August 16, 2019.

On August 13, 2019, the U.S. Attorney’s Office for the Northern District of Georgia issued a release reporting the federal grand jury indictment of reality television stars, Todd and Julie Chrisley. These Chrisley Knows Best stars face multiple counts of conspiracy, bank fraud, wire fraud, and tax evasion. Additionally, the Chrisleys’ accountant, Peter Tarantino, has […]

Tags: Blog, Tax Evasion

3 Tax Questions to Ask Before Claiming a Hobby as a Business

On behalf of Frost Law posted in on August 12, 2019.

What happens if a hobby becomes more than a hobby? Maybe a brewing hobby has led to a passion and some great brews that you want to branch out and pursue brewing as a full-time career. Maybe a farming hobby brought in more of a profit than you expected and you want to shift more […]

Tags: IRS, Audits, Blog

Taxpayers: What is the Worst Thing to do if Contacted by the IRS?

On behalf of Frost Law posted in on August 5, 2019.

It is not uncommon for the Internal Revenue Service (IRS) to reach out to taxpayers. This contact itself may seem like a nightmare, but taxpayers can make the situation even worse if they do not act appropriately. What is the worst thing a taxpayer could do when contacted by the IRS? The worst response is […]

Tags: IRS, Blog

Former Offshore Voluntary Disclosure Program Participants and Expats Targeted in IRS Compliance Campaigns

On behalf of Frost Law posted in on August 2, 2019.

On July 19, 2019, the IRS Large Business and International Division (LB&I) announced six newly approved compliance campaigns. In the Announcement, the IRS clarified that it identified the campaigns “through LB&I data analysis and suggestions from IRS employees.” One of these campaigns, Post OVDP Compliance, targets taxpayers who previously went through the Offshore Voluntary Disclosure […]

Tags: IRS, Blog

IRS Takes Aggressive Stance on Cryptocurrency Reporting

On behalf of Frost Law posted in on July 29, 2019.

Cryptocurrency, or digital currency, is a fairly new way to conduct financial transactions. Although relatively novel, taxpayers have used digital currency like Bitcoins to purchase real estate and other tangible items, and the Internal Revenue Service (IRS) has taken notice. In response to the growing rate of these transactions, the IRS recently announced it is […]

Tags: IRS, Blog