Tips to Pay an Unexpected Tax Bill

On behalf of Frost Law posted in on February 25, 2019.

Researchers are starting to analyze data for 2018 tax returns. This tax year is the first that used the new tax law, the Tax Cuts and Jobs Act (TCJA) — a tax law that was supposed to result in a reduced tax obligation for the majority of Americans. Are taxpayers seeing more savings under the […]

Tags: Blog, IRS

Snowbirds and Residency for State Tax Purposes: 3 Things to Know

On behalf of Frost Law posted in on February 24, 2019.

Many people with financial means, including many retirees, escape northern climes this time of year for sunnier vistas in Florida, Arizona, or elsewhere. It’s a great way to avoid the hassle of snow and ice while working on your golf game or enjoying other amenities allowed by warmer weather. But what state tax obligations are […]

Tags: Blog, IRS

Art Dealer Sentenced to 20 Months for Tax Evasion

On behalf of Frost Law posted in on February 15, 2019.

A successful art dealer recently faced sentencing for allegations of tax evasion. The allegations are the result of a six-year investigation which led to evidence to support the following crimes: Failure to file. During the investigation, it became apparent the accused had failed to file taxes in 2009 and 2010. Wrongful use of business expense […]

Tags: Blog, Tax Evasion

How does the new Tax Law affect Small Business Owners?

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

2018 is the first tax filing year to apply the changes implemented with the Tax Cuts and Jobs Act (TCJA). The following could impact small and medium-sized business owners: Pass-through deductions. Business owners of pass-through entities can now deduct up to 20 percent of qualified business income. This tax break was not available in the […]

Tags: Blog, IRS

The Hidden Cost of an Audit

On behalf of Frost Law posted in on January 31, 2019.

Taxpayers may be aware of some of the common triggers that lead to an audit by the Internal Revenue Service (IRS). These can include a large amount of wealth, having foreign assets, and small business ownership. In addition to these common triggers, the agency has also put technology to use with its new CP200 program. […]

Tags: IRS, Blog, Audits

China Passes New Tax Law to Lure in Business

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

President Donald Trump’s recent tax law appears to have sparked change not just in the United States, but throughout the world. China recently announced that it would grant tax exemption to both local and foreign companies operating within their borders. A piece by CNBC discussed the new law, noting the move signals China’s “determination to […]

Tags: Blog, IRS