Non-Filers: IRS Will Not Prepare Your Return with QBI Deduction

On behalf of Frost Law posted in on January 22, 2020.

When a taxpayer fails to file a tax return, the Internal Revenue Service (IRS) has the authority under Internal Revenue Code (IRC) §6020 to prepare a “substitute for return” (SFR) on the taxpayer’s behalf. Generally, SFRs are detrimental to the taxpayer’s overall tax situation. SFRs do not start the clock running for the three-year period […]

Tags: Blog, Tax Topics

Three Tips to Reduce the Stress that Comes with Tax Season

On behalf of Frost Law posted in on January 21, 2020.

Holiday decorations are stored away, New Year’s celebrations are over. Now it is time to move on to the next season of the year: tax season. It is not uncommon to look at the upcoming April 15 tax deadline with some amount of dread. You can take steps to help reduce the stress and frustration […]

Tags: IRS, Blog

Tax Court Preserves Levy Protection Because IRS Fails to Show Good Cause

On behalf of Frost Law posted in on January 21, 2020.

On January 3, 2020 the Tax Court issued an order refusing to remove an Internal Revenue Code (IRC) §6330(e)(1) suspension of levy, finding that the Internal Revenue Service (IRS) failed to establish good cause for such removal.[1]In this case, the taxpayer, as an attorney admitted to practice in Tax Court, was able to competently deflect […]

Tags: Tax Topics, Blog

Annual Report Indicates Overall Aggressive IRS Trend in Whistleblower Program

On behalf of Frost Law posted in on January 17, 2020.

On January 6, 2020, the Internal Revenue Service (IRS) released its Fiscal Year 2019 Whistleblower Report.[1]Although the report shows a decline in awards made as compared to last year, potential whistleblowers should note that the report clearly portrays an overall trend that the IRS is increasingly motivated in today’s mandatory tax whistleblower program. An important […]

Tags: IRS, Blog

Maryland Governor Proposes Tax Relief for Police, Firefighters and First Responders

On behalf of Frost Law posted in on January 17, 2020.

On January 9, 2020, honoring National Law Enforcement Appreciation Day, Maryland Governor Hogan announced that he is introducing legislation to provide tax relief for police, firefighters, and first responders. He also urged lawmakers to pass his crime plan consisting of a series of initiatives and expanded legislation to address violent crime.[1] Specifically, Governor Hogan’s announcement […]

Tags: Tax Topics, Blog

New Gig Economy Tax Center on IRS Website

On behalf of Frost Law posted in on January 15, 2020.

The “Gig Economy”-independent workers paid for a task or project (i.e., a “gig”)- isn’t new, but it has grown exponentially over the last decade, especially with the help of smartphone-based technology. Companies like Uber, Airbnb or TaskRabbit have made it very attractive and easy for independent workers to receive payment for performing a specific gig. […]

Tags: Blog, IRS

What happens when the DOJ accuses a Swiss Bank of Tax Evasion?

On behalf of Frost Law posted in on January 10, 2020.

They cooperate. At least that is what happened when the Department of Justice (DOJ) recently went after a Swiss bank accused of helping United States citizens hide assets and avoid tax obligations. Details of the DOJ’s findings The DOJ recently announced it entered a deferred prosecution agreement with HSBC Private Bank, a bank that operates […]

Tags: Tax Evasion, Blog

Virginia Standard Deduction Increased for Individual Taxpayers

On behalf of Frost Law posted in on January 8, 2020.

Filing season in Virginia will begin January 21, 2020, and taxpayers should note a significant change regarding the Virginia standard deduction before they file their 2019 returns. On December 18, 2019, the Virginia Department of Taxation announced that “due to changes in federal tax laws,” the Virginia standard deduction is increased to $4,500 for taxpayers […]

Tags: Tax Topics, Blog

New Year, New Tax Dates? Important Dates for 2020.

On behalf of Frost Law posted in on January 7, 2020.

Celebrations have finished. The new year is here. Now it is time to get back to business. One important consideration when transitioning back to work after the holiday season: tax dates. Due dates will vary depending on the tax form in question. This piece will focus on two of the more common forms, the individual […]

Tags: IRS, Blog

Small Business and Tax Audits: 4 Tips to Reduce Your Risk

On behalf of Frost Law posted in on January 3, 2020.

Running a small business is not an easy task. Business owners have full schedules-schedules that rarely include much downtime. Getting notification of a tax audit to add to the daily to-do-list can make an already full schedule seem unmanageable. Thankfully, there are some proactive steps you can take to reduce the risk of a small […]

Tags: IRS, Audits, Blog