Washington DC Tax Law Blog

Will the new tax payment option lead to abuse?

The Internal Revenue Service (IRS) recently announced a new tax payment option for those who have fallen behind on their tax obligations. Although the agency states the option is meant to make it easier for taxpayers to pay their bill, tax professionals have voiced concerns it could lead to abuse.

IRS to include cryptocurrency checkbox on 1040s

The Internal Revenue Service (IRS) has struggled with the best way to manage cryptocurrency. Cryptocurrency, also known as virtual currency or digital assets and include example like Bitcoin, KlickEx, and Ethereum, are gaining in popularity. The government is trying to figure out the best way to include these assets in tax reporting. The most recent answer: a checkbox on Form 1040.

IRS clarifies per diem rates for business expenses

The Internal Revenue Service (IRS) recently announced changes to its per diem rates. Per diem rates apply to the reimbursements given to employees to cover traveling expenses like meals, lodges and incidentals during business trips.

It is important to stress the reimbursement component because the Tax Cuts and Jobs Act (TCJA) that went into effect last year essentially eliminated the ability to deduct unreimbursed job expenses.

States loose court battle against SALT limit

The Tax Cuts and Jobs Act (TCJA) led to major changes to federal tax law. One example of the changes that impact taxpayers is the creation of a cap on the state and local tax (SALT) deduction taxpayers could claim on their federal tax returns. The limit, now set at $10,000, was a blow to wealthy tax payers in high tax states.

FBI Investigating Alleged Payroll Fraud Leaving Employees Without Wages and Unpaid Tax Withholding

Various news outlets are reporting an ongoing FBI investigation of alleged payroll fraud by a New York-based payroll services provider, MyPayrollHR, that abruptly shut down in upstate New York earlier this month. Thousands of employees' accounts have been drained and up to $35 million dollars, if $9 million of unpaid tax withholding is included, has disappeared. 

High net worth individuals flee high tax states

A billionaire recently told his New York staff that he was closing shop and relocating to Florida. Although warmer winters may have played a role in the decision, the move was more likely motivated by an attempt to reduce the entrepreneur’s tax obligations.

Pay estimated taxes? 3rd quarter payment due on Monday.

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.

Introducing Tina Azarvand

tina.jpgEach year, Frost & Associates, LLC brings in a law student. This year, we brought in Tina Azarvand as a Law Clerk to help out the firm and gain valuable tax law experience while she is finishing her degree. We wanted to introduce you to this rising star:

Where are you going to school?

I am a 3L at the University of Baltimore School of Law, where I am working on a dual J.D./LL.M in Taxation.

Does willful v. non-willful matter when it comes to tax crimes?

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.

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