June 2019 Archives

Imminent Deadline for VA Taxpayers to Qualify for Tax Relief Refund

On June 18, 2019, Virginia Governor Northam and the Virginia Department of Taxation released an important reminder to taxpayers, who still haven't filed individual income taxes, that returns must filed by midnight on July 1, 2019, to qualify for the Tax Relief Refund. Virginia implemented the Tax Relief Refund in response to the federal Tax Cuts and Jobs Act. Per the Tax Relief Refund, individual filers could receive up to $110, while married couples filing joint returns could receive up to $220. The release emphasized that the refund must not exceed the taxpayer's liability, and checks must be mailed out by Oct. 15, 2019. Finally, the release indicated some factors that can reduce the tax relief refund, including: (1) the Virginia Department of Taxation will withhold all or part of the refund and apply it to the taxpayer's outstanding Virginia state tax liabilities, and (2) the Virginia Department of Taxation will withhold all or part of the refund to help pay a taxpayer's delinquent liabilities with the Virginia local governments, courts or other state agencies, or the IRS.

Cayman financial institutions get tax filing extension

The United States tax code requires those who pay tax obligations to report all assets, including those held overseas. The government has passed recent laws that are intended to encourage foreign financial institutions to aid in finding U.S. taxpayers that are attempting to avoid reporting these assets.

Maryland Creates 20-Year SOL for Tax Liens

On April 30, 2019, Maryland Governor Larry Hogan signed a law providing that certain tax liens on certain real or personal property terminates 20 years from the date of assessment. Previously, a tax judgment lien in Maryland never expired. Indeed, in 2015, the Court of Special Appeals clarified in Comptroller of Maryland v. Shipe,1 that "[t]he language in Tax-Gen. ยง13-806 does not waive the State's immunity and clearly indicates that a tax lien 'continues to the date on which the lien is: (1) satisfied; or (2) released by the tax collector. . ..'" The new law changes this long-standing rule and creates a 20-year statute of limitations for Maryland tax judgment liens (unless another date is specified by law or the lien is for unpaid inheritance tax). Significantly, this means that even income tax liens will terminate 20 years from the date of assessment.

Living abroad? IRS requires tax filing by June 17.

United States citizens living outside of the United States may still owe taxes to the Internal Revenue Service (IRS). The IRS has strict and far reaching tax laws. Tax laws that often extend beyond the borders of the country. As a result, anyone with citizenship will likely need to file with the IRS.

IRS Set to Outsource Business Debt Collection

Recently, the IRS has confirmed that it will expand the scope of its private debt collection program initiated in 2017. On May 24, 2019, Bloomberg BNA relayed content of an IRS email wherein the IRS stated that, beginning in June of 2019, it will refer a small number of delinquent business accounts to private collection agencies. Via two anonymous sources reportedly "familiar with the discussions," Bloomberg BNA further clarified that the IRS intends to assign 200 business accounts per week--at least initially. 

7 Takeaways from IRS Commissioner Rettig's Keynote Speech to MSBA

Frost & Associates, LLC was pleased to be among the sponsors for this year's Annual Irving Shulbank Memorial Dinner and Program. Highlights of the program included announcing the recipients of the 2019 Tax Excellence Award and The J. Ronald Shiff Memorial Pro Bono Award, as well as a presentation by keynote speaker, IRS Commissioner Charles Rettig.

Email Our Team

Contact Us to Get Started Today

Located in the Washington, D.C area, we serve clients in the District of Columbia, Maryland and Northern Virginia, as well as across the country and overseas. For a free initial consultation, call 202-381-1261 or complete our brief online form.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Six Convenient Office Locations in and around the DC Metropolitan Area

Washington, D.C.
1050 Connecticut Ave NW #500
Washington, D.C. 20036

Phone: 202-618-1873
Fax: 888-235-8405
Washington Law Office Map

Columbia Office
10440 Little Patuxent Parkway, Suite 300
Columbia, MD 21044

Phone: 202-618-1873
Phone: 410-497-5947
Fax: 888-235-8405
Columbia Law Office Map

Annapolis Office
839 Bestgate Road
Suite 400
Annapolis, MD 21401

Phone: 202-618-1873
Phone: 410-497-5947
Fax: 888-235-8405
Annapolis Law Office Map

Fairfax Office
8280 Willow Oaks Corporate Drive
Suite 600
Fairfax, VA 22031

Phone: 202-618-1873
Phone: 703-988-4817
Fax: 888-235-8405
Fairfax Law Office Map

Rockville Office
199 E. Montgomery Avenue
Suite 100
Rockville, MD 20850

Phone: 202-618-1873
Phone: 240-599-5009
Fax: 888-235-8405
Rockville Law Office Map

Baltimore Office
400 East Pratt Street
8th Floor
Baltimore, MD 21202

Phone: 202-618-1873
Phone: 443-743-3381
Fax: 888-235-8405
Baltimore Law Office Map