What You Need to Know About Bitcoin & How it is Taxed

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

What is Bitcoin? Bitcoin is a form of electronic digital currency. Bitcoins can be used to buy goods electronically from thousands of vendors. Others are looking at Bitcoin as a potential investment, and are holding them as an investment to benefit from future appreciation. Bitcoin has created a new asset class, and it is continuing […]

Tags: IRS, Articles


Hobby or Business? – Why It Matters

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

Millions of U.S citizens have hobbies such as photography, travel, sewing, crafting, hunting, floral design, and coin collecting. By the IRS definition, a hobby is an activity that is not pursued for profit. On the other hand, a business is an activity that is carried out with the intention and expectation of earning a profit. […]

Tags: IRS, Articles


A Stretch IRA and How it Can Benefit You

On behalf of Frost Law posted in on April 20, 2020.

A stretch IRA is an estate planning strategy that extends the life of an Individual Retirement Account (IRA) by allowing the original beneficiary to distribute the assets to a designated second generation beneficiary. This strategy allows the IRA to be passed on from generation to generation while extending its tax-deferred growth for years or decades […]

Tags: Tax Topics, Business Law, Articles


IRS Actively Targeting Taxpayers For Passport Denial/Revocation

On behalf of Frost Law posted in on April 20, 2020.

Eli S. Noff, Esq.CPA, Partner The IRS is now actively in the process of issuing Notices CP508C to hundreds of thousands of U.S. taxpayers–placing all notified taxpayers’ passports in serious jeopardy. Several news outlets this week report that the U.S. State Department confirms that it has already acted on its part in the process and […]

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What’s Your Alien Tax Status and How Does it Affect Investment Property?

On behalf of Frost Law posted in on April 20, 2020.

Eli S. Noff, Esq.,CPA, PartnerBrent Conrad For tax purposes, a non-U.S. citizen is either a nonresident alien or a resident alien. All aliens are considered nonresident aliens, unless they pass the green card test or the substantial presence test. A person meeting either of these tests is considered a resident alien. Since aliens are taxed […]

Tags: IRS, Articles


Potential Tax Changes for Americans in Panama

On behalf of Frost Law posted in on April 20, 2020.

Glen E. Frost, Esq., CPA, Managing Partner For many years, the persistent call for change in the taxation of American corporations and individuals abroad has gone unanswered. However, the current administration’s actions, suggest the very real possibility of new tax rules, sooner rather than later. Indeed, assuming no major legislative disturbance or some catastrophe, such […]

Tags: Tax Topics, Articles


I.R.C. §280E: A Buzzkill for Those who Keep Poor Records

On behalf of Frost Law posted in on April 20, 2020.

Eli S. Noff, Esq. Partner The recent Tax Court’s Alterman v. Commissioner [1] decision is a lesson in Accounting 101 for Cannabisseurs. Well, technically it’s a valuable lesson about record-keeping to all taxpayers who are subject to Internal Revenue Code (I.R.C.) §280E — but with the currently high audit rates for the marijuana industry, it’s […]

Tags: Tax Controversies, Articles


Notice CC-2018-005: How Chief Counsel Attorneys Handle Passport Actions

On behalf of Frost Law posted in on April 20, 2020.

On April 5, 2018, the Chief Counsel’s Office provided advice in Notice CC-2018-005 to Chief Counsel attorneys who handle I.R.C. §7345 passport actions. The Chief Counsel’s Office detailed both the certification and reversal processes for “seriously delinquent taxpayers,” as well as the procedures for the judicial review of certifications. Lastly, the Notice indicates that since […]

Tags: Tax Topics, IRS, Articles


Offer in Compromise: Alternative to Collection?

On behalf of Frost Law posted in on April 20, 2020.

Rebecca Sheppard, Esq. Have you ever considered filing an offer in compromise with the IRS to “settle your debt for pennies on the dollar”? Until recently, filing an offer in compromise was believed to create an automatic hold on collection action–i.e., the IRS would not be able to levy your property once it was filed. […]

Tags: Tax Controversies, IRS, Articles


Wesley Snipes Makes Offer the IRS can Refuse

On behalf of Frost Law posted in on April 20, 2020.

Eli S. Noff, Esq. CPA, Partner Wesley Snipes and the IRS have been at odds for many years. From 1999 to 2001, Snipes simply didn’t file returns and failed to pay millions of dollars in taxes. For his part, Snipes has denied being a tax protestor; rather, he claims to have relied on professional advice […]

Tags: Articles, Tax Controversies, IRS