Washington D.C. Tax Law Blog

Part 1: U.S. Tax Consequences of an Australian Superannuation Retirement Account

On behalf of Frost Law posted in on August 22, 2022.

Retirement accounts can be an integral part of wealth accumulation and estate planning. In this blog series, we consider the issues in Australian superannuation (retirement) accounts. Many Australians live in the US on E-3, O-1, and EB-2 visas, or as U.S. green card holders, or citizens. These U.S.-based Australians, have likely, accumulated retirement benefits in […]

Tags: Tax Topics, Estate Planning, Blog

FAQ: How to File FBAR?

On behalf of Frost Law posted in on November 6, 2020.

An FBAR must be filed electronically; this can be done through the Financial Crimes Enforcement Network’s BSA E-Filing System. If you are an individual, simply select the “no registration option,” to fulfill your filing obligation. Institutions however must register for the BSA E-Filing System in order to File FBAR. If you would like to paper-file […]

Tags: Blog

Former Baltimore Mayor Pugh faces Multiple Charges over Bookgate Scandal

On behalf of Frost Law posted in on May 28, 2020.

Update: As of November 21, 2019, various news sources are reporting that Former Mayor Pugh has pleaded guilty to four of the 11 charges in an executed plea deal. According to these reports, she pleaded guilty to at least one charge of tax evasion. Earlier this year, we reported the first public display of federal […]

Tags: Tax Evasion, Tax Crimes, IRS, Blog

Study Analyzes Why People use Offshore Accounts

On behalf of Frost Law posted in on April 24, 2020.

The use of offshore accounts is a point of contention in the media these days. The release of the Paradise Papers and Panama Papers arguably aimed to bring down the reputation of those who used these accounts, but the information may have led to an unforeseen result. Instead of just leading to negative press, the […]

Tags: IRS, Blog

Retirement & Taxes in 2020: Are You Prepared for the Changes?

On behalf of Frost Law posted in on April 16, 2020.

Recent legislation significantly impacts retirement savings. One notable change involves required minimum distributions (RMDs). This post discusses the change, how it impacts retirement savings, and how taxpayers can minimize potential penalties. What are RMDs? Retirement funds may not be kept in an account indefinitely. The RMD is the minimum amount a taxpayer is required to […]

Tags: Tax Controversies, Blog

IRS Raids Business and Owner’s Home, Claims Tax Evasion

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

Two raids in one day. The Internal Revenue Service (IRS) decided to raid both a business owners’ place of business as well as his private residence on the same day. These were not tax agents clad in black suits carrying briefcases. These were federal agents in full body armor carrying assault rifles gathering boxes of […]

Tags: Blog, Tax Evasion, IRS

Employers: 3 things to know about the Employee Retention Credit

On behalf of Frost Law posted in on April 2, 2020.

In response to the financial crisis caused by COVID-19, the newly enacted CARES Act has created a new payroll-related form of relief for employers. Coined The Employee Retention Credit, this relief measure allows eligible employers to obtain a refundable credit against the employer-only portion of social security taxes (or Railroad Retirement Tax Act taxes). Question […]

Tags: Blog, Tax Topics, IRS

As Feds Change Tax Deadlines, Will States Do the Same?

On behalf of Frost Law posted in on April 1, 2020.

Almost every year April 15 is known as the date when federal and state income tax filings are due. This rule is generally true, except for during 2020. The Internal Revenue Service (IRS) recently announced that it is extending the deadline to both file and pay federal income taxes to July 15, 2020. The move […]

Tags: IRS, Blog

COVID-19 & Taxes: How Does the IRS Respond to Emergencies?

On behalf of Frost Law posted in on March 19, 2020.

President Donald Trump recently declared a national emergency as a result of the new coronavirus. State officials throughout the country have declared states of emergency and local counties and cities are doing the same. These actions have triggered an array of federal, state and local assistance programs, but have they impacted taxes? The impact of […]

Tags: IRS, Blog