Washington D.C. Tax Law Blog

Administration Announces Unprecedented Tax-Payment Deadline Delay for Majority of Americans

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

On March 17, 2020, as part of a relief effort in response to the economic effects of the coronavirus pandemic, Treasury Secretary Steven Mnuchin announced the government’s unprecedented move to delay the April 15thtax-payment deadline for certain individuals and businesses-penalty and interest free. Although full details of the maneuver have not been released yet, it […]

Tags: Blog, IRS

Comptroller Announces June 1st Extension of Business Tax Filing Deadlines

On behalf of Frost Law posted in on March 13, 2020.

On March 11, 2020, in an effort to assist businesses affected by COVID-19’s economic impact, Maryland Comptroller Peter Franchot announced the June 1stextension of business-related tax filing deadlines. Specifically, the announcement provided that: [t]he June 1stextension applies to certain business returns with due dates during the months of March, April and May 2020 for businesses […]

Tags: Tax Topics, Blog

Mistakes on Taxes: Avoid these Common Errors

On behalf of Frost Law posted in on March 11, 2020.

Tax season is upon us. The tax filing deadline is just over four weeks away and many taxpayers are gathering their tax forms and starting to fill out their returns. Whether looking at a big refund or a tax bill, taxpayers can help to better ensure a smooth process by avoiding these common errors: Mistakes […]

Tags: Tax Topics, Blog

2019 IRS Wage and Income Transcripts Expected in May

On behalf of Frost Law posted in on March 5, 2020.

Every year during tax season, many tax professionals and taxpayers eagerly await the release of IRS Wage and Income Transcripts in order to assist in return preparation. Wage and Income Transcripts provide valuable data, which the IRS compiles from information returns it receives, such as Forms W-2, 1099, 1098 and Form 5498, IRA Contribution Information. […]

Tags: IRS, Blog

Three Tips to Prepare for a Tax Audit

On behalf of Frost Law posted in on March 5, 2020.

Tax audits are not uncommon. The Internal Revenue Service (IRS) conducted one million audits in 2017 alone. The agency generally conducts these tax audits either through mailings or with an agent showing up at your home or place of business. The agency conducted the vast majority of the one million audits from 2017, approximately 75%, […]

Tags: Tax Topics, IRS, Blog

Fudging the Numbers: What Happens When You Lie on Your Taxes?

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

From generous estimations to outright lies — what happens when you lie on your taxes? The lure of a lower tax bill or higher tax refund may tempt taxpayers to fudge the numbers on their tax return. However, such maneuvers can come with serious consequences. How serious are the consequences? Not surprisingly, the severity of […]

Tags: Blog, Tax Evasion, IRS

IRS Announces Increased Focus on High-Income Earners

On behalf of Frost Law posted in on February 26, 2020.

The Internal Revenue Service (IRS) recently announced plans to increase visits to a certain group of taxpayers. The agency’s focus includes those who meet the following criteria: 1) earnings of over $100,000 annually, and 2) failure to file income tax returns. When will the agency begin to implement this new focus? According to a recent […]

Tags: IRS, Blog

Man Sentenced to Prison For Failing to Remit Payroll Taxes to IRS

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

Our legal system expects a lot out of small business owners. This system expects these entrepreneurs to follow the rules of their chosen business structure while also making sure they meet all required tax obligations. This is on top of balancing their business plan and making sure they are successful within their market. A failure […]

Tags: Tax Crimes, Blog

Florida Attorney General Issues Tips to Help Floridians Avoid Tax Identity Theft Scams

On behalf of Frost Law posted in on February 13, 2020.

On February 3, 2020, Florida Attorney General Ashely Moody issued a video consumer alert warning taxpayers to “Watch Out for Tax Identity Theft Scams” and providing tips for Floridians to help them avoid becoming victims of scammers.1 Significantly, the Attorney General noted that a common ploy involves the fraudulent filing of a person’s tax return […]

Tags: Tax Crimes, Blog

Five Nations Join Tax Evasion Operation

On behalf of Frost Law posted in on February 12, 2020.

A new tax enforcement organization is set to ramp up the nation’s ability to keep an eye out for tax evasion. The Joint Chiefs of Global Tax Enforcement, or J5, may sound like something out of the Marvel Universe. In reality, it is a collaborative effort of five major intelligence communities working together to bring […]

Tags: Tax Evasion, Blog