Washington D.C. Tax Law 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: Blog, IRS


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: Blog, IRS, Tax Topics


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, IRS, Tax Evasion


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 […]

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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: Blog, Tax Crimes


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: Blog, Tax Crimes


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: Blog, Tax Evasion


Have You Received a 1099-K for Cryptocurrency Transactions?

On behalf of Frost Law posted in on February 10, 2020.

Cryptocurrency exchanges, such as Coinbase and Uphold, have begun issuing Forms 1099-Ks, Payment Card and Third Party Network Transactions, to customers. If you receive a 1099-K from a cryptocurrency exchange, then you can be assured that the IRS is fully aware of your reportable cryptocurrency transactions. This is because cryptocurrency exchanges are required to send […]

Tags: Blog, IRS


Updated IRS FAQs Require Appraisals for Charitable Donations of Virtual Currencies

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

In December of 2019, the Internal Revenue Service (IRS) added two new “Frequently Asked Questions” (FAQs) on its webpage regarding the responsibilities and reporting obligations for charitable organizations that received donations in the form of virtual currencies.1 One of these FAQs imposes an appraisal requirement for large donations of virtual currencies-increasing already existing concerns that […]

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IRS Issues Guidance for Reporting Required Minimum Distributions in 2020

On behalf of Frost Law posted in on January 31, 2020.

Within the newly enacted Further Consolidated Appropriations Act, 2020 (FCAA) is another act-the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), which significantly changes retirement plan funding and distribution.[1]This new law increases the age at which account holders are required to take distributions from their individual retirement accounts (IRAs) from 70½ […]

Tags: Blog, IRS