IRS

IRS clarifies new Tax Law did not kill Home Equity Loan Interest Deduction

On behalf of Frost Law posted in on April 22, 2020.

Mary Lundstedt, Esq. According to the February 21, 2018, IRS news release, IR-2018-32, there are still circumstances for which interest on home equity loans is still deductible under the Tax Cuts and Jobs Act of 2017. The IRS has now clarified that “taxpayers can often still deduct interest on a home equity loan, home equity […]

Tags: Articles, IRS, Tax Topics


Charitable Giving Part 1: Not All Methods are Created Equal

On behalf of Frost Law posted in on April 22, 2020.

Leanne Broyles, Esq. Part I Everyone has their own personal reasons for charitable giving, whether it be sharing with those less fortunate, supporting an alma mater, or assisting a deserving cause or an organization that means something to them. Regardless of your charitable motives, before making a substantial gift or bequest to a charity, you […]

Tags: Articles, IRS, Tax Topics


Section 199A: New 20% Pass-Through Deduction

On behalf of Frost Law posted in on April 22, 2020.

Glen E. Frost, Managing PartnerMary F. Lundstedt, Esq., Associate When the Tax Cuts and Jobs Act reduced the C corporation tax rate from 35% to 21%, it also created a significant tax break for flow-through entities and structures in an attempt to level the playing field for small businesses.1As such, beginning January 1, 2018, S […]

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MSBA April Bar Bulletin

On behalf of Frost Law posted in on April 22, 2020.

Glen E. Frost, Esq., CPA, Managing PartnerJohn Pontius Foreign Bank Account Reporting Extends Beyond Switzerland: FATCA Updates For the last six years, most of the focus of offshore tax evasion has been on Swiss bank accounts. However, the Internal Revenue Service will soon be broadening their investigations into other foreign countries with the implementation of […]

Tags: Articles, IRS, Tax Evasion


Qualified Opportunity Zones: Economic Stimulus and Tax Incentive

On behalf of Frost Law posted in on April 22, 2020.

Mary F. Lundstedt, Esq., Associate Glen E. Frost, Managing Partner The Tax Cuts and Jobs Act of 2017 (TCJA) introduced Qualified Opportunity Zones (QOZ),1created to stimulate economic and property development in low-income communities in order to reduce poverty and increase employment. The program is immensely attractive to investors, because those who invest in QOZs using […]

Tags: Articles, IRS, Tax Topics


The IRS is Receiving Thousands of Coinbase Users’ Information

On behalf of Frost Law posted in on April 22, 2020.

Mary Lundstedt, Esq. In November of 2017, Coinbase, Inc. (“Coinbase”), a company that facilitates digital currency transactions, was ordered to comply with an IRS summons demanding specific Coinbase client identifying information and transaction data for Coinbase accounts “with at least the equivalent of $20,000 in any one transactions type” in any year during the period […]

Tags: Articles, IRS, Tax Evasion


Impact of Bedrosian v. U.S. – A Comprehensive Analysis

On behalf of Frost Law posted in on April 22, 2020.

A recent decision has shaken tax authorities in the US–Bedrosian v. United States, No. 2:15-cv-05853 (E.D. Pa. Sept. 20, 2017). Case History The case was filed by the plaintiff, Arthur Bedrosian, to obtain a refund of the $9,757.89 that he paid to the Internal Revenue Service (IRS). This amount was paid for his alleged willful […]

Tags: Articles, IRS, Tax Crimes


Tax-Weary Americans Find Haven in Puerto Rico

On behalf of Frost Law posted in on April 22, 2020.

Glen E. Frost, Managing PartnerMary F. Lundstedt, Esq., Associate Investors, traders, investment managers, and other high net worth individuals now have access to a tax haven custom-made for them. And this haven is even issuing its siren’s call to lure those in the cryptocurrency community-recently creating an advisory council specifically aimed at fostering blockchain business […]

Tags: Articles, IRS


The IRS Says I Owe More Tax and We Couldn’t Reach an Agreement. Now What?

On behalf of Frost Law posted in on April 22, 2020.

Mary Lundstedt, Esq., Associate When a taxpayer receives a notice from the IRS proposing an additional assessment of tax, the taxpayer can often work administratively with the IRS to resolve the dispute. However, many times, the taxpayer and IRS are not able to come to an agreement. In those instances, there are four different forums […]

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Can declaring Bankruptcy lead to Student Loan Forgiveness?

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

Those who attended college while in the District of Columbia, or who have found themselves having to deal with unpayable student debt while living in D.C., can encounter a wide array of challenges to living the lifestyle they seek to live. When payments for student debts are unable to be made, sometimes a collection agency […]

Tags: Articles, IRS