Tax Topics

Proposed Regulations Clarify Tax Treatment of Charitable Donations in Return for SALT Credits

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

Eli Noff, Esq., PartnerMary F. Lundstedt, Esq., Associate On December 13, 2019, the Internal Revenue Service (IRS) released proposed regulations which provide guidance for businesses and individuals regarding the tax treatment of charitable fund donations made in exchange for state and local tax (SALT) credits. Additionally, the proposed regulations provided guidance regarding the application of […]

Tags: Articles, Tax Topics


The Ups and Downs of the Program for Voluntarily Reclassifying Your Workers

On behalf of Frost Law posted in on April 23, 2020.

Mary Lundstedt, Esq. Whether a worker is properly classified as an employee or as an independent contractor depends upon the facts and circumstances. Generally, the determination is made under common law tests considering the right to control and direct the individual performing services. However, in some factual situations, the determination of the proper worker classification […]

Tags: Articles, IRS, Tax Topics


Comparison of the House and Senates Tax Cuts and Jobs Act

On behalf of Frost Law posted in on April 23, 2020.

The below comparison outlines the “Tax Cuts and Jobs Act” passed by the House of Representatives on November 16 and the Senate on December 2. Since the two plans differ, they will now be sent to a conference committee where negotiators from both chambers will create a unified bill. After, both parties must approve the […]

Tags: Articles, Tax Topics


Maryland Emergency Regulations and Tax Alert in Wake of Wayfair

On behalf of Frost Law posted in on April 23, 2020.

Mary Lundsted, Esq., Associate Rebecca Sheppard, Esq., Associate On August 29, 2018, in response to South Dakota v. Wayfair,the Maryland General Assembly’s Joint Committee on Administrative, Executive, and Legislative Review (AELR) approved the Comptroller of Maryland’s emergency regulations imposing economic nexus standards to require remote vendors lacking Maryland physical presence to collect Maryland sales tax […]

Tags: Articles, Tax Topics


Credit Suisse Hearings focus attention on Foreign Bank Accounts

On behalf of Frost Law posted in on April 23, 2020.

The chief executive of Credit Suisse recently appeared in front of a Senate subcommittee to answer questions related to the bank’s role in aiding tax evasion. A similar hearing in 2008 resulted in a $780 million fine for Swiss bank UBS after the bank admitted helping U.S. taxpayers shield assets to avoid taxes. In conjunction […]

Tags: Articles, IRS, Tax Topics


Qualified Terminable Interest Property (QTIP) Trust

On behalf of Frost Law posted in on April 23, 2020.

A QTIP trust, despite its silly name, is a valuable estate planning tool. QTIP, or “Qualified Terminable Interest Property” is a name derived from the tax law that legalises the tax benefits of the trust. When property is given to a spouse outright (not subject to a trust), it qualifies for what is known as […]

Tags: Articles, Estate Planning, Tax Topics


The Foreign Account Tax Compliance Act: What is FATCA?

On behalf of Frost Law posted in on April 23, 2020.

Eli S. Noff, Esq.,CPA, PartnerMary Lundstedt, Esq., Associate Brent Conrad In an effort to reduce persistent high unemployment rates resulting from the 2008 financial crisis, President Obama signed The Hiring Incentives to Restore Employment Act of 2010 (HIRE Act)1to incentivize employers to hire and retain workers. Tax incentives provided in the HIRE Act included: (1) […]

Tags: Articles, IRS, Tax Topics


Innocent Spouse Relief (IRC §6015)

On behalf of Frost Law posted in on April 23, 2020.

Eli S. Noff, Esq., CPA, PartnerMary F. Lundstedt, Esq., Associate Under Internal Revenue Code (IRC) §6013(d)(3), spouses who file joint income tax returns are subject to joint and several liability for the income tax reported on those returns. In other words, the IRS will hold each spouse responsible for the entire amount of tax due. […]

Tags: Articles, IRS, Tax Topics


Time Travelling with the Section 962 Election

On behalf of Frost Law posted in on April 23, 2020.

Eli S. Noff, Esq. CPA It is undisputed that U.S. individuals who own foreign companies were treated unfavorably under the Tax Cuts and Jobs Act of 2017 (TCJA) compared to U.S. corporate shareholders. However, an election that allows individuals to treat themselves as corporations can, in the right circumstances, help alleviate the harsh results. Changes […]

Tags: Articles, Tax Topics


Virtual and Economic Contacts Establish Nexus for Sales Tax

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

Eli Noff, PartnerMary Lundstedt, Esq. On June 21, 2018, the Supreme Court delivered its highly anticipated decision in South Dakota v. Wayfair, Inc., et al.[1]The 5-4 decision discards the antiquated “physical presence rule” — a rule which has allowed retailers lacking a physical presence in a state to avoid any obligation to collect and remit […]

Tags: Articles, IRS, Tax Topics