The IRS announced that it has enhanced its Individual Online Account tool by adding access to key tax documents, including Form W-2, Wage and Tax Statement, and Form 1095-A, Health Insurance Marketplace Statement, for tax years 2023 and 2024. However, one key limitation remains: state tax information is not yet available on Form W-2s in […]

On March 26, 2025, the Financial Crimes Enforcement Network (FinCEN) published an interim final rule in the Federal Register that significantly narrows the scope of the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA). Most notably, domestic entities are no longer required to file BOI reports. The definition of a “reporting […]

In CF Headquarters Corporation v. Commissioner, 164 T.C. No. 5 (2025), the Tax Court ruled that a financial services firm must include in gross income state grant proceeds it received following the September 11, 2001, terrorist attacks. The taxpayer argued that the funds provided by New York State as part of an economic recovery program […]

Good news! The U.S. Tax Court made a decision that could help taxpayers like you. In the case, Mukhi v. Commissioner, the court said the IRS lacks the authority to decide on its own to give you a penalty if you fail to report ownership of a foreign company. This decision conflicts with a previous […]

In Mukhi v. Commissioner, 163 T.C. No. 8 (2024), the U.S. Tax Court reaffirmed its earlier decision that the IRS lacks statutory authority to assess penalties under Internal Revenue Code §6038(b)(1) for failing to report ownership in foreign corporations. This ruling contrasts with a D.C. Circuit decision in another case, creating a divide in the […]

The IRS recently announced important changes to tax brackets, standard deductions, and retirement contribution limits for 2025. These adjustments, driven by inflation, impact your tax planning and savings strategies. Whether you’re proactively optimizing your strategy or already facing an IRS challenge, our tax attorneys can help. We focus on resolving IRS tax controversies and ensuring […]

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 […]

If you have more questions about foreign inheritance or need guidance with other international tax matters, call 410-671-0741 to schedule a confidential consultation with a Frost Law international tax attorney.

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 […]

Peter Palsen, International Tax Professional In the 2018 book Red Card – How the U.S. Blew the Whistle on the World’s Biggest Sports Scandal, author Ken Bensinger spends 368 pages discussing how the Internal Revenue Services (IRS), Treasury Financial Crimes Enforcement Network (FinCEN) and the Federal Bureau of Investigation (FBI) collectively carried out a cross-border, […]