In Inc. v. Commissioner, Manor Nursing Home, 148 T.C. No. 9 (Mar. 23, 2017), where a corporate taxpayer sought release from a proposed levy because it would create an economic hardship, the Tax Court concluded that limiting economic hardship relief to individuals is a permissible interpretation of the statute. Taxpayer, a nursing home facility in […]

As its customer service budget has shrunk in recent years, the IRS has pushed hard to get people to go online with tax questions. Online resources do not take the place of a phone conversation with a tax compliance professional. But the IRS website, IRS.gov, does generally have a lot of information. Is the information […]

In an article in The Washington Post, Glen Frost was quoted when he talked about a “mystery business.” The business found an ingenious and legal way of making a 10 percent return on their money. The business just made sure to significantly overpay its estimated taxes, triggering a law that required the city to refund […]

Foreign financial institutions that provide financial accounts to U.S. taxpayers or foreign entities that have a substantial ownership interest by a U.S. taxpayer are generally required to report information to the IRS. In some cases, this requires completion of an FFI agreement. The Internal Revenue Service (IRS) recently posted a reminder that foreign financial institutions […]

Kristin LeClair Zurowski Generally, the first step in setting up a business is the choice of entity. While state laws govern the formation of entities, Federal law dictates the treatment of entities for Federal tax purposes. Additional considerations should be liability, control, and exit strategy. The most common entity types are: Sole Proprietorship – An […]

Tax law is a difficult area of law for many reasons. The law is often changing and, as highlighted in a recent decision by the Tax Court; unexpected interpretations of the law are not uncommon. Take the Citizens United case from 2010. Essentially, this case involved a question as to what protections are available for […]

Frost & Associates, LLC, successfully represented an angler in the White Marlin Open Fishing Tournament in Ocean City, MD, who was moving to get another angler disqualified for alleged rule violations. With over $2.8 million in dispute over the top fish, our client stands to collect a substantial portion of the proceeds. This is one […]

Non-Disclosure Agreements (NDA), also known as confidentiality agreements, are used to protect a business’s proprietary information. An NDA is a legally binding contract between a business and another party who agree to keep specific information, such as patents, recipes, marketing research and trade secrets, confidential. The definition in the NDA needs to be as specific […]

We are pleased to announce that our blog has been recognized as one of the top tax blogs in the country. Out of thousands of tax blogs, only 100 were selected for this honor. You can view the full list here.

The financial world is evolving. This is not the first time the economy has shifted its focus. The focus has shifted in the past from one that depends on gold as currency to paper dollars to credit cards. The shift is now moving to the novel world of digital currency. With every change in economic […]