Washington D.C. Tax Law Blog

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 […]

Update: As of November 21, 2019, various news sources are reporting that Former Mayor Pugh has pleaded guilty to four of the 11 charges in an executed plea deal. According to these reports, she pleaded guilty to at least one charge of tax evasion. Earlier this year, we reported the first public display of federal […]

The use of offshore accounts is a point of contention in the media these days. The release of the Paradise Papers and Panama Papers arguably aimed to bring down the reputation of those who used these accounts, but the information may have led to an unforeseen result. Instead of just leading to negative press, the […]

Recent legislation significantly impacts retirement savings. One notable change involves required minimum distributions (RMDs). This post discusses the change, how it impacts retirement savings, and how taxpayers can minimize potential penalties. What are RMDs? Retirement funds may not be kept in an account indefinitely. The RMD is the minimum amount a taxpayer is required to […]

Two raids in one day. The Internal Revenue Service (IRS) decided to raid both a business owners’ place of business as well as his private residence on the same day. These were not tax agents clad in black suits carrying briefcases. These were federal agents in full body armor carrying assault rifles gathering boxes of […]