Washington D.C. Tax Law Blog

Willful Violations and the FBAR

On behalf of Frost Law posted in on February 1, 2018.

The Report of Foreign Bank and Financial Accounts (FBAR) is generally required for United States citizens and residents that have an interest in foreign accounts. A failure to properly report these assets can result in fees and other penalties, including imprisonment. The severity of the penalty generally depends on the details of the violation. Willful […]

Tags: Tax Evasion, Blog


2017 Tax And Jobs Cut Act Analysis

On behalf of Frost Law posted in on February 1, 2018.

On December 22, 2017, President Donald Trump signed the Tax Cuts and Jobs Act. This is the first major tax reform since Ronald Reagan was president in 1986. The act replaces the graduated corporate tax rate structure with a flat 21 percent tax, repeals the corporate AMT, lowers the tax rates for six of the […]

Tags: IRS, Tax Topics, Blog


Could OVDP Provide Bitcoin Amnesty?

On behalf of Frost Law posted in on January 26, 2018.

To report or not to report? That question has likely crossed the minds of any investor that owns cryptocurrency. Those who ask this question should note that the Internal Revenue Service (IRS) has now trained agents on how to pursue digital currencies like Bitcoin. Unfortunately, there is not currently an official amnesty program for those […]

Tags: Tax Evasion, IRS, Blog


FBAR Case and Statute of Limitations: Court Win for Taxpayers

On behalf of Frost Law posted in on January 16, 2018.

The Foreign Bank Account Reporting Form (FBAR) is required for taxpayers that hold certain foreign accounts. The Internal Revenue Service (IRS) has pushed for compliance with reporting requirements in recent years. The agency has come down hard on those who fail to comply and has moved forward with investigations and penalties against those who violate […]

Tags: IRS, Blog


Offshore Accounts in a Post-FATCA Market

On behalf of Frost Law posted in on January 11, 2018.

The Foreign Account Tax Compliance Act (FATCA) went into effect in 2010. This law requires all foreign institutions outside of the United States to report assets and identities of account holders that are United States citizens. Failure to comply can result in serious ramifications, including steep financial penalties. How has this law impacted the industry? […]

Tags: Tax Topics, IRS, Blog


Territorial Taxes: How will this Impact Multinational Businesses?

On behalf of Frost Law posted in on January 2, 2018.

President Donald Trump signed the GOP tax bill into law before the end of 2017. The bill changes a number of areas of tax law. This piece will discuss the shift to a more territorial system of taxation and how this will impact multinational businesses and international tax issues. How did the previous tax system […]

Tags: Blog, Tax Controversies


President Trump Does 2 Things Before Taking a Holiday Break

On behalf of Frost Law posted in on December 22, 2017.

The pre-holiday crunch is often a busy time. This holds true for everyone that works at any level of employment. Retail, clerical, legal, financial, medical, or politics. In fact, this truth holds even for the person who holds the highest office in the country. President Donald Trump felt the crunch and encouraged Congress to get […]

Tags: IRS, Blog


Three Tips for Those Planning to Retire Abroad

On behalf of Frost Law posted in on December 14, 2017.

Retirement is a time to reap the rewards of years of hard work and planning. For some, this may mean leaving the country to be closer to family, friends, or to simply take more time to explore the world. This can be a rewarding endeavor when done wisely. However, a failure to properly account for […]

Tags: Tax Topics, IRS, Blog


One Problem with Cryptocurrency Transactions: Property or Money?

On behalf of Frost Law posted in on December 7, 2017.

One of the key issues when it comes to taxation of cryptocurrency is its basic definition. Is cryptocurrency property or money? It may not seem like an important distinction, but the answer directly impacts the application of federal tax laws on this form of currency. What is the difference between property and money? The Internal […]

Tags: Tax Controversies, Blog


How does the U.S. Government Encourage Foreign Asset Reporting?

On behalf of Frost Law posted in on December 4, 2017.

The United States government recognizes that unreported foreign assets translate to lost revenue. Various efforts are made in an attempt to recoup some of these losses. Three examples include: Foreign Account Tax Compliance Act (FATCA). As noted in a recent piece in HuffPost, one of the main tools used by the government to gather information […]

Tags: Tax Evasion, Blog