Washington D.C. Tax Law Blog

Glen Frost, managing partner of Frost & Associates, was quoted in an article featured in the USA Today speaking on taxpayers rights. Most individuals are aware of the severe consequences they may face if they break a tax law, even if it was done accidentally. However, most aren’t well versed in the rules that the […]

Leanne Fryer Broyles Part II In Part I of this post we reviewed the importance of discussing planned giving with your financial advisors. This month’s post focuses on just one way to give. The Charitable Remainder Trust is a popular planned giving tool that offers many benefits for philanthropists. If you are a good candidate, […]

The Internal Revenue Service (IRS) appears to be making headway in its attempts to bring down Caterpillar. The industrial equipment supplier is facing allegations of tax fraud. Essentially, the IRS believes the Peoria, Illinois based company has attempted to avoid its tax obligations by putting profits for sales into a subsidiary based in Switzerland. A […]

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 […]