Panama Papers: Germany Pays Millions for a Copy of the Leaked Data
The Federal Crime Office (BKA) in Germany has confirmed that it is in possession of a copy of the alleged Panama Papers and will use the information to investigate possible offshore tax evasion by German citizens. In addition to the obvious tax fraud, they intend to look for evidence of arms trafficking and organized crime. […]
What You Need to Know About Your Side Income and Taxes
With the cost of living continuing to rise, many Americans with full time jobs, supplement their income by pursuing ventures on the side. These may include driving for Uber, renting out rooms in their home through services such as AirBNB, selling through a multi-level marketing company such as It Works!, or by selling homemade products […]
Know Your Rights if the IRS Breaks the Rules
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 […]
Maryland Field Enforcement Division
The Field Enforcement Division is part of the Comptroller of Maryland’s Office and is responsible for the enforcement of tax laws regarding alcohol, motor fuel, tobacco, business licenses, and sales. The Division includes the Motor Fuel Laboratory, the State License Bureau, and the Field Enforcement Bureau. The Motor Fuel Laboratory is responsible for testing gasoline […]
Tax Court: Economic Hardship Exception to Proposed Levy Only for Individuals
Mary Lundstedt, Esq In Lindsay Manor Nursing Home, Inc. v. Commissioner, 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 […]
President Trump filed for an extension on his 2016 tax return
A White House spokesperson has confirmed that President Donald Trump filed for an extension on his 2016 tax return. The president has refused requests to release his previous returns and has made conflicting statements in regards to whether or not he ever intends to release them. During one interview, he stated that he had no […]