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Glen E. Frost

Attorney at Law *
Certified Public Accountant **
Master of Laws in Taxation

10480 Little Patuxent Pkwy, Ste. 400
Columbia, MD 21044
Every Tax Problem has a Solution
Phone:  (410) 497-5947

Fax:      (888) 235-8405

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06/07/17

Permalink 12:50:19 pm, by admin Email , 186 words   English (US) latin1
Categories: News

New FBAR Filing Date and Extension

U.S. taxpayers with more than $10,000 in a foreign financial account at any time during the calendar year are required to report foreign financial interests on Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR). Since the financial crisis in 2008, the government has increased its attention to overseas tax evasion - resulting in increased FBAR enforcement. Timely filing is required to avoid steep penalties.

In the case of returns for taxable years beginning after December 31, 2015, the FBAR filing deadline now aligns with the federal tax return filing deadline. On July 31, 2015, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, P.L. 114-41, §2006(b)(11), changed the FBAR due date from June 30 to April 15.

Additionally, the Act provided a maximum six-month extension of the filing deadline; previously, no such extension was allowed. Initially, the FinCEN did not explain the procedure for obtaining this extension - leaving taxpayers confused. Recently, the FinCEN clarified that, as part of the implementation of the new filing date, it will automatically grant the six-month extension to all taxpayers. Since October 15, 2017, is a Sunday, this means taxpayers have until October 16, 2017, to file.

06/01/17

Permalink 01:02:06 pm, by admin Email , 162 words   English (US) latin1
Categories: News

Frost & Associates, LLC wins What’s Up? Magazines Best Of Contest


June 1, 2017 – Washington, D.C based law firm Frost & Associates, LLC has won What’s Up? Magazine’s Best of Eastern Shore, West County and Annapolis for the 2017 Reader’s Poll for ‘Best Tax Attorney’. The firm focuses their practice on estate planning and administration, tax planning, business law, tax controversy and litigation, international tax matters, white collar criminal defense and regulatory investigations by various government agencies. Led by Attorney and Certified Public Accountant, Glen E. Frost, the firm is comprised of a team of professionals that includes attorneys, certified public accountants, enrolled agents and certified fraud examiners.

Eight of the firm's attorneys were also recently selected to Maryland and Washington D.C Super Lawyers list for 2017. Visit FrostTaxLaw.com for more information.

Every year What’s Up magazine asks their readers to cast their votes for the best businesses, law firms, spa services and medical professions by submitting an online ballot on whatsupmag.com. The winners will be honored at the annual Best Of Party held on June 15.

05/11/17

Permalink 02:45:30 pm, by admin Email , 157 words   English (US) latin1
Categories: News

ACA Letter To IRS Commissioner Concerning Private-Sector Debt Collection

On May 5th Glen E. Frost wrote a letter, on behalf of the American Citizens Abroad, to IRS Commissioner John Koskinen in regards to private collection firms based in the United States collecting debts of U.S. taxpayers with foreign addresses. The ACA stands behind the belief that U.S. citizens living overseas should not be subject to the recent private-sector debt collection program, as dealing with a collection agency based in the U.S. could create issues for Americans living overseas.

As a result of this letter, the IRS has issued the following statement:

"We will be reviewing the letter, but the companies participating in the private debt collection program are only licensed to operate in the U.S. states and territories. As a result, the IRS is excluding taxpayers who live outside the U.S. from the private debt collection effort. The IRS reminds taxpayers living outside the United States to be alert to phone scammers posing as debt collectors."

05/03/17

Permalink 12:06:55 pm, by admin Email , 473 words   English (US) latin1
Categories: News

Do I Need a Trust?

Our estate planning clients commonly ask us whether they need living trusts. The answer is almost always “No.” “Need” is a strong word. There are, however, several factors to consider in determining whether a trust could benefit you.

A revocable living trust, commonly known as a "living trust," "revocable trust," or "RLT" is essentially an alternative to the traditional will. Although there are many other types of trusts, the living trust is typically what people think of when they are doing basic estate planning. Generally speaking, the living trust has the same overall effect as a will, but it does certain things better. Therefore, while it is not strictly necessary, it can offer benefits to certain individuals and families over the will. The trade-off is that it is more expensive and time-consuming to establish. Here are the top five factors that we consider in choosing whether to recommend using living trusts as a will alternative:

1. You live in a state with an expensive probate system. Generally (unless your assets are primarily of the type controlled by beneficiary designation), the administration of your assets upon your death will be subject to a state supervised process known as "probate." States charge a fee to probate estates for the use of the process. It is typically based on the value of the estate and varies from state to state.

2. You want your estate details kept private. Probate is public. If your estate is subject to probate, it will be possible for others to review your will and the details of the assets you own subject to the process. If this would bother you, you may want to consider a living trust, the contents of which do not become public.

3. You own real estate in multiple jurisdictions. Real estate is generally required to be probated in the jurisdiction where it is located. Owning the property through a living trust is one way to avoid your estate being subject to multiple probates, which can become expensive.

4. You want your estate to be distributed quickly. A living trust can facilitate (but never guarantees) a quick estate administration. When your assets are administered through a living trust, the trustee isn't subject to the same time constraints as a Personal Representative/Executor dealing with probate. However, a trustee can still encounter hang-ups or take his or her time distributing property.

5. You want easier incapacity transitions. Holding assets in a living trust is one way to manage for potential future incapacity. You can name a co-trustee or a successor trustee to assist with the management of your trust assets during your lifetime. Alternatively, those without a trust can use powers of attorney, which are also effective, but sometimes present more complicated transitions.

A lawyer experienced with estates and trusts can advise you on whether or not a living trust is suitable for you.

04/16/17

Permalink 11:49:18 pm, by admin Email , 266 words   English (US) latin1
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Read This If You Need An Extension to File Your Taxes



This year’s tax-filing deadline of April 18 is right around the corner. If you have put filing your taxes at the bottom of your to do list, you may be eligible to get a six-month extension from the IRS by submitting a “free extension to file” request. Requesting an extension will provide you with an additional six months (until October 16) to prepare and file your taxes.

Some circumstances give taxpayers more time to file without having to file the extension. These may include:
>U.S. citizens and resident aliens who live and work abroad
>Members of the military and others serving in a combat zone. These taxpayers can typically wait until at least 180 days after they leave the combat zone to file returns and pay any taxes due.
>Individuals affected by certain natural disasters. A list of recent disasters that have been granted an extension can be found here.

Although this extends your time to file it does not give you additional time to pay your owed taxes. You still need to pay any anticipated owed taxes by April 18 to avoid a late-filing penalty or interest on the balance owed. In the case that you were to overpay your taxes, you will get a refund.

Please note that some people aren't eligible for extensions. Taxpayers who were approved for an Offer in Compromise must file by the April deadline during their five-year probationary period. The IRS has the right to revoke the agreement and re-instate the original amount owed if they do not file by the deadline. For more information on filing extensions with the IRS, visit irs.gov.

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* Licensed to practice in Maryland, Florida, and the District of Columbia. May represent taxpayers nationwide in IRS disputes.
** Licensed in Maryland

10480 Little Patuxent Pkwy, Ste. 400
Columbia, MD 21044
(410) 497-5947
© 2011 Glen E. Frost