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Frost Law
United States
Приєднався 4 лис 2019
Frost Law provides tax and other legal services to clients in the U.S. and around the globe. Our team consists of skilled international tax attorneys, CPAs, and tax professionals that collaborate to provide financial guidance on tax prep and professional legal advice.
This same team will be providing informational videos on various tax issues and situations. You can look forward to our videos to gain education on the IRS, their campaigns, cryptocurrency, taxes, and more. If you're dealing with state, federal, or international tax issues, these videos may help you understand your position.
NOTE: Our videos are not a substitute for professional legal, tax, or financial advice. Speak with qualified legal counsel before making any financial decisions. If you have any questions about our material, please visit our website at AskFrost.com and contact us.
This same team will be providing informational videos on various tax issues and situations. You can look forward to our videos to gain education on the IRS, their campaigns, cryptocurrency, taxes, and more. If you're dealing with state, federal, or international tax issues, these videos may help you understand your position.
NOTE: Our videos are not a substitute for professional legal, tax, or financial advice. Speak with qualified legal counsel before making any financial decisions. If you have any questions about our material, please visit our website at AskFrost.com and contact us.
ERC Disallowance
In this video, we’ll provide an in-depth explanation on the IRS disallowance letters for the Employee Retention Credit. Learn more about these disallowance letter here: askfrost.com/news/irs-erc-disallowance-letters.
The IRS has issued over 28,000 disallowance letters that the IRS deems to be ineligible. There are a lot of issues with these notices, so if you receive one pay attention to the date of the notice so you do not lose your appeal rights.
Resources:
Moratorium Update: ua-cam.com/video/HadgAGP-7Kk/v-deo.htmlsi=INQYn_DGrrVRAoN4
Expedite Your ERC Refund Appeals, Litigation, and Other Administrative Options: ua-cam.com/video/PvLwBy8_lMc/v-deo.htmlfeature=shared
ERC Moratorium Update | Proper Claims, Risky Claims, & More: ua-cam.com/video/MAeNnwpeF7Q/v-deo.htmlfeature=shared
About Us:
Frost Law is comprised of skilled tax attorneys, business attorneys, litigation attorneys, estates attorneys, Certified Public Accountants, Certified Financial Planners, and other tax professionals. We have been serving clients across the country and abroad.
We have office locations on the East Coast in Maryland, Virginia, Washington, D.C., Pennsylvania, Florida, and serve clients internationally.
Get more information about the topics that affect you!
🌎 Website - askfrost.com
💼 LinkedIn - www.linkedin.com/company/frost-&-associates/
📘 Facebook - FrostTaxLaw/
🐤 Twitter - irstaxissues
DISCLAIMER: This video is not legal, tax, or financial advice. Talk with a professional about your situation before making any legal or financial decisions.
The IRS has issued over 28,000 disallowance letters that the IRS deems to be ineligible. There are a lot of issues with these notices, so if you receive one pay attention to the date of the notice so you do not lose your appeal rights.
Resources:
Moratorium Update: ua-cam.com/video/HadgAGP-7Kk/v-deo.htmlsi=INQYn_DGrrVRAoN4
Expedite Your ERC Refund Appeals, Litigation, and Other Administrative Options: ua-cam.com/video/PvLwBy8_lMc/v-deo.htmlfeature=shared
ERC Moratorium Update | Proper Claims, Risky Claims, & More: ua-cam.com/video/MAeNnwpeF7Q/v-deo.htmlfeature=shared
About Us:
Frost Law is comprised of skilled tax attorneys, business attorneys, litigation attorneys, estates attorneys, Certified Public Accountants, Certified Financial Planners, and other tax professionals. We have been serving clients across the country and abroad.
We have office locations on the East Coast in Maryland, Virginia, Washington, D.C., Pennsylvania, Florida, and serve clients internationally.
Get more information about the topics that affect you!
🌎 Website - askfrost.com
💼 LinkedIn - www.linkedin.com/company/frost-&-associates/
📘 Facebook - FrostTaxLaw/
🐤 Twitter - irstaxissues
DISCLAIMER: This video is not legal, tax, or financial advice. Talk with a professional about your situation before making any legal or financial decisions.
Переглядів: 527
Відео
Moratorium Update
Переглядів 15321 день тому
In this video, we’ll explain the latest IRS update with the Employee Retention Credit. Learn more about the state of ERC here: askfrost.com/news/irs-erc-disallowance-letters Business owners who filed for the ERC after the moratorium have good news. Previously, the IRS stated claims filed after September 2023 were unlikely to be processed. The IRS will also soon release 50,000 processed claims s...
ERC Moratorium Update | Proper Claims, Risky Claims, & More
Переглядів 1,3 тис.2 місяці тому
Is your ERC claim stuck in processing? The IRS moratorium went into effect September of 2023. Since then there have been a number of updates including the withdrawal options like the Voluntary Disclosure Program (VDP), litigation to compel processing, and more. This video shares insights into the recent June 20th IRS ERC moratorium news release and what this may mean for your claim. Do you have...
ERC Moratorium Litigation: Expedite Your Refund
Переглядів 3,8 тис.2 місяці тому
In this video, we’ll provide an in-depth explanation on litigation for unprocessed ERC moratorium claims and other COVID relief programs. Learn more about COVID Relief litigation here: askfrost.com/erc-support/appeals-audits-litigation Many small businesses continue to struggle after the pandemic because they have been unable to claim the refunds and tax credit they deserve. From ERC, EIDL, PPP...
Act 60 US Tax Filing DIY
Переглядів 7445 місяців тому
0:00: Introduction 0:30: Act 60 Tax Incentives 2:22: Tax Filing Exercise Begins 3:54: LLC Business Classification: C Corp vs Pass Through Entity 6:05: Dealing with Double Taxation 7:45: Examine your Income Items: W2, Business Income, Shares 11:20 Tax Filing Exercise Summary 12:11: Can You DIY Your Puerto Rico Taxes? Do you want to know what it takes to file Puerto Rico tax returns? In this vide...
The Corporate Transparency Act (CTA): Who, What, and Why | 2024, 2025 & Beyond
Переглядів 2265 місяців тому
[0:00] Introduction [0:44]: What is the Corporate Transparency Act? [1:36]: Deadlines for filing the CTA [2:23] What businesses will be affected by the CTA? [3:14] What about sole proprietors and partnerships? [4:13]: CTA Exemptions [4:30] Large Employer CTA Exemption [5:01]: Which people will need to file their information? [6:03] What information needs to be reported? [6:54]: Changing CTA inf...
Expedite Your ERC Refund Appeals, Litigation, and Other Administrative Options
Переглядів 1,2 тис.5 місяців тому
[0:00]: Introduction [0:25]: The Effects of the ERC Moratorium [1:05]: Expediting Your ERC Claim [1:15]: Taxpayer Advocate Service [2:03]: Congressional Constituent Request [2:33]: Federal Litigation [3:54] More about ERC Processing Delays [4:31]: Conclusion Comment end In this video, we’ll provide an in-depth explanation on ways you can expedite the processing of your ERC claim. Learn more abo...
ERC Withdrawal & Voluntary Disclosure: Who, Why, & How To
Переглядів 1456 місяців тому
0:00: Introduction 0:54: What is the ERC Moratorium and Withdrawal Program? 1:46: How to Withdraw Your ERC Claim 2:28: What is the Voluntary Disclosure Program? 3:08: How the ERC Voluntary Disclosure Differs from Other Similar Programs 4:38: Who Should Consider These Programs 5:33: Conclusion In this video, we will provide an explanation on the Employee Retention Credit (ERC) withdrawal program...
ERC Audit Documents & Substantiation
Переглядів 2979 місяців тому
In this video, we provide insights into ERC documentation to help substantiate your claims if you ever need to prepare for an audit of your Employee Retention Credit claim. You can also read more about ERC documentation from our tax firm here: askfrost.com/news/erc-audits-ongoing-how-audit-ready-is-yours The IRS scrutinizes all incoming ERC claims for eligibility in an attempt to curb fraudulen...
IRS Safeguards ERC: Fraud, Fall Updates, & More
Переглядів 22511 місяців тому
Do you have questions about the recent Employee Retention Credit (ERC) pause by the IRS? Read our in-depth article on the September 14th IRS announcement fueling speculation about the end of ERC: askfrost.com/news/end-of-erc-pause-by-irs-fraud-concerns The IRS recently announced a moratorium on processing ERC claims due to fraud and scam concerns. Learn more about what this means for businesses...
ERC Aggregation Rules, Affiliation Examples, & IRS Updates
Переглядів 332Рік тому
0:00 Introduction 0:35: Who we are and What we do 2:14: What is ERC Aggregation? 3:20: Brother-sister control groups 5:49: Family attribution rules 8:13: How ERC Aggregation will affect your claim 11:37 What about Large Employers? 13:42 What are the next steps? In this video, we’ll provide an in-depth explanation on the rules of ERC aggregation and affiliations. You can also read more about whe...
Second Opinion on ERC
Переглядів 66Рік тому
If you have filed for the ERC, a second opinion of your claim may benefit you. In some cases, clients may have missed quarters in which they are eligible, or exaggerated their claims. In this video, tax attorney Rebecca Sheppard, Esq., highlights how the CARES Act can help businesses recover after the tough financial periods that COVID brought, and how rules and regulations of the Employee Rete...
Who is an eligible employer? Child Care Facilities
Переглядів 47Рік тому
In this video Rebecca Sheppard, Esq. discusses various ways businesses in the Child Care industry can qualify for the Employee Retention Credit (ERC or ERTC). If your daycare, nursery, or private school and you had to change your facility to adhere to government guidelines e.g. go online, reduce the number of children in each class, reduce hours of operation, increase sanitation, etc. then you ...
Puerto Rico Tax Incentives Under Siege
Переглядів 2,4 тис.Рік тому
Puerto Rico Tax Incentives Under Siege
Tax Incentives: Microsoft Closing Puerto Rico Plant
Переглядів 622Рік тому
Tax Incentives: Microsoft Closing Puerto Rico Plant
Audits for Employee Retention Credit (ERC): Risks, Defenses, and What to Expect
Переглядів 8 тис.Рік тому
Audits for Employee Retention Credit (ERC): Risks, Defenses, and What to Expect
Puerto Rico: Tax Haven or Tax Controversy?
Переглядів 990Рік тому
Puerto Rico: Tax Haven or Tax Controversy?
Cryptocurrency Winter in Puerto Rico - Act 60 Reset!
Переглядів 919Рік тому
Cryptocurrency Winter in Puerto Rico - Act 60 Reset!
Three Ways A Business Can Be Eligible For The Employee Retention Credit
Переглядів 189Рік тому
Three Ways A Business Can Be Eligible For The Employee Retention Credit
Claiming All You Can From the Employee Retention Credit
Переглядів 58Рік тому
Claiming All You Can From the Employee Retention Credit
50/50 Partnerships, Whose Wages Don't Apply
Переглядів 87Рік тому
50/50 Partnerships, Whose Wages Don't Apply
Maximizing A Business Credit From PPP Loans
Переглядів 87Рік тому
Maximizing A Business Credit From PPP Loans
What is the Applicable Threshold Amount and How Does It Apply?
Переглядів 3252 роки тому
What is the Applicable Threshold Amount and How Does It Apply?
What Is a Full Time Employee In The Context of ERC?
Переглядів 2162 роки тому
What Is a Full Time Employee In The Context of ERC?
Can I Still Get ERC If I Received PPP Loans?
Переглядів 6322 роки тому
Can I Still Get ERC If I Received PPP Loans?
Can I Still Get ERC If I Got an RRF Grant?
Переглядів 6322 роки тому
Can I Still Get ERC If I Got an RRF Grant?
Bitcoin
We received the first and second PPP based on 2020 and 2019 income lost. Then we received the ERC for 3rd and 4th qtr 2021. Since the law changed does my organization qualify to file the first 2 quarters of 2021, Even though we received PPP for 1st qtr 2021?
Hi there! It's a lot to get into on UA-cam, but we'd be happy to speak with you on the phone or email to see how we can help you! Please give us a call 410-862-2673 or email us at info@askfrost.com!
I would consider renouncing, not for tax reasons, but for moral reasons: my country, the USA, has killed tens of millions of innocent people since the end of WW2, and made multiples more crippled and homeless. These are people who have never harmed the US, people who live in countries that do not want to be governed by the US. They were Iranians, Guatemalans, Chileans, Vietnamese, Iraqis, Afghans, Cubans, Venezuelans, Nicaraguans, and many others. I am ashamed of what my country has done and is now doing. I am ashamed of my country's meddling in Ukraine and Taiwan. I am almost 90 years old, born in New York City in 1932.
A lot of Americans are becoming PT's: PRIOR TAXPAYERS because of DRACONIAN TAXATION of the US by relinquishing US CITIZENSHIP - The list includes UPPER MIDDLE CLASS AMERICANS and Newly RETIRED AMERICANS moving out of The US!
Do I count as an employee of my business in regards to credit for my income?
Hi Jeff, every situation is different, but generally sole proprietors are not eligible. As I said though, your situation may be more (or less) complex. Give us a call at 410-862-2673 and we'd be happy to answer your questions!
It's being a year since this video was posted and we have noted that Biden's tax proposals have not gone anywhere, at least not yet. I am a retired Puerto Rican CPA who would like to add more context and a historical perspective to the case of Puerto Rico's tax incentives. In the year 1900 the U.S. Congress passed the Foraker Act to give Puerto Rico a civilian type of government after being on military rule from 1898, when Spain ceded the island to the United States. Section 14 of that law specifically exempted all Puerto Rican sourced income from federal income tax laws. In my opinion, the reason why Puerto Rico was exempted was based on the principle of no representation, no taxation, which was one of the reasons for the American war of independence in 1776. In the year 1917, the Jones Act passed by the U.S. Congress expanded Puerto Rico's legislative body, gave U.S. citizenship to Puerto Ricans, and validated the continuation of exempting Puerto Rico from federal income tax laws. Additionally, it gave exemption to Puerto Rican bonds from federal, state, and local taxes regardless of where the bondholder resides. The Puerto Rico Federal Relations Act of 1950 (Law 600) authorized Puerto Rico to write a constitution and thus enable Puerto Rico to organize a local government comparable to those of the states. This law also validated the continuation of the Jones Act, though repealing some of its provisions. I want to mention that the Constitution of Puerto Rico was modeled from the Jones Act of 1917, as both documents look pretty similar in content. These three laws, Foraker, Jones and Law 600 cover the main actions of the U.S. Congress with respect to Puerto Rico. I don't know when Congress passed Section 933 of the Internal Revenue Code, but this section specifically adopted the continuation of exempting Puerto Rico's sourced income from federal taxation as originally enacted in the year 1900. There's a long history of the U.S. Congress giving Puerto Rico exemption from federal income taxation, likely from the concept of no representation, no taxation. Therefore, until Puerto Rico becomes a state, this exemption will most likely survive, even with the Biden's global minimum tax proposal. For more than 100 years, Puerto Rican sourced income, including that from local businesses and corporations, have been untouched by the IRS. If that minimum global taxation would apply to Puerto Rico, it would be a totally game changer for the islanders. Rather than bring us closer to statehood, I think the reaction would be like the 13 American colonies had. Now, about Puerto Rico becoming a state, that's a subject that brings a lot of discussion and heat in the island, also with a long history. The pro-independence and pro-statehood groups go back to 1898, when we became a non-incorporated territory of the USA. The group I call the autonomists, were born with the constitution of the island in 1952 believing they were a "nation" associated with the USA. No question that Puerto Ricans have over 400 years of Spanish background imbedded in their culture, which gives them pride and a high sense of belonging to the island. However, the political party promoting the constitution and the Commonwealth status in 1952, translated the name of commonwealth in Spanish to Estado Libre Asociado, in English "free-associated state". It's ambiguous and, still today, generates legal discussion as to whether the commonwealth was a compact between Puerto Rico and the United States. The autonomists, as well as the pro-statehood group, love their American citizenship, but the autonomists want Puerto Rico to have more autonomy, like a country. Even after the Committee of Resources of the House of Representatives in the year 2000 told the autonomists that it would be unconstitutional to give Puerto Rico the status of foreign country keeping U.S. citizenship. The autonomists have near 50% of all voters in the island, and they, along with the very small pro-independence group, hold back the island from getting a decisive vote for statehood. The U.S. Congress do very well to stay outside of this Puerto Rican battle and avoid interference. I think it will take another 100 years for Puerto Ricans to get a final decision as to whether they want to become a nation with its own citizenship or join the union as full-fledged American citizens.
I did Uber Can I apply too?
This exit tax is insane.
It's meant to act as a deterrent.
Do bona fide PR residents owe Self-employment taxes to the irs?
Are you sure?
When does the taxable income from an ERC become due to the IRS, when a company receives its refund or when they are notified of the qualifying amount of the refund?
New Zealand and Australia have some very tough residency standards.
Very helpful. I started a business in Q1 2022. Just missed the cut off. If there is an extension please do reach out.
My goodness, I was speechless on this one. This information is golden, thanks very very much.
Thanks a lot for watching. We're glad it helped!
Great content. Thanks.
Thanks so much for watching!
Excellent video very informative.
Thanks a lot, we're glad it could help!
What if I'm not a resident yet? I'm on the process to be a resident but not yet, do I still required to filled one?
Hi Manuel. Becoming a US person for income tax and filing purposes is possible before someone receives a green card. A person needs to consider whether they meet the substantial presence test as well. We hope this helps!
Hi, If An American applying for Act 22 becomes a bone fide resident of PR on April 10 of 2022 and has realized capital gains from Jan 1 to April 10 of 2022, does he need to file taxes with the IRS for the realized capital gains from Jan 1 to April 10 of 2022, or just Form 8898?
Hi there B M. This subject comes with a lot of nuance - including the particular question you're asking. We'd love to talk more about this if you give us a call at 410-862-2890 or visit or site at askfrost.com!
On the date of what precise event does a person become a bone fide resident of PR for Act 22 purposes? Is it the date on which the PR government sends the person his or her Act 20 contract, or some other event?
Residency starting dates can be different for U.S. tax and Puerto Rico incentive purposes and the resolution of each of these determinations depends on the particular facts.. There is also a concept of "possession holding period" and a six-month rule for part-year benefits which add to the need for a fact-based analysis. We talk a bit about this in our Logan Paul video. That may be worth a watch to learn more. You can also visit our website and schedule a consultation if you want to go over your specific case, askfrost.com. Thanks for watching!
If you are a business owner and are unsure if you qualify for ERC, call us for a no-cost eligibility analysis at 866-399-2070 or visit our website at askfrost.com/ERC
I'm curious to know if any of your clients have received this credit. We applied for the last 2 quarters of 2020 and the first quarter of 2021, all periods that we qualified for and are applying for the second quarter of 2021 which is the last we qualify for. The first applications were in the form of 941X forms and were submitted in June of 2021, we have not received any of these credits as of today. The IRS has received the forms and processed them and they are in the final review and payment process, they have been in that status for over 6 months.
Hi Bill. Yes, we've had several clients receive this credit. The process can be lengthy though from a submission to the IRS standpoint. If you're interested in an evaluation, give us a call at 866-399-2070 or visit our site at askfrost.com/ERC. We'd be happy to take a second look for you!
Is there a way to correct errors in 941x? I realized I submitted the wrong info in IRS, in Part 1 it should be CLAIM not ADJUSTED EMPLOYMENT TAX RETURN. How should I proceed with this scenario?
Hi Jade, it's a little too complicated to go over in a YT comment. Give us a call at 866-399-2070 and we'll be able to get you some assistance!
Does the Puerto Rico tax incentives apply to people who are starting an nft project?
Hi Brandon, All aspects of Web3 are suited for the Puerto Rico incentives and the corresponding U.S. tax exemption - which in significant part explains the substantial increase in exemption applications in 2021. As you can tell from our videos on crypto, we stay aware of U.S. tax developments impacting crypto and Web 3, so we can understand how they fit into the incentive regime. However, as we note, there are a lot of unanswered questions about income characterization of NFTs and other crypto/Web3 income streams which can make it challenging to know how to specifically apply the rules.
I finally have my Puerto Rico Act 60 application approved!
Thank you for making this! The content is helpful and accurate.
Always nice to hear from you - thanks a lot for the kind words!
After viewing the video, I believe that since my primary sources of income are a pension from a US based company and secondly Social Security and lastly mutual funds, that becoming a bonafide PR resident will not benefit me……would you agree?
Hi Lawrence. It's a bit difficult to give a yes or no answer here on UA-cam. We'd be more than happy to go over the specifics of your situation if you give us a call at 410-862-4220!
Nice video. We just got back from Puerto Rico 🇵🇷 we sis the whole island pls check out our videos. Thanks for sharing and watching. 🏝❤️PR
From your experience, how long typically does it take from filing the late form until they send a CP15 notice??
Can you tell me if I...an Independent Contractor with a 1099...am eligible for ERC if I receive Round 1 and Round 2 of PPP as well as received forgiveness? $4,000 each Round. Thanks in advance!
Hi Maurice, we offer free consultations for this. If you'd like to discuss, give us a call at 410-264-1993!
Very interesting topics covered in this video thank you for posting sir wish you can help with design and recovery of this beautiful little island and it's people 🇵🇷
Very clear and concise. Do you practice in California? Thank you so much!
THANK YOU! Awesome information.
Hello sir, I have a question if you have an extra minute. I have an online business where I sell my own clothing brand manufactured here in the US from a different company (for now) and warehoused/distributed from the US as well. I do all my marketing online so I have the freedom to move and just came across the information about Puerto Rico's tax incentives. The profit from the sales are growing significantly so I'm seriously considering moving to Puerto Rico, at least for 183 days a year, if I'm eligible for the tax incentives. I'm getting unclear information from other websites about my eligibility and would really appreciate your thoughts. Thank you.
Hi, can you please explain the wage deduction in annual tax return??
How would this work for a locums doctor? If I work 6 months in Arkansas then 6 in Puerto Rico would I qualify?
Hi Brittany, YT is a bit harder to answer some of these questions. If you contact us by visiting askfrost.com we'll be able to get you to someone who can help!
Wonderful video keep posting
Glad to hear you liked it - thanks for letting us know!
How can I be add to future presentation as this was great short and to the point.
Hi Trey, just do get a better understanding. Are you wishing to create a video with us or just be notified of developments? :)
thanks for the info!! very interesting!
We're super happy to hear you enjoyed it! Thanks for watching :)
How do I make sure they give me a real receipt saying they did process this form? I don’t think they mail you a receipt of form 3520? I just don’t want them in 3 years saying they “never got it”
Hi Lala! Great question - the best proof of receipt is sending the form via certified mail with proof of delivery. Otherwise, the IRS does not send a confirmation of receipt of the form.
The new infrastructure bill will abolish the 2017 Trump tax cut, how will that affect Puerto Rico?
Short, to the point, thanks for the clarity!
We're glad it was helpful!
This is so valuable!
Thanks a lot!
The first video I have seen that explains how manufacturers can qualify due to supply chain disruptions.
We're happy to hear you found it helpful!
More than happy to help.
It's been awhile since I did this type of work but I think the most important thing is hiring a competent bankruptcy attorney. I met many bankruptcy attorneys when I was practicing bankruptcy law that didn't know what they were doing. Thanks so much for educating people because it's important for people to understand what they're getting into and like I said above many bankruptcy attorneys do not do a good job with that
Yea, great question...renounce citizenship and leave...
So if I earn short term capital gains in my Puerto Rico home then I’d only be subject to the 4% tax rate?
A business is 4% , if you're not a business its zero.
*👆👆👆👆👉I'm speechless all I just have to say is that 👆👆👆👆 are genius when it comes to SBA grant. Thanks so much guys.*
Thanks for sharing this update
Act 60 seems intriguing, however theres another option Im considering; A Complex trust (1041) + Private family foundation (990PF). Income and Cap gains donated into it is 0% and then loan can be taken from the foundation circle back to the Biz trust. Any major Cons with such a strategy? Seems like its basically public Vs private however Im having a tough time deciding between the two.
If a wealth taxes is ever implemented then it would hurt you in that situation
Didn't Trump already do this? I thought that he tax revisions created a floor of 13% for any corporation that had a US citizen on its board. This was his attempt at trying to repatriate US corporate profits. Is this not the case?