Frost & Associates

Frost Law is proud to share that 13 attorneys have been recognized by Best Lawyers as a “Best Lawyer” or “One to Watch” for 2024! Thank you to all of our peers and colleagues who have helped to recognize their hard work!

- Glen Frost, Esq., CPA - Best Lawyers: Tax Law
- Eli Noff, Esq., CPA - Ones to Watch: Litigation and Controversy - Tax, Tax Law
- Kaitlyn Loughner, Esq., CPA - Ones to Watch: Business Organizations (including LLCs and Partnerships), Litigation and Controversy - Tax, Tax Law
- Peter Haukebo, Esq. - Ones to Watch: Litigation and Controversy - Tax
- Rebecca Sheppard, Esq. - Ones to Watch: Litigation and Controversy - Tax, Tax Law
- Nicholas Berger, Esq. - Ones to Watch: Litigation and Controversy - Tax, Tax Law
- Leanne Broyles, Esq. - Ones to Watch: Litigation and Controversy - Tax, Tax Law, Trusts and Estates
- Michael March, Esq. - Ones to Watch: Litigation and Controversy - Tax, Tax Law
- Coryn Rosenstock, Esq. - Ones to Watch: Litigation - Trusts and Estates, Trusts and Estates
- Lauren Mata, Esq. - Ones to Watch: Litigation and Controversy - Tax, Tax Law
- Candice Miller, Esq. - Ones to Watch: Litigation and Controversy - Tax, Tax Law
- Amber Plugge, Esq. - Ones to Watch: Commercial Litigation, Litigation - Trusts and Estates
- Zoha Sohail, Esq. - Ones to Watch: Litigation and Controversy - Tax

You can learn more about the winners here: https://bit.ly/45fE5dM

Numerous employers struggled during the pandemic due to supply chain disruptions. Recently, the IRS issued a memo clarifying its position that a supply chain disruption, by itself, is insufficient to qualify a business for ERC.

The IRS provided that an employer trying to claim ERC as a result of a supply chain disruption must substantiate: (1) the relevant governmental orders imposed upon a supplier; (2) how those orders directly caused that supplier to suspend operations; (3) the employer’s own inability to obtain critical supplies as a result of the supplier’s suspension; and (4) how the supply chain disruption led to the employer’s own full or partial suspension of business operations.

Although the IRS memo is not law, anyone challenging it would face an uphill battle of deconstructing the IRS’s position. Read this article to learn more details about what the IRS’s position means for ERC claims. https://bit.ly/3YznoqU

In a recent generic legal advice memorandum (GLAM), the IRS reminds ERC seekers just how substantial their burden of proof is in the context of eligibility via supply chain disruptions. It’s something Frost Law’s Partner Rebecca Sheppard, Esq., has steadfastly emphasized even before the GLAM arrived on the scene. While the GLAM does not establish precedent, it’s crucial to understand the IRS's position and the nuances involved. Last month, Tax Notes reached out to Rebecca for her insight on this development and quoted her in its recent article: https://bit.ly/3s5FLHU

Many unscrupulous ERC promoters are abusing the qualification basis involving supply chain disruptions. Finding a trustworthy tax professional to carefully review this basis, and others, is absolutely essential to the accuracy and strength of your claim. Whether you are considering filing, or have already filed an ERC claim, we urge you to engage with a professional who protects you from groundless bases and ensures you aren't missing legitimate pathways to eligibility.

Subchapter V eligibility requirements come into focus in a recent bankruptcy case: In re Hillman. In that case, the reader finds that:

• The Debtor was permitted to file a subchapter V bankruptcy to deal with personal liabilities arising out of obligations related to a failed business (the petition was filed before the wind-down was complete).
• Winding down activity included the defense of a guaranty lawsuit, which was pending as of the petition date.
• Courts continue to be split over the “nexus requirement”—whether 50% or more of a debtor’s aggregate debt must arise from the same commercial or business activities being relied upon for subchapter V eligibility.

You can read this article for more details about how this case may influence how courts will apply eligibility requirements in the future: https://bit.ly/45kItHR

How far can the IRS go to seek the information it needs and collect the money it is owed without ever informing you? After Polselli v IRS, how many more innocent third parties (including, individuals and small businesses) will have their records obtained without notice by the IRS?

You can read more about this development here: https://bit.ly/43O8wGg

Failing to file an FBAR or failing to report international accounts can bring serious penalties. How familiar are you with FBAR reporting requirements?

Tomorrow, August 8 at 1pm, join experienced international tax professionals, Eli Noff, Esq., CPA and Joshua Wu, for a webinar that will address common FBAR reporting errors, how to remedy them, and how to avoid them in the first place. Register today for knowledge that may help clients in the future: https://bit.ly/44PiDMc

The IRS recently offered new insight about its ability to offset ERC against existing professional employer organization (PEO) tax liabilities. If your business utilizes a PEO to report and remit employment taxes on its behalf, this unique relationship may significantly impact your ERC claim.

Read more details about the IRS position and what protective measures you my take: https://bit.ly/3YgRMX7

Failing to file an FBAR or failing to report international accounts can bring serious penalties. How familiar are you with FBAR reporting requirements?

On August 8 at 1pm, join experienced international tax professionals, Eli Noff, Esq., CPA and Joshua Wu, for a webinar that will address common FBAR reporting errors, how to remedy them, and how to avoid them in the first place. Register today for knowledge that may help clients in the future: https://bit.ly/45a369Q

Has your business claimed the Employee Retention Credit? Have you had a second opinion on your filing?
Businesses that filed for the ERC may benefit from a case review with an outside source. In some instances, it’s found that claims miss eligible quarters, or even worse, exaggerate their eligibility. Watch our new YouTube video with Rebecca Sheppard to learn more about ERC and how a second opinion may benefit your claim. https://bit.ly/3q5ErnP

A new Maryland law that went into effect on July 1, 2023, establishes the highly anticipated Taxpayer Advocate Division in the Office of the Comptroller.

As expressed in House Bill 707, this new division is intended “to assist taxpayers and their representatives in resolving certain taxpayer problems and complaints and represent taxpayers’ interests in certain matters.” Learn more here: https://bit.ly/3Y3XfjO

Stop by the Orioles Pub at the Center Club in Baltimore, tomorrow, July 27th, for a Frost Law and MACPA Happy Hour!

Network with like-minded individuals, chat with former colleagues, and enjoy complimentary food and drinks with us. Registration is free, but space is limited so please consider registering soon. We hope to see you there! https://bit.ly/44o5qKh

Is your business utilizing tax planning strategies?

Join Frost Law and the Dorchester Chamber of Commerce, tomorrow, July 26, at 8:30 AM for our webinar, "Don't Leave Money on the Table: Commonly Missed Tax Planning Opportunities for 2023." Frost Law Partners, Rebecca Sheppard, Esq., and Peter Haukebo, Esq., will discuss the Employee Retention Credit (ERC) and other valuable tax credits or opportunities that may benefit your business. Register now to make sure you aren’t leaving money on the table! https://bit.ly/3D87dXJ

Join Partners, Eli Noff, Esq., CPA, and Peter Haukebo, Esq., tomorrow, July 25th, to discuss common tools and tactics used to help taxpayers resolve IRS tax debts in complex situations faced by individuals and small business owners. Clients can face a host of drastic consequences, including bank and third-party levies, IRS liens and levies, garnishments, threats of injunctions and foreclosure, business closure, assertion of trust fund recovery penalties (pre- and post-assessment balance considerations) and passport revocation. Register for the event and learn more here: https://bit.ly/3QaKvpx

Do you represent taxpayers who have unfiled returns or returns with material civil, or possibly criminal, issues?

This course led by Partner, Eli Noff, Esq., CPA, and attorney Justin Hughes, Esq., CPA, will discuss the practical approaches to analyzing a taxpayer’s non-compliance and options for coming into compliance, including whether the issue rises to the level of requiring a formal voluntary disclosure with the IRS. They will also review criminal tax statutes, updated voluntary disclosure practices, foreign voluntary disclosures and other foreign financial asset disclosures. Sign up now for this course on July 24, 2023 at 4 pm to 5:40pm: https://bit.ly/3OgVqwV

Make sure to stop by the Orioles Pub at the Center Club in Baltimore on July 27th for a Frost Law and MACPA Happy Hour!

Network with like-minded individuals, chat with former colleagues, and enjoy complimentary food and drinks with us. Registration is free, but space is limited so please consider registering early. We hope to see you there! https://bit.ly/44q2JaU

Have you recently filed ERC for your business? Are you still waiting on your refund?

The IRS has nearly 900,000 unprocessed Employee Retention Credit claims. Unfortunately, this delay is forcing some employers to continue laying off workers, or even close down their businesses. It’s difficult to predict when an ERC claim may go through, but there are a handful of reasons why your claim may be backlogged. Read more about the ERC delays here: https://bit.ly/3pDqdKG

Join Partners, Eli Noff, Esq., CPA, and Peter Haukebo, Esq., to discuss common tools and tactics used to help taxpayers resolve IRS tax debts in complex situations faced by individuals and small business owners. Clients can face a host of drastic consequences, including bank and third-party levies, IRS liens and levies, garnishments, threats of injunctions and foreclosure, business closure, assertion of trust fund recovery penalties (pre- and post-assessment balance considerations) and passport revocation. Register for the July 25th event and learn more here: https://bit.ly/3OgX5Tb

Is your business utilizing tax planning strategies?

Join Frost Law and the Dorchester Chamber of Commerce on Wednesday, July 26, at 8:30 AM for our webinar, "Don't Leave Money on the Table: Commonly Missed Tax Planning Opportunities for 2023." Frost Law Partners, Rebecca Sheppard, Esq., and Peter Haukebo, Esq., will discuss the Employee Retention Credit (ERC) and other valuable tax credits or opportunities that may benefit your business. Register today to make sure you aren’t leaving money on the table! https://bit.ly/43qjyRM

If you are considering filing for bankruptcy, how confident are you in your bankruptcy planning?

For debtors who make “honest and unfortunate” mistakes, the penalties are still big. In Michigan, an elderly couple was denied their bankruptcy filing, which stemmed from poor planning and ultimately brought them new legal trouble. Read our newest article to learn more about the recent Michigan case and how critical proper bankruptcy planning can be. https://bit.ly/46zUdHX

Frost Law is thrilled to share that two of our Partners, Kaitlyn Loughner, Esq., CPA, and Rebecca Sheppard, Esq., are among the seven members of the Maryland Association of CPAs - MACPA, Anne Arundel County Chapter who were collectively awarded the association’s 2022-23 Max Teichmann Award.

The Max Teichmann Award is awarded to those members who showcase tireless volunteer work as MACPA champions and volunteers, and we can attest to Kaitlyn and Rebecca’s inspiring work ethic in their communities. We are proud of seeing what they are able to accomplish on top of their amazing day-to-day work. Please join us in congratulating them! https://bit.ly/46Ipokh

Do you represent taxpayers who have unfiled returns or returns with material civil, or possibly criminal, issues?

This course led by Partner, Eli Noff, Esq., CPA, and attorney Justin Hughes, Esq., CPA, will discuss the practical approaches to analyzing a taxpayer’s non-compliance and options for coming into compliance, including whether the issue rises to the level of requiring a formal voluntary disclosure with the IRS. They will also review criminal tax statutes, updated voluntary disclosure practices, foreign voluntary disclosures and other foreign financial asset disclosures. Sign up now for this course on July 24, 2023 at 4 pm to 5:40pm: https://bit.ly/44iq66q

Do you think you might need a pre-audit ERC assessment?

ERC filings continue to attract an increasing amount of IRS scrutiny, and now a proposed extension of the IRS's compliance enforcement period is on the table. As proposed in the Biden Administration's Fiscal Year 2024, the IRS would have a longer period of time to assess erroneous ERC claims for those quarters not already extended previously by the American Rescue Plan Act of 2021 (ARPA).

Even if the proposal is ultimately scrapped, the current assessment statute of limitations (SOL) still gives the IRS a lengthy compliance enforcement period. And, don't forget, outside of the assessment SOL, the IRS has other options, such as initiating a suit to recover erroneously issued refunds. Moreover, where fraud is involved, the return will remain indefinitely open to assessment.

We encourage employers who have any doubts about the accuracy of their ERC claims and the sufficiency of supporting documentation to consult a tax professional for an immediate pre-audit ERC assessment.

Read more to understand the effects of this proposal and the importance of getting a professional to review your ERC claim for accuracy: https://bit.ly/438GkO4

Many law firms are still surprised to learn that they may be eligible for the Employee Retention Credit (ERC). Watch Frost Law Partners, Rebecca Sheppard and Peter Haukebo, in their latest webinar with the Personal Injury Lawyers Marketing & Management Association: "Everything We Know About ERC and How Your Firm Can Benefit." Click here to learn more about the ERC and how it may benefit your practice. https://bit.ly/3Q2vma7

Frost Law is proud to share that Partner, Richard Berwanger, Jr., Esq. has been awarded the Arundel Bar Association President’s Award by the outgoing President, the Honorable Kemp Hammond.

Since joining Frost Law, Richard has been a tremendous help to our clients and has exemplified the nature of a true professional. We are grateful to have him on the team and look forward to what our future brings! https://bit.ly/3NQvIPt

Frost Law is excited to share that we recently were named a “Best Of 2023” Annapolis law firm winner from ’s Up? Media! Thank you to all our former and current clients and colleagues who have helped us to grow into the professionals we are today! To view the complete list of “Best of 2023” winners, you can visit: https://bit.ly/4437vuZ

A night of drinks, conversations with friends and colleagues, and international tax talk!

Join Frost Law’s International Tax Professional William Inchoco and USA Branch of International Fiscal Association (IFA USA) tomorrow, June 27th, at 6:00 PM at Summer Cocktails with IFA Sponsored by WIN NYC & CT/Westchester Regions! Learn more and register for the free event here: https://bit.ly/3Xoqu0w

Are you heading to the Maryland Association of CPAs - MACPA Beach Retreat 2023?

Be sure to stop by the welcome reception Happy Hour, hosted by Frost Law on June 27th! You don’t want to miss out on an evening of free drinks, food, and great conversation and networking opportunities (plus, complimentary sunglasses for your beach stay!). Register for our complimentary welcome reception Happy Hour here: https://bit.ly/3CCYj4i

Are you heading to the Maryland Association of CPAs - MACPA Beach Retreat 2023?

Be sure to stop by the welcome reception Happy Hour, hosted by Frost Law on June 27th! You don’t want to miss out on an evening of free drinks, food, and great conversation and networking opportunities (plus, complimentary sunglasses for your beach stay!). Register for our complimentary welcome reception Happy Hour here: https://bit.ly/3NQmV05

Did you know that private practices in the healthcare industry (even those owned through private equity) may also be eligible for the Employee Retention Credit (ERC)?

Many healthcare employers are still confused about how their practice may qualify for the ERC. Now is the time to talk with your tax professional and carefully review eligibility for this important refundable payroll tax credit. Read our latest article on ERC and the healthcare industry to learn more: https://bit.ly/461dRw3

Is the ERC still available? Did the ERC survive the debt limit deal?

The recent debate in Congress over the debt ceiling resulted in both proposed and finalized legislation that included language about rescinding “unobligated” COVID aid. This understandably prompted many business owners to ask if "unobligated" COVID aid included the ERC. So, is the ERC part of the COVID aid that is now rescinded pursuant to the debt limit deal? Is the ERC still available? Read our newest article here to see why we believe the ERC has not been rescinded and speak with a tax professional if you are seeking this important credit. https://bit.ly/3X2sCLe

Are you familiar with the U.S. federal tax information reporting for cross-border transactions?

Learn from tax professionals about how to report cross-border transactions for US and non-US persons. During our webinar, Offshore Compliance and Coming Out of the Dark, our speakers will also discuss forms K2/K3 and voluntary compliance. Join us for our webinar on June 15th from 1-3 pm. Frost Law Partner, Eli Noff, Esq., and International Tax Professionals, William Inchoco and Peter Palsen will give insight on the reporting requirements for US federal tax purposes. Register here: https://bit.ly/42fv2Hp

Filing and paying taxes can be stressful, but it’s better to file and have a balance due than to avoid the matter altogether. Eventually, the taxing authorities will step in, and the situation will become more complicated. In Kriss v. United States (In re Kriss), the debtor learned this the hard way. You can learn more about the details of the First Circuit Court’s ruling and its implementation of the “One Day Rule” here: https://bit.ly/43tTENs

Did you claim Employee Retention Credit (ERC) during the third quarter of 2021?

With the IRS including ERC in its Dirty Dozen list, we want to make sure you are confident in your claim and its legitimacy. Many third-party promoters of ERC misled businesses by incorrectly suggesting their business experienced a qualifying partial suspension of operations in Q3 2021, which can lead to audits and possible penalties. Read more on recent ERC concerns and learn about the 3 legitimate methods an employer can use to claim ERC.https://bit.ly/3N6gRjF

Are you familiar with the U.S. federal tax information reporting for cross-border transactions?

Learn from tax professionals about how to report cross-border transactions for US and non-US persons. During our webinar, Offshore Compliance and Coming Out of the Dark, our speakers will also discuss forms K2/K3 and voluntary compliance. Join us for our webinar on June 15th from 1-3 pm. Frost Law Partner, Eli Noff, Esq., and International Tax Professionals, William Inchoco and Peter Palsen will give insight on the reporting requirements for US federal tax purposes. Register here: https://bit.ly/42csQAu

We'd like to thank the Maryland State Bar Association - MSBA for having us at the 2023 Irving Shulbank Memorial Dinner! After a night of great food and conversation with colleagues and friends, we are already looking forward to 2024!

Are you using the most effective tactics when representing clients with significant tax debts?

The complexity of tax procedure is no secret. There are a variety of ways that you can resolve your clients’ tax debt and protect their rights as taxpayers. However, using the most practical and relevant tools will enable you to save your clients more time and money. Join Eli Noff, Esq., CPA, and Justin Hughes, Esq., CPA for our webinar hosted by Maryland Society of Accounting & Tax Professionals, Inc. on May 30th at 4-6 PM. During this time, they will summarize the IRS collections procedure and outline the courses of action to take based on a client’s situation. https://bit.ly/3qbWx77

Attention friends and colleagues, Frost Law is thrilled to be sponsoring the Maryland Association of CPAs - MACPA’s Happy Hour on May 31st from 5:00 - 7:00 pm at the Choptank!

Join us and other local professionals for a marvelous evening of mingling, networking, and delicious complimentary appetizers and drinks. Don’t miss out on this opportunity to connect with like-minded individuals. Register now: https://bit.ly/3q9SCbf

In Bittner v. U.S., the Supreme Court decided that the $10,000 FBAR penalty for non-willful violations accrues on a per-report basis, rather than a per-account basis. Certainly, the decision resolves a long-standing dilemma; however, we remain mindful of some important questions left unanswered by the ruling. Our latest article, linked here, reviews the decision and considers its potential implications.https://bit.ly/3pOuVVs

Frost Law would like to thank The Maryland State Child Care Association for allowing us to join them for the All Aboard With MSCCA... Cruising Through Early Childhood conference! Partners Rebecca Sheppard and Peter Haukebo had the amazing opportunity to speak at the conference and had a great time sharing their ERC prowess and expanding their own knowledge from others! We look forward to next year’s conference!

Has your business claimed the Employee Retention Credit (ERC) and other COVID relief credits?

We have helped many businesses determine their eligibility, make a claim, and prepare for future IRS audits. If you haven’t taken advantage of important tax credits, join Partners Rebecca Sheppard, Esq., and Peter Haukebo, Esq., for our May 23rd webinar at 12PM EDT to learn how your business may qualify to claim up to $26,000 per employee with the ERC. Register here: https://bit.ly/3oRBBly