Tax

Information in this release concerning the case is posted with the client’s permission.

Phoenix, AZ (January, 16, 2023) – Frazer Ryan Goldberg & Arnold, LLP, a leading Arizona-based law firm, is pleased to announce that on January 12, 2024, senior partner Brandon Keim and attorneys Trisha Farrow and Ida Araya prevailed in the United States District Court in a jury trial, obtaining a total victory for their client, Michael Quiel, by defending against the United States’ claim that he owed $2.2 million in penalties for failing to report foreign bank accounts on an FBAR form (FinCEN Form 114) for 2007
Continue Reading FRGA Attorneys Win Total Defense Verdict Against the IRS and United States in Jury Trial Regarding Foreign Bank Accounts Claim

In the January/February 2024 issue of

AZ Business

magazine, T.J. Ryan and Lisa Reilly Payton are featured in the

“Top 100 Lawyers in Arizona.”

Click here

to read more on pages 96 and 97 of the digital issue.
Continue Reading T.J. Ryan and Lisa Reilly Payton are featured in the 2024 "Top 100 Lawyers in Arizona" by AZ Business Magazine

Information in this release concerning the case is posted with the client’s permission.

Phoenix, AZ (January, 16, 2023) – Frazer Ryan Goldberg & Arnold, LLP, a leading Arizona-based law firm, is pleased to announce that on January 12, 2024, senior partner Brandon Keim and attorneys Trisha Farrow and Ida Araya prevailed in the United States District Court in a jury trial, obtaining a total victory for their client, Michael Quiel, by defending against the United States’ claim that he owed $2.2 million in penalties for failing to report foreign bank accounts on an FBAR form (FinCEN Form 114) for 2007
Continue Reading PRESS RELEASE: FRGA Attorneys Win Total Defense Verdict Against the IRS and United States in Jury Trial Regarding Foreign Bank Accounts Claim

Welcome to 2024 and the Corporate Transparency Act (CTA) – a new federal law that requires most small businesses to file a new report with the Treasury Department.

A few things you should know about the Act:

  • Who Must Report?

     The reporting requirements generally apply to most closely held corporations, LLCs, and similar entities. Banks, securities firms, publicly traded companies, and certain other entities are exempt.

  • What Must be Reported?

     You must disclose to FinCEN private information about your company’s beneficial owners, including full legal names, residential addresses, dates of birth, and identification numbers.

  • What Are the Consequences of Non-compliance?


Continue Reading Corporate Transparency Act imposes new reporting requirements on small businesses

After graduating from Duke with a degree in Physics in 1961, Koskinen set out to Yale School of Law (“I decided that people were more interesting than electrons”). Thirty-seven years later — inspired by his years at Duke, keen human interest, and desire to preserve his children’s inheritance — Koskinen set up a charity lead annuity trust to benefit the university. While endowment programs have long sought out generous contributions from donors, Koskinen was ahead of his time in using a CLAT to provide exponential yearly benefits to both donor and institution. Koskinen’s CLAT used the appreciation from his invested
Continue Reading How a former IRS boss optimizes his charitable trust to support his alma mater – and give assets to his children tax-free

On December 19, the Internal Revenue Service announced it will provide $1 billion in penalty relief for taxpayers to whom the IRS did not send automated collection-reminder notices during the pandemic.

The IRS is waiving the failure-to-pay penalties for eligible taxpayers affected by this situation for tax years 2020 and 2021. The IRS estimates that five million tax returns, filed by 4.7 million individuals, businesses, trusts, estates and tax-exempt organizations, are eligible for the penalty relief.

The relief is automatic, and eligible taxpayers do not need to take any action to get it. Eligible taxpayers who already paid their full
Continue Reading IRS announces penalty relief for nearly 5 million taxpayers

A.B. 62 expands the type of low-income properties eligible for exemption from property tax, which should incentivize the construction of more low-income housing. A low-income housing project is exempt from property tax if the developer uses any of the following funding sources: Low-Income Housing Tax Credit, State Affordable Housing Trust Fund, federal Housing Trust Fund, or Supportive Housing for the Elderly Act.

In conjunction with the passage of A.B. 62, the Legislature attempted to close a loophole in its real property transfer tax by passing A.B. 448. For instance, in Clark County (Nevada’s largest), a transfer tax of 0.25% is
Continue Reading Recent changes in Nevada tax law benefit the development of low-income housing

A successful property tax appeal of new construction can reduce a property’s tax liability over the property’s life due to Arizona’s “Rule B” ratio.

“RULE B” VALUATION

To understand the effect of a “Rule B” valuation, let’s take a simple example of a newly constructed apartment. Suppose construction of your new apartment was completed in March 2023. The county assessor sends out a supplemental valuation for tax year 2024 in September 2023 and sets a full cash value of $30 million. In Arizona, the full cash value (FCV) is typically synonymous with market value. This is the easy part.

Just
Continue Reading A once-in-a-lifetime opportunity to reduce property taxes in Arizona

Four Frazer Ryan partners are among

Phoenix

magazine’s “Top Lawyer” selectees for 2023

Featured in the magazine’s September 2023 issue are


David Cohen


(Corporate, Finance, M&A),


John Fitzpatrick


(Wills, Estates, Trusts),


Brandon Keim


(Tax Law), and


Lisa Reilly Payton


(Tax Law).

Selections are the result of a survey of Phoenix-area attorneys in all major practice categories.
Continue Reading "Top Lawyer": Phoenix magazine recognizes four Frazer Ryan attorneys