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What To Do If You Owe the IRS and Can’t Pay

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July 23rd, 2020

Posted in IRS & Tax Information

Now that this year’s Tax day has passed, you may have discovered that you owe more on your tax return then you can afford to pay. Here are some tax resolutions and tips to get your IRS debt resolved before it’s too late:   

1. Installment Agreements

Individuals who owe $50,000 or less in income tax and businesses that owe $25,000 or less in payroll tax may qualify for an Online Payment Agreement. You can set up the payment for any amount you can afford as long as the debt is paid in full within 72 months (6 years). You can also modify installment agreements through the program as well. 


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Your Permanent Residence for the Homestead Tax Exemption

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June 12th, 2020

Posted in IRS & Tax Information,Real Estate Law

As most Florida homeowners know, the Florida Constitution provides for a valuable homestead tax exemption. In general, to qualify for this exemption under Section 196.031 of the Florida Statues, you must have legal or beneficial title to your home and in good faith make the home your “permanent residence” as of January 1st.  Determining whether you make the home your “permanent residence” can be complicated for those who have multiple homes or sometimes rent the home on occasion.


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Condo & HOA Collection Practices

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May 15th, 2020

Posted in Condominium & Homeowner Association Law

Collections practices in Community Association law are largely controlled by Florida Statutes (Section 720.3085  for Homeowners Associations or Section 718.121 for Condominium Associations) as well as adherence to Fair Debt Collection Practices Act and the Association documents such as the Declaration of Covenants. Once courtesy notices have sent to a delinquent owner, accounts should generally be turned over to your attorney for collections. The legal collection process typically starts with a Notice of Intent to Lien being sent to the property owners of record, giving condominium owners thirty (30) days to respond and homeowners association members forty-five (45) days to respond.


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COVID-19 “Coronavirus” Actions for your HOA or Community Association

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April 17th, 2020

Posted in Condominium & Homeowner Association Law

On March 27, 2020, the Secretary of the Department of Business and Professional Regulation (“DBPR”) issued Emergency Order 2020-04 (found here), which clarifies that community associations, including condominium, homeowner and cooperative associations, can exercise the use of emergency powers in light of the Novel Coronavirus Disease 2019 (COVID-19).


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Small Business Owner’s Guide to the CARES Act

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April 3rd, 2020

Posted in Business Law

The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act was just passed by Congress.  The CARES Act totaling $2 trillion provides for individuals, families, governments, large corporations, and small businesses.  As to small businesses, below are some important links to Resources to help.  The first link is a guide by the U.S. Senate Committee on Small Business & Entrepreneurship, which outlines the various aspects of the CARES Act that apply to small businesses.  The second and third links are to the Treasury Department and SBA, which provides important updates on the CARES Act.


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Important Deadlines for Taxpayers in 2020

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March 13th, 2020

Posted in IRS & Tax Information

Calendaring important IRS and tax authority deadlines can save you a lot of headaches at tax time.  To avoid paying penalties and other tax consequences, keep a calendar and plan for tax deadlines with your accountant, attorney, and other members of your professional team.  The below items are a few examples of important tax deadlines:


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New Legislation Affects Tax Reporting on Florida Corporations

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February 18th, 2020

Posted in IRS & Tax Information

Last summer, Florida passed new legislation requiring all Florida corporate income tax filers to provide certain additional information online with the Florida Department of Revenue (FDOR). The new online information disclosure relates to how certain areas of the federal Tax Cuts and Jobs Act impact a company’s Florida income tax. Note that the state has limited this additional online reporting to only those companies required to file a Florida corporate income/franchise tax returns (Form F-1120 or F-1120-A). Other entity types such as partnerships are not affected by this legislation.


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Major Highlights of the New “Secure Act” Signed into Law

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January 17th, 2020

Posted in Asset Protection,Estate & Personal Planning,IRS & Tax Information

The SECURE Act, or the “Setting Every Community Up for Retirement Enhancement Act”, was recently signed into law on December 20, 2019 without much notice.  It took effect on January 1, 2020 and significantly changed the landscape of retirement planning.  Here are some of the major changes created by the new law:


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