Blog

September, 2016

St. Johns County Local Business Tax

September 30th, 2016

Posted in Business Law,General Practice,IRS & Tax Information

When the State of Florida turned St. Johns County over to local government in 1972, the county elected to collect local business taxes (formerly known as occupational licenses). The local business tax, County Ordinance 72-2, requires all individuals or organizations doing business located in or operating in St. Johns County to obtain a local business tax receipt. The tax is paid annually with the fiscal year beginning on October 1.
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Associations May Enforce Restrictions Despite History of Non-Enforcement

September 16th, 2016

Posted in Condominium & Homeowner Association Law

In a community association, consistency plays a major role in the enforcement of its governing documents.  Although Board members have a fiduciary duty to enforce an association’s governing documents, this can be particularly challenging where regular turnover of the Board occurs.  Newly elected Board members sometimes find themselves trying to enforce certain restrictions in the governing documents where previous Boards have failed—usually due to inadvertence.  This poses a problem because the failure of a Board to enforce a provision of the governing documents against owners gives rise to certain defenses (i.e., selective enforcement) if the Board attempts to enforce the same provision in the future.
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Delinquent Report of Foreign Bank and Financial Accounts

September 2nd, 2016

Posted in IRS & Tax Information

Taxpayers are required to file a Report of Foreign Bank and Financial Accounts (“FBAR”) to report any financial interest the taxpayer holds in a foreign financial account.  The FBAR filing requirement applies to taxpayers that have signature authority over a foreign financial account.  Foreign financial accounts include, but are not necessarily limited to, bank accounts, brokerage accounts, mutual funds, and trusts. 
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