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IRS & Tax Information

Impact of Tax Reform on Estate Planning

March 19th, 2018

Posted in Estate & Personal Planning,IRS & Tax Information

How did tax reform affect estate planning? The tax reform signed into law on December 22, 2017 increased the estate tax exclusion from $5.49 million[1] to slightly over $11 million.[2]  Estate tax is a tax on property transferred upon your death, but only estates valued in excess of the exclusion may owe tax.  In general, assets of a decedent in addition to any lifetime gifts that exceed the annual gift tax exclusion[3] on which gift tax has not been paid, are included in the calculation. For married couples, each spouse could have an exclusion[4]. Most individuals and couples do not have assets exceeding $11 million and $22 million, respectively, so the group to which estate tax is relevant has drastically reduced.
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Important Deadlines for Taxpayers in 2018

February 16th, 2018

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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Considerations for Moving a Business to Florida

January 22nd, 2018

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

The Tax Cuts and Jobs Act, which was signed into law on December 22, 2017, has far-reaching implications for many Americans.  However, one outcome that may affect all Floridians is the prospect of more neighbors.  The new federal tax bill generally favors more competitive, low tax states such as Florida.  In addition to added residents, Florida may see an increase in companies that call Florida home. For years, Florida has boasted a favorable tax climate for businesses.  Some tax incentives that attract business owners include a broad range of sales and use tax exemptions available to business, as well as the absence of corporate taxes for limited partnerships and some other entity forms, to name a few benefits.  
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Tax Cuts and Jobs Act

December 22nd, 2017

Posted in IRS & Tax Information

The Tax Cuts and Jobs Act has now made its way through Congress and is awaiting signature from the President to become law. Since the Act generally gives a tax break to most people, it is expected to add $1.5 trillion to the deficit over the next ten years.  A law enacted in 2010, called PAYGO, requires such a large deficit created by a bill to be offset by spending reductions.  Currently, these cuts would require $150 billion in cuts for 2018, including a $25 billion cut to Medicare.  Congress would either have to change this law to avoid these cuts, or the President can delay the cuts by signing early next year.  However, Congress is currently working to pass a spending bill to prevent a government shutdown, and a waiver concerning PAYGO is in this spending bill, so we may see this Act become law in 2017.
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IRS Scam Phone Calls

November 27th, 2017

Posted in General Practice,IRS & Tax Information

In the past few years, the IRS has continued to see instances of scammers who are targeting victims by telephone.  The scammers make aggressive and threatening phone calls to individuals, claiming that a warrant is out for his or her arrest for unpaid taxes.
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Florida Property Taxes – You Must Act Soon If You Wish to Contest Your County’s Proposed Assessments

September 7th, 2017

Posted in IRS & Tax Information,Real Estate Law

Your local Florida property appraiser mails out the Notice of Proposed Property Taxes (Truth in Millage or “TRIM” form) in August of each year.  Property owners or taxpayers who wish to contest or appeal their property value to the Value Adjustment Board must file a petition (one of the DR-86 forms) with the clerk of court within 25 days of the Notice of Proposed Property Taxes.
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IRS Collection Due Process

May 12th, 2017

Posted in IRS & Tax Information

Taxpayers should know that the IRS cannot typically levy your assets without first giving you notice.  There are a few exceptions to this general rule, however.  For instance, the IRS may levy without prior notice if it feels collection of the tax is in jeopardy or when the IRS levies a state tax refund.  Absent an exception, the IRS will typically provide a formal Notice of Intent to Levy prior to levying any of a taxpayer’s assets.
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Florida Sales Tax on Transient Rentals

February 17th, 2017

Posted in Business Law,IRS & Tax Information

Transient rentals are a thriving business in Florida, and one which many Florida real estate owners may utilize in an attempt to supplement their income.  Generally speaking, a transient rental is one that lasts for less than six (6) months.  What many property owners do not know is that transient rentals are subject to Florida sales tax.  Florida law requires that property owners charge to, and collect from, each transient guest an additional six percent (6%).
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