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:
Posted in IRS & Tax Information
What is Cryptocurrency? Cryptocurrency is a virtual currency or representation of money or value. However, it is not legal tender of any government. Cryptocurrency is similar to the U.S. dollar in that it can be used to purchase goods and services, and it can also rise and fall in value depending on supply and demand. Bitcoin, for example, is set to produce a limited supply. In addition to Bitcoin, there are several other types of cryptocurrencies such as Ethereum and Ripple.
Posted in Condominium & Homeowner Association Law
Condominium and homeowner’s associations are required to maintain the official records* of the association within the state for at least 7 years and make them available to the owners or their authorized representative for inspection within 45 miles of the community or within the same county. For condominiums, Florida Statute § 718.111(12)(c) requires that the association provide access to the records within 10 business days of receiving a written request. Failing to provide the records within the 10-day period creates a rebuttable presumption that the association willfully failed to provide the records and the requesting owner becomes entitled to damages in the minimum amount of $50.00 per day beginning on the 11th business day after the request.
Posted in IRS & Tax Information
Are you concerned about being audited by the IRS? An IRS audit takes place when the Internal Revenue Service chooses to review a taxpayer’s accounts to verify that tax laws are being followed. As a preliminary caution, beware of phone scams as the IRS will always initiate a tax audit by mail. The IRS will not call to demand immediate payment or ask for a debit or credit card number over the phone, nor will they threaten to bring in local law enforcement to arrest people. Threats like these are common tactics scam artists use to trick victims.
Posted in Estate & Personal Planning
Florida is leading the way in estate planning as a new bill is revolutionizing the way Floridians execute their last will and testaments. The Florida Legislature passed House Bill 409, which allows for electronic wills and electronic signatures starting January 1, 2020. Like a traditional will, an electronic will must be signed by the testator in the presence of two witnesses. An electronic signature is defined as “an electronic mark visibly manifested in a record as a signature and executed or adopted by a person with the intent to sign the record.”
Posted in Condominium & Homeowner Association Law
The typical board of directors for a condominium or homeowner’s association consists either 3, 5, or 7 directors, depending on the governing documents and participation within the community. The election of directors by the membership generally occurs each year at the annual meeting. Some associations have trouble finding enough candidates to fill the open director positions at the annual elections, but what happens when a director unexpectedly resigns, passes away or is disqualified before the end of his or her term? How does the association fill that vacant director’s seat?
Posted in IRS & Tax Information
Your local Florida County Property Appraiser mails out the Notice of Proposed Property Taxes (Truth in Millage or “TRIM” form) in August or September 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:
Posted in Estate & Personal Planning
Transferring the title of a decedent’s vehicle is relatively easy in Florida, courtesy of Florida Statute 319.28. The initial step in transferring a vehicle title is assessing the ownership. If the vehicle is owned jointly, then it automatically passes to the co-owner by operation of law at death.
For example, a vehicle titled John Smith and Mary Smith automatically passes to Mary Smith upon John Smith’s passing and vice versa. Contact the DMV to update the title along with a death certificate. Form 82152 can be used by surviving spouses. The DMV’s website is here: FL DMV
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