It is recommended to periodically review your estate plan to determine if there are new planning opportunities of which you can take advantage. Below are three tips as you move through 2019:
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:
Posted in Real Estate Law
Florida imposes sales tax on rental payments for the lease of commercial real estate. The 6% state-level tax was reduced to 5.8% for 2018. The Florida legislature passed another law to further reduce the state-level rate to 5.7% for occupancy periods beginning on or after January 1, 2019.
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Posted in Estate & Personal Planning
With the new year around the corner, it’s time to start thinking about what you have been avoiding and go ahead and tackle it. Estate planning is typically one of those things we avoid because it is uncomfortable. Experience practicing in estate planning tells me that there are very few things in life that are certain, but we all know that one day our passing is one of those things. So, what better time to begin your estate planning, than at a point where the possibility seems distant.
Here are just 5 reasons to stop putting it off:
Posted in Condominium & Homeowner Association Law
Condominiums and Homeowners Associations often participate in mediation either as part of a lawsuit or as an attempt to settle a dispute prior to litigation. Most Board Members have never participated in a mediation and usually have questions about mediation and the mediation process. Here are some basics about what a Community Association should expect when facing an upcoming mediation.
What is Mediation?
The first thing to understand about mediation is just what it is and what it isn’t. Mediation is an alternative dispute resolution process where a neutral third-party (the Mediator) works with the Association and the other party to try to resolve the parties’ differences in a way that both sides can agree to. It is essentially a conversation, where each party shares their side of the dispute, and the Mediator tries to help them reach an agreement. A mediation is not a trial or hearing, and the Mediator is not a judge or jury. Instead, the Mediator facilitates the discussion about the sources of the dispute and the possible resolution. The benefit of mediation is that the parties are in control of the possible resolution so that it is not decided by a judge, jury, or arbitrator. In order to encourage the parties to be open and work together towards a settlement, the mediation is confidential, and nothing said or presented at mediation can be used against a party later or shared with anyone else.
Posted in Condominium & Homeowner Association Law
With the nonstop political advertisements on television you have probably figured out that Election Day, November 6, 2018, is right around the corner for the general election. Homeowner’s Associations, Condominium Owners Associations, and Cooperatives also generally run elections for the board of directors of the association around this time of year.
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Posted in IRS & Tax Information
The IRS now has the power to block passports of seriously delinquent taxpayers thanks to a law passed by Congress in 2015. In January 2018, the IRS published procedures to begin enforcement. Prior to January 2018, the IRS had not been enforcing the new law. So far this year, the IRS has been sending tens of thousands of violators’ names to the State Department, which oversees passport applications.
If you have a seriously delinquent tax debt (defined as greater than $50,000 owed with increases for inflation), it is possible that you may not be issued a U.S. passport and your current U.S. passport may be revoked. If you are overseas, you may be eligible for a limited passport good for direct return to the United States.
Posted in IRS & Tax Information,Real Estate Law
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.
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