March, 2016

IRS Penalties and Interest

March 21st, 2016

Posted in IRS & Tax Information

Many Florida taxpayers find themselves in a difficult position when they fail to file their tax return or pay the appropriate taxes on time. The penalty for failing to file your tax return on time is 5 percent of the unpaid taxes for each month that the return is late (not to exceed 25 percent of the unpaid taxes). The penalty for failing to pay your taxes on time is generally ½ of 1 percent of the unpaid tax for each month that the tax is not paid (not to exceed 25 percent of the unpaid taxes). This penalty may be assessed from the original due date even if you requested and were granted an extension of time to file your tax return.
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Legislative Update: 2016 Session Ends Without Major Changes to Law Governing Condominium, Cooperative and Homeowner Associations

March 16th, 2016

Posted in Condominium & Homeowner Association Law

This Blog previously made readers aware of pending legislation which would affect condominium, cooperative and homeowner associations in Florida. Such bills included regulation of estoppel certificates provided by management and legal counsel, mandatory websites for condos and HOAs of a certain size, bringing HOAs under the umbrella of the Division of Condominiums, Timeshares, and Mobile Homes, and exempting HOAs from the Marketable Record Title Act (“MRTA”), among other items.
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New Basis Reporting Procedures When Inheriting Assets

March 4th, 2016

Posted in Estate & Personal Planning,IRS & Tax Information

What is basis and why does it matter? A basis is a monetary amount assigned to property for tax purposes. This value is very significant because the basis is used when calculating gains or losses on the sale of property. If you inherit property from a family member, friend or any generous benefactor, there will be a basis assigned to that property.
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