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Business & Corporate Law

Are Business Credit Card Rewards Taxable?

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April 13th, 2022

Posted in Business & Corporate Law

Business credit cards have many benefits and are great for keeping business and personal expenses separate. Also, most of them come with benefits such as cash back, gift cards, consumer protections, or travel rewards based on your spending. Fortunately, these rewards are generally considered rebates and are not income for IRS tax purposes.


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Important Deadlines for Taxpayers in 2022

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January 21st, 2022

Posted in Business & Corporate Law,Tax Law & IRS Defense

Calendaring important IRS and tax authority deadlines can help you avoid stress. To avoid paying penalties and other tax consequences, calendar tax deadlines and plan for tax filings with your accountant and other members of your professional team. Below are few examples of important tax deadlines:


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Attention Businesses: Know What the Law Says about Receiving Cash Payments Over $10,000

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December 17th, 2021

Posted in Business & Corporate Law

Has your business received cash or currency exceeding $10,000 in one transaction or related transactions within a year’s time from a client or customer? If so, the IRS requires you to file Form 8300 within 15 days of receiving the payment. If any additional payments are made during the course of a year, you must report those as well and file additional forms. Transactions that require Form 8300 include:


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Maybe You do Need a Trust – Here’s Why

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December 1st, 2021

Posted in Asset Protection,Business & Corporate Law,Probate & Guardianship,Wills, Trusts & Estate Planning

People need an estate plan if they want to ensure that their intentions will be honored after death with respect to the distribution of their assets. If you have an estate plan in place, does it also include a trust (sometimes called a living trust or a revocable trust)? If your current estate plan only consists of a last will and testament, you may want to consider also creating a trust.


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Trust Fund Recovery Penalty for Business Employment Taxes to IRS

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October 8th, 2021

Posted in Business & Corporate Law,Tax Law & IRS Defense

The Trust Fund Recovery Penalty (“TFRP”) was created to encourage prompt payment of withheld income and employment taxes such as social security taxes, railroad retirement taxes, or collected excise taxes. Typically, the employee’s money is held “in trust” until the business owner or responsible party makes a tax deposit to the IRS for the amount owed, e.g. tax withheld on IRS Form 941 Employer’s Quarterly Federal Tax Return.

Problems arise when a business owner or person responsible for collecting or paying withholds these taxes from employees but does not pay the same over to IRS. Some businesses may ignore payment because they are struggling to make ends meet or choose to spend the withheld money elsewhere. Other businesses are simply unaware of the tax obligation or the person responsible takes action contrary to what the business is aware of. Either way, the IRS will seek payment from the business and also look to apply personal liability for the TFRP to certain people who are responsible for payment and willfully do not make payment.


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Florida Sales Tax Rates on Commercial Leases May Reduce to 2% in 2022

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August 13th, 2021

Posted in Business & Corporate Law,Real Estate Law,Tax Law & IRS Defense

A legislative bill was recently enacted that may reduce the sales tax rate on commercial leases to 2%. The timing of the decrease depends on the economic recovery of the unemployment compensation trust fund. Once this balance has reached its pre-pandemic level, the sales tax rate will adjust. You may need to periodically consult with your accountant to determine the current tax rate since it is contingent upon the amount in the employment compensation trust fund.


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Relocating a LLC or Corporation from Another State to Florida

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July 14th, 2021

Posted in Business & Corporate Law

If you are looking to relocate your business to Florida, we suggest using a statutory conversion if this option is available. A statutory conversion transforms your state’s LLC or Corporation into a Florida LLC or Corporation, and the EIN, property deeds, and management structure generally remain the same. The conversion process is much simpler than forming a new entity and winding down the old entity. For this to be possible, both states must have laws permitting this type of conversion. For the conversion to occur, you file Articles of Conversion along with either Articles of Organization (for an LLC) or Articles of Incorporation (for a Corporation) with the Florida Department of State’s Division of Corporations (commonly referred to as Sunbiz). Additionally, Florida law requires that a Plan of Conversion be drafted and approved for proper corporate governance. Once the Articles of Conversion are accepted, you may need to dissolve your business entity in the previous state.


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Restrictions on Display of Certain Flags Within Community Associations

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February 16th, 2021

Posted in Business & Corporate Law,Real Estate Law

For many people, one of the most attractive aspects of living in a condominium or homeowners’ association is to have an aesthetically pleasing environment. To that end, there are often restrictions on displays by owners. This blog post covers the unique aspects of certain flags.


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