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 Tax Law & IRS Defense
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 Real Estate Law,Tax Law & IRS Defense
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.
Many local governments have enacted laws which require the owner of a short term rental property to obtain a certificate or other permit in order to utilize the property as a rental. This regulation comes in addition to obtaining a license from the Department of Business and Professional Regulation, a local business tax receipt, and the remission of Florida Sales Tax to the Department of Revenue. The issue of regulating short term vacation rentals has also been addressed recently by the Florida legislature.
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Posted in Asset Protection,Probate & Trust Administration,Tax Law & IRS Defense,Wills, Trusts & Estate Planning
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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Posted in Tax Law & IRS Defense
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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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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Posted in Tax Law & IRS Defense
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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