Posted in Real Estate Law,Tax Law & IRS Defense

The Firm is republishing an August 2015 blog post regarding the ability of Florida property owners to contest or appeal the assessed value of their property.  The republished blog, below, includes updated information for 2016.
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Posted in Real Estate Law,Tax Law & IRS Defense

The Mortgage Forgiveness Debt Relief Act (“MFDRA”) prevents homeowners who went through a short sale, foreclosure sale, a principal reduction, or otherwise received a waiver of a mortgage debt regarding their primary residence from being taxed on the amount of mortgage debt cancelled or forgiven.  Many homeowners have used the MFDRA in prior years to prevent large tax liabilities.
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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, CPA, Enrolled Agent, or Tax Attorney.  Jackson Law Group has tax attorneys that can assist you with IRS or other tax problems.  The below items are a few examples of important dates that may vary based on individual circumstances:
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Posted in Tax Law & IRS Defense

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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Posted in Asset Protection,Probate & Trust Administration,Real Estate Law,Tax Law & IRS Defense,Wills, Trusts & Estate Planning

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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Posted in Asset Protection,Probate & Trust Administration,Real Estate Law,Tax Law & IRS Defense,Wills, Trusts & Estate Planning

While the tax basis of a property is important in determining estate tax for higher net worth individuals, it is also a significant consideration for individuals of any net worth in determining the income tax (gain or loss) beneficiaries will ultimately pay when the property is transferred. The basis of property inherited from a decedent is generally the Fair Market Value (FMV) of the property at the date of the individual’s death. Thus, a real estate or personal property appraisal may be advisable to consider.
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Posted in Tax Law & IRS Defense

What is the IRS Domestic Voluntary Disclosure Program? It is an internal IRS practice that was established to encourage taxpayers to voluntarily report previous tax issues or noncompliance. The program will not necessarily protect a taxpayer from criminal prosecution nor does it create any procedural or substantive rights for the taxpayer. Nevertheless, it can be helpful in preventing criminal prosecution as it is a factor the IRS considers in determining whether or not to recommend a taxpayer for criminal prosecution.
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Posted in Asset Protection,Real Estate Law,Tax Law & IRS Defense

The Firm is republishing a September 2014 blog post regarding the ability of Florida property owners to contest or appeal the assessed value of their property.  The republished blog, below, includes updated information for 2015.
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