Posted in Condominium & Homeowner Association Law

Collections practices in Community Association law are largely controlled by Florida Statutes (Section 720.3085  for Homeowners Associations or Section 718.121 for Condominium Associations) as well as adherence to Fair Debt Collection Practices Act and the Association documents such as the Declaration of Covenants. Once courtesy notices have sent to a delinquent owner, accounts should generally be turned over to your attorney for collections. The legal collection process typically starts with a Notice of Intent to Lien being sent to the property owners of record, giving condominium owners thirty (30) days to respond and homeowners association members forty-five (45) days to respond.

Posted in Condominium & Homeowner Association Law

On March 27, 2020, the Secretary of the Department of Business and Professional Regulation (“DBPR”) issued Emergency Order 2020-04 (found here), which clarifies that community associations, including condominium, homeowner and cooperative associations, can exercise the use of emergency powers in light of the Novel Coronavirus Disease 2019 (COVID-19).

Posted in Business Law

The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act was just passed by Congress.  The CARES Act totaling $2 trillion provides for individuals, families, governments, large corporations, and small businesses.  As to small businesses, below are some important links to Resources to help.  The first link is a guide by the U.S. Senate Committee on Small Business & Entrepreneurship, which outlines the various aspects of the CARES Act that apply to small businesses.  The second and third links are to the Treasury Department and SBA, which provides important updates on the CARES Act.

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 IRS & Tax Information

Last summer, Florida passed new legislation requiring all Florida corporate income tax filers to provide certain additional information online with the Florida Department of Revenue (FDOR). The new online information disclosure relates to how certain areas of the federal Tax Cuts and Jobs Act impact a company’s Florida income tax. Note that the state has limited this additional online reporting to only those companies required to file a Florida corporate income/franchise tax returns (Form F-1120 or F-1120-A). Other entity types such as partnerships are not affected by this legislation.

Posted in Asset Protection,Estate & Personal Planning,IRS & Tax Information

The SECURE Act, or the “Setting Every Community Up for Retirement Enhancement Act”, was recently signed into law on December 20, 2019 without much notice.  It took effect on January 1, 2020 and significantly changed the landscape of retirement planning.  Here are some of the major changes created by the new law:

Posted in IRS & Tax Information

What is Cryptocurrency? Cryptocurrency is a virtual currency or representation of money or value.  However, it is not legal tender of any government.  Cryptocurrency is similar to the U.S. dollar in that it can be used to purchase goods and services, and it can also rise and fall in value depending on supply and demand.  Bitcoin, for example, is set to produce a limited supply.  In addition to Bitcoin, there are several other types of cryptocurrencies such as Ethereum and Ripple.   

Posted in Condominium & Homeowner Association Law

Condominium and homeowner’s associations are required to maintain the official records* of the association within the state for at least 7 years and make them available to the owners or their authorized representative for inspection within 45 miles of the community or within the same county.  For condominiums, Florida Statute § 718.111(12)(c) requires that the association provide access to the records within 10 business days of receiving a written request.  Failing to provide the records within the 10-day period creates a rebuttable presumption that the association willfully failed to provide the records and the requesting owner becomes entitled to damages in the minimum amount of $50.00 per day beginning on the 11^th business day after the request.