Let’s start off with what happens if you do not have a Will. If you die without a will (this is called dying “intestate”), your property will be distributed to your heirs according to a formula fixed by law.
Posted in Asset Protection,Probate & Trust Administration,Tax Law & IRS Defense,Wills, Trusts & Estate Planning
It is recommended to periodically review your estate plan to determine if there are new planning opportunities of which you can take advantage. Below are three tips as you move through 2019:
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 Business & Corporate Law,Real Estate Law
Florida imposes sales tax on rental payments for the lease of commercial real estate. The 6% state-level tax was reduced to 5.8% for 2018. The Florida legislature passed another law to further reduce the state-level rate to 5.7% for occupancy periods beginning on or after January 1, 2019.
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With the new year around the corner, it’s time to start thinking about what you have been avoiding and go ahead and tackle it. Estate planning is typically one of those things we avoid because it is uncomfortable. Experience practicing in estate planning tells me that there are very few things in life that are certain, but we all know that one day our passing is one of those things. So, what better time to begin your estate planning, than at a point where the possibility seems distant.
Here are just 5 reasons to stop putting it off:
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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