Posted in Business & Corporate Law,Real Estate Law
Good news for Commercial Landlords, the reduction on state level sales taxes continues to decline. Florida is reducing the state-level sales tax rate on commercial leases for occupancy periods beginning on or after January 1, 2020 down to 5.5%.
However, counties are still imposing the local option surtax so be careful to check your county’s guidelines. The local option surtax varies between 0.5% to 1% for those counties that impose it. Currently, for 2019 St. Johns County has an additional 0.5% surtax.
The St. Johns County and surrounding areas have seen a recent boom in the housing market and work by building contractors. The complexity of the sales and use tax rules has led to erroneous and misapplication of the taxes, making this area ripe for Tax Audit with the Florida Department of Revenue (“DOR”).
Baby Boomers who have worked hard to manage their finances have children who are of the age to either carry on their financial success and hard work or lose it all. The best gift a parent can give to themselves and their child is to help their children organize and manage their affairs.
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: