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Posts by Andrew Jackson, Esq.

New Legislation Affects Tax Reporting on Florida Corporations

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February 18th, 2020

Posted in Business & Corporate Law,Tax Law & IRS Defense

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.


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Major Highlights of the New “Secure Act” Signed into Law

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January 17th, 2020

Posted in Asset Protection,Probate & Guardianship,Tax Law & IRS Defense,Wills, Trusts & Estate Planning

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:


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Are Bitcoin and Cryptocurrency Taxable?

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December 16th, 2019

Posted in Tax Law & IRS Defense

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.   


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IRS Audit Rate Has Dropped Steeply Since 2010

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November 8th, 2019

Posted in Tax Law & IRS Defense

Are you concerned about being audited by the IRS? An IRS audit takes place when the Internal Revenue Service chooses to review a taxpayer’s accounts to verify that tax laws are being followed. As a preliminary caution, beware of phone scams as the IRS will always initiate a tax audit by mail. The IRS will not call to demand immediate payment or ask for a debit or credit card number over the phone, nor will they threaten to bring in local law enforcement to arrest people. Threats like these are common tactics scam artists use to trick victims.


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Florida Leads the Way Revolutionizing Estate Planning by Allowing Electronic Wills

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September 20th, 2019

Posted in Asset Protection,Probate & Guardianship,Wills, Trusts & Estate Planning

Florida is leading the way in estate planning as a new bill is revolutionizing the way Floridians execute their last will and testaments. The Florida Legislature passed House Bill 409, which allows for electronic wills and electronic signatures starting January 1, 2020. Like a traditional will, an electronic will must be signed by the testator in the presence of two witnesses.  An electronic signature is defined as “an electronic mark visibly manifested in a record as a signature and executed or adopted by a person with the intent to sign the record.”


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Florida Property Taxes – You Must Act Soon If You Wish to Contest Your County’s Proposed Assessments

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August 22nd, 2019

Posted in Business & Corporate Law,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:


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How to Transfer Title after a Car Owner Dies

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August 12th, 2019

Posted in Wills, Trusts & Estate Planning

Transferring the title of a decedent’s vehicle is relatively easy in Florida, courtesy of Florida Statute 319.28.  The initial step in transferring a vehicle title is assessing the ownership.  If the vehicle is owned jointly, then it automatically passes to the co-owner by operation of law at death.

For example, a vehicle titled John Smith and Mary Smith automatically passes to Mary Smith upon John Smith’s passing and vice versa.  Contact the DMV to update the title along with a death certificate.  Form 82152 can be used by surviving spouses.  The DMV’s website is here:  FL DMV


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Florida Sales Tax on Commercial Leases Reduced in January 2020

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July 1st, 2019

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.


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