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, attorney, and other members of your professional team.  The below items are a few examples of important tax deadlines:

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.

Posted in Asset Protection,Probate & Trust Administration,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:

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.   

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.

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:

• Petition to the Value Adjustment Board Request for Hearing
• Petition to the Value Adjustment Board Transfer of Homestead Assessment Difference Request for Hearing

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

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”). 

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: