May 312012
 
Why Florida Is A Great Tax State For Retirees

Earlier this week we talked about the recent survey  which ranked Florida among the three states to do business in tax-wise.  Now it is time to discuss why Florida is a great state for retirees as well. While people certainly enjoy the year round sunshine, sandy beaches, and copious availability of world-class golf courses, it is Florida’s generous tax structure that truly makes it a great retirement destination.  This is primarily because Florida residents pay absolutely no income tax or intangibles tax (a tax on the value of intangible personal property, such as stocks, corporate bonds, mutual funds, U.S. government More…

May 292012
 
Florida Tax Structure Ranked As One Of The Most Attractive For Businesses

A new survey of corporate chief financial officers released by Alvarez & Marsal Taxand, LLC, a tax consulting firm based in New York, ranks Florida among the top three states with the most competitive business taxes. According to the survey report, “amidst political, economic and regulatory change, CFOs say certainty in the tax code has become even more important than a reduction in corporate tax rates.  While CFOs generally believe tax rates should be reduced to ensure the U.S. remains competitive in an increasingly global economy, when given the opportunity to eliminate or significantly change one aspect of the tax More…

May 242012
 
IRS Announces Changes To Offer In Compromise Programs As Part Of Fresh Start Initiative

In the latest installment of the fresh start initiative, a program designed to assist taxpayers with settling their tax bills, the IRS has announced that it will be allowing increased flexibility to those applying for the Offer in Compromise (OIC) program.  If a taxpayer has a sizable tax debt, minimum assets and income prospects, and can fulfill the right circumstances, the IRS may accept an OIC to settle unpaid tax accounts for less than the full balance due.  This applies to all taxes, including any interest, penalties, or other additional amounts arising under the Internal Revenue Code. Not everyone qualifies More…

May 222012
 
Senators Propose Legislation In Response To Facebook Founder’s Expatriation

Previously, we reported on Facebook co-founder Eduardo Saverin, who renounced his American citizenship months ahead of Facebook’s initial public offering, which occurred on Friday, May 18.  Many have opined that Mr. Saverin stands to save millions in future taxes as a result of his actions and that this outcome played a significant role in his decision to abandon his citizenship. Now, Democratic Senators Chuck Schumer and Bob Casey have announced a new bill called the Ex-PATRIOT Act which would re-impose taxes on expatriates like Saverin even after they leave the United States and take up residence in a foreign country.  More…

May 142012
 
Facebook Co-Founder Eduardo Saverin Renounces U.S. Citizenship Ahead Of Facebook IPO

Facebook co-founder Eduardo Saverin, best known for his bitter legal battle with Facebook founder and CEO Mark Zuckerberg which was highlighted in the popular 2010 film The Social Network, has renounced his American citizenship ahead of Facebook’s impending initial public offering (IPO), which is currently scheduled for Friday, May 18.  Born and raised in Brazil before moving to the U.S. in 1992, the 30-year old Mr. Saverin now lives in Singapore.  Saverin renounced his citizenship on September 30, 2011 but the information did not become public until the IRS released his name on April 30. This maneuver was obviously done More…

May 092012
 
Florida Supreme Court Hears Case For Denying Homestead Exemption To Non-Residents

On Monday, May 7, the Florida Supreme Court heard arguments in a case involving a Honduran couple that could have major implications for all non-residents of Florida who wish to establish homestead and reduce their ad valorem property tax obligations within the state.  The case involves David and Ana Andonie, who migrated to Florida from Honduras on investment visas and were denied a 2006 homestead exemption on their $1 million home despite the fact that their three minor children were born in Miami, were U.S. citizens, and had never resided outside the State of Florida.  The Miami-Dade Property Appraiser argued More…

May 072012
 
Victims Of Identity Theft Must Still Satisfy Their Obligations To The IRS

Since we have previously established that the IRS is willing to make taxpayers wait a substantial period of time for their refunds while they sort out identity theft issues, we are now focusing on whether the IRS will wait for the taxpayer while the issue sorts itself out.  Not surprisingly, the answer is a resounding no. A recent article in the Florida Sun Sentinel highlights the plight of one Florida business owner who was a victim of identity theft.  The business owner had directed that a portion of his $3,562 refund  go toward paying his first 2012 quarterly estimated tax More…

May 032012
 
Professional Football Players Charged In Florida Tax Scam

Three former professional football players are among eight individuals who have been charged in a South Florida tax refund and identity theft scheme.  William Joseph of the New York Giants and Oakland Raiders; Michael Bennett of the Minnesota Vikings, New Orleans Saints, Kansas City Chiefs, Tampa Bay Buccaneers, San Diego Chargers and Oakland Raiders; and Louis Gachelin of the NFL Europe’s Frankfurt Galaxy, are accused of cashing dozens of fraudulently obtained tax refund checks totaling hundreds of thousands of dollars. Federal prosecutors revealed that the FBI was operating an undercover check-cashing store in North Miami that was used by the More…