Jan 222013
 
Breakfast with the Experts

Now that the Fiscal Cliff has come and gone, do you know what changes have occurred and how they will affect you and your business? What about Obamacare? How ill that impact your business? The Small Business Resource Network will host “Breakfast with the Experts,” February 5 from 8-11 a.m. at the UNF Herbert University Center (12000 Alumni Dr.). Accounting experts will talk about the latest concerns regarding healthcare laws and the new tax laws, which will take effect soon. Business owners who want to stay informed on the latest changes from Washington should not miss this informative workshop There More…

Dec 112012
 
Whatever you do, file your taxes!

The IRS, and for that matter any state government, doesn’t care how famous or popular you may be. They only care that you file and pay your fair share of taxes as outlined by law. Unfortunately for Stephen Baldwin, he was recently charged with failing to pay New York state taxes for three years that amounted to roughly $350,000 (click here to read his story). When it comes to the IRS, not filing your tax returns in one of the worse mistakes you can make. It is actually worse than filing yet not paying, which is reflected in the penalties More…

Dec 072012
 
What's all the noise about the "Fiscal Cliff?"

While politicians are wrestling with the details of new tax laws that will prevent America from going over the “fiscal cliff,” many are left wondering what this fiscal cliff is all about. Coined by Chairman of the Federal Reserve Ben Bernanke, the fiscal cliff is looming with big financial consequences on the American economy, if it goes unresolved. At midnight, December 31, 2012, laws are set to change concerning several areas including payroll taxes; business taxes, meaning the end of some breaks for businesses; increases in federal income tax, long-term capital gains and dividends; and the implementation of the health More…

Oct 082012
 

Last week, the Florida Supreme Court unanimously ruled that foreigners and out-of-state residents may qualify for the homestead exemption from property taxes found in the Florida Constitution when their home is the permanent residence of a dependent who is eligible for the homestead exemption. The case involved 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 More…

Oct 042012
 
Time Is Running Out To Take Advantage Of 2012 Estate And Gift Tax Planning Opportunities

Time is running out to take advantage of the liberal estate and gift tax exemptions of 2012.  Currently, the exemption amount is $5.12 million for both gift and estate tax purposes.  This exemption is scheduled to sunset on December 31, 2012, after which it will revert to a much harsher $1 million exemption and the estate tax rate will rise from 35% to 55%. Before the end of 2012, a married couple may transfer assets with a value of up to $10.24 million (reduced by any previous taxable gifts) to their children or grandchildren and such transfers to the next More…

Sep 252012
 
Overview Of The 5 Tax Amendments On The 2012 Florida Ballot

Included among the eleven measures which are set to appear on the November 6 ballot are five that will give Florida voters the opportunity to put more tax breaks into the Florida Constitution.    Here is a brief overview of each amendment: Amendment 2 – also known as the Florida Veterans Property Tax Amendment would amend Article VII Section 6 (Homestead exemptions) of the Florida Constitution to expand property tax discounts for disabled veterans.  As written now, the Constitution only provides a deduction if the disabled veteran was a resident of the state at the time of entering the military service.  More…

Sep 202012
 
IRS Treatment Of Forgiven Student Loan Debt Causing Concerns

In the wake of the housing market collapse, many people have become familiar with the concept of cancellation of debt (COD) income.  The basis for COD income is found in IRC § 61(a)(12) which states that gross income includes “income from the discharge of indebtedness.”  Understanding the logic of this provision can be tricky.  When a loan is given, neither the lender nor the borrower have any gain or loss.  The lender has no loss because it expects to be repaid and the borrower has no gain because it expects to have to repay loan.  Thus, at this point, there More…

Sep 172012
 
Transfer Of Business Assets In Florida May Come With State Tax Liability

A recently enacted Florida statute clarifies that the transfer of a Florida business’s assets is considered a sale of the business and that the sale may come with Florida tax liability.  Florida Statute § 213.758 states that when a taxpayer who is liable for taxes with respect to a business transfers either the business, the assets of the business, or the stock of goods of the business, the taxpayer must file a final return and make full payment of taxes within 15 days after the date of the transfer.  The statute goes on to state that a transferee, or a More…

Sep 142012
 
Amazon To Begin Collecting Sales Tax In California, When Will Florida Get Its Due?

Beginning this Saturday, September 15, 2012, online retailer Amazon.com will begin collecting sales tax for orders made in the State of California.  This will mark an end to a long fight between the internet sales giant and one of the largest states in the union. For years, Amazon relied on the 1992 U.S. Supreme Court decision of Quill Corp. v. North Dakota to justify not collecting and paying state sales tax.  In that case, the Quill Corporation sold office equipment and supplies by soliciting business through catalogs and flyers, advertisements in national periodicals, and telephone calls.  Its annual national sales More…

Sep 122012
 
IRS $104 Million Whistleblower Payment Should Make Foreign Account Holders Nervous

Bradley Birkenfeld, a former UBS AG bank executive, was instrumental in helping U.S. authorities expose tax evasion facilitated by the Swiss banking giant.  The information Birkenfeld provided led to an investigation that ultimately resulted in a 2009 settlement between the United States and UBS, with the latter agreeing to pay $780 million in fines and to turn over the names of thousands of Americans suspected of using Swiss bank accounts to evade taxes.  This settlement would be the precursor to the breaking of the backbone of the Swiss banking industry as a haven for tax-dodgers.  On Tuesday, Birkenfeld got his More…