Insights

The Florida Legislature recently passed a bill, CS/HB 749, which implements certain changes in the operations of Continuing Care Communities (“CCCs”) in Florida, effective October 1, 2015. Some of these changes include: CCCs must be accredited by the Office of Insurance Regulation (“OIR”) without stipulations or conditions before OIR can…

How do Florida’s residential property tax rates rank among the states? A recent study by the non-profit Tax Foundation ranks the effective owner-occupied residential property tax rates of all fifty states. To provide a meaningful comparison, the study takes into account percentage value increase limitations (like Florida’s “Save Our Homes”…

Having procured a document scanner, IRS has eliminated the requirement that taxpayers enclose Internal Revenue Code Section 83(b) elections with their income tax returns. When a taxpayer receives property (such as stock or LLC interests in an employer) in exchange for services, the taxpayer normally recognizes the fair market market value…

The Internal Revenue Code prescribes minimum imputed interest rates and time-value-of-money factors applicable to certain loan transactions and estate planning techniques. These rates are tied formulaically to market interest rates. The Internal Revenue Service updates these rates monthly. These are commonly applicable rates in effect for August 2015: Short Term AFR…

Upon completion of a Florida tax audit, the Department of Revenue (“DOR”) will issue a Notice of Proposed Assessment (“NOPA”) to assess any additional tax, interest, and penalties. By its terms, the NOPA provides that it will become a “final assessment” within 60 days of issuance if it is not…