The Florida Department of Revenue published the discretionary sales surtax rates for 2014 (http://www.floridasalestax.com/documents/FL-Discretionary-Sales-Tax-Rates-2014.pdf). Florida imposes a state-wide 6% sales tax, but most Florida counties impose an additional local sales tax rate known as the “discretionary sales surtax” or “local option county sales tax.” The discretionary sales surtax rates currently…
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 March 2014: Short Term…
The United States House Energy and Commerce and Ways and Means Committees and the Senate Finance Committee have released bipartisan compromise legislation that would repeal the Sustainable Growth Rate (SGR) formula for physician payments and transition Medicare towards a value-based payment system. The legislation “not only fully repeals the broken…
2013 is the first year of the 3.8 percent Medicare Surtax, which was enacted as a part of the law popularly known as “Obamacare.” Taxpayers have a one-time opportunity to make an election on their 2013 federal income tax returns to permanently reduce exposure to the new surtax. Before filing…
When a lender discharges debt for less than full consideration, the borrower by default recognizes income for federal income tax purposes. “Qualifying Real Property Indebtedness” is an exception. Forgiveness of Qualifying Real Property Indebtedness may be excluded from income. New IRS guidance expands this exclusion. The Qualifying Real Property Indebtedness…