On November 2, 2015, President Obama signed into law The Bipartisan Budget Act of 2015 (H.R. 1314) which, among other things, imposes a new audit regime on tax partnerships beginning in 2018. Under the new regime, unless a partnership is eligible to elect out and does so timely, IRS can…
The 11th Circuit Court of Appeals recently ruled that leases of commercial real estate within casinos owned by the Seminole Tribe of Florida to non-Indian corporations are not subject to Florida sales tax. Florida imposes sales tax on commercial rent payments. However, the Court of Appeals upheld the decision of…
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…
Florida House Bill 33, which was enacted just a few weeks ago, provides a number of tax cuts and incentives. The bill’s key provisions include: A $60,000 cap on the amount of sales tax paid on repairs of a vessel, which would apply to a repair costing in excess of…
In a closely watched case, the Florida Supreme Court recently ruled that the tourist development tax (aka the bed tax) is not applicable to the total monetary amount charged by online travel companies, like Expedia, to secure hotel reservations. Counties may only tax the actual amount paid by the online…