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State Tax Problem? Florida Department of Revenue’s Voluntary Disclosure Program May Offer a Solution

By: Matthew O’Kane

If the Florida Department of Revenue (FDR) determines that a business owner has failed to pay tax in a timely manner, it will assess the business owner and the tax plus interest and penalties in most circumstances.  The penalties can be as much as 50% of the tax.  If no tax return has been filed, the FDR may assess tax, interest and penalties against the business owner from when the compliance problem began.  We have represented business owners who have had assessments issued going back more than 15 years.  On account of the potential liability issues, some business owners who discover a compliance problem (not paying use tax on internet purchases, not paying or collecting sales tax on commercial lease payment, etc.) are not willing to address the issue.  However, the FDR does offer relief if the business owner discloses the problem before the FDR contacts the business owner. read more

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April 15th Offers an Important Tax Planning Opportunity for Partners

By:  Amanda Wilson

April 15th is usually greeted with dread as tax day.  However, April 15th also offers an important tax planning opportunity for partners in partnerships (including limited liability companies that are treated as partnerships for federal income tax purposes).  The tax rules allow partners to amend their partnership agreement retroactively to January 1 of the prior year if the amendment is in place by April 15th.  If your business has a partnership, this might be a great opportunity for you.  You should take a moment to look at how your partnership is allocating taxable income and losses to the partners in 2013 and make changes if a different allocation would work better for your partnership.  Act fast, though, because unlike the due date for filing your return, this deadline cannot be extended. read more

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A Trust for Your Wine Collection?

The increased popularity of wine has led to an increase in fine wine prices around the world.  In 2013, Christie’s Auction House received a winning bid of $476,280 for a case of Romanée-Conti Grand Cru — Vintage 1978, Côte de Nuits – a world record for a case of 12 bottles of wine.  Of course, you don’t have to make a winning bid to Christie’s Auction House to build a valuable wine collection.  Many clients have established valuable wine collections in their homes or in storage facilities without ever participating in an auction.  A client may want the collection to stay in his or her family for future generations to enjoy.  A purpose trust for the wine collection may be just the tool to achieve the client’s goals.  A purpose trust is created to carry out a specific objective of the person who creates the trust rather than creating a trust for the benefit of individual beneficiaries.  A purpose trust can be an effective planning tool for a wine collection that is meant to be held long-term by providing some of the following benefits: read more

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Time To Think About Your Form 990 – What does is say about your charitable organization?

It’s almost that time of year, again…time to start thinking about your non-profit’s Form 990 filing for the 2013 tax period. These information returns are due the 15th day of the 5th month after the end of an organization’s accounting period. For calendar year organizations, that date is May 15, 2014. You can obtain an automatic 3 month extension by submitting Form 8868. You can subsequently use the same form to apply for an additional 3 month extension if needed. read more

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Considering a Future Like-Kind Exchange of Real Property?

By:  Amanda Wilson

If you are considering a future like-kind exchange of real property, proceed with caution. read more

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