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What is the 1031 “Like-Kind” Exchange and what has updated?

What is a 1031 “Like-Kind” Exchange Under the Prior Code? A 1031 exchange, also known as a “like-kind exchange,” allows an investor to “defer” paying capital gains taxes on an investment property when it is sold, as long another property of “like-kind” is purchased with the profit from by the sale of the first property….   + Read More…

The 2018 Federal Tax Filing Due Dates

Important dates to keep in mind for this tax season! Deadline Type: Partnership (Form 1065) and S-Corporations (Form 1120S) – March 15, 2018 C-Corporations (Form 1120) and Individuals (Form 1040) – April 17, 2018 Exempt Organizations, Nonprofits and Charities (Form 990) – May 15, 2018 Trusts and Estates (Form 1041) – April 17, 2018 Foreign Bank Account Reporting (FBAR…   + Read More…

What Must a U.S. Citizen Do Upon Receiving a Large Cash Gift from a Foreign Non-Resident?

As a general rule, foreign gifts of money or property received by a U.S. citizen from a foreign non-resident will be treated as a gift for IRS tax purposes. Reporting Requirements IRS gift taxes only applies to the individual making the gift, not the person receiving the gift. Typically, foreign non-residents are not liable for…   + Read More…

Single-Member LLCs and the New Form 5472 Rules

A Single-Member Limited Liability Company (“SMLLC”) is a Limited Liability Company (“LLC”) which only has one owner and is not classified as a corporation. A SMLLC is also known as a disregarded entity, because it is generally disregarded as separate from its owner. Disregarded entities do not have Internal Revenue Service (“IRS”) U.S. tax filing…   + Read More…

Are independent contractors subject to non-compete agreements?

Are independent contractors subject to non-compete agreements? Generally, no. However, in Florida, which is considered to be the most employer friendly state in the country when it comes to non-compete agreements, independent contractors are subject to covenants not to compete just like employees are. Employers interested in entering into a non-compete agreement with an independent…   + Read More…

How to look up your Florida company status on Sunbiz.org.

As corporate attorneys, we hear all kinds of questions regarding LLC’s, Corporations, and other types of entities. However, a frequent question we get comes from other members of said company, asking for basic publicly available information. We are happy to help our clients but we thought we’d share how to research the status of your…   + Read More…

2018 Florida Corporate Renewal Brief

If you’re the proud owner of an LLC, Corporation, or anything under those categories then you’ll want to look at our Corporate Renewal Brief below. For starters, the due date for corporate renewals is May 1st, 2018. The State of Florida requires that your company update the following: Directors / Managers Addresses Registered Agent(s) After…   + Read More…

EPGD Law Guide to the New 2018 Tax Reform

If you’re a business owner, you’re probably under some sort of tax category when you first registered your business. Well, did you know there is a new tax reform in the works that could possibly change all that? The new tax reform, which is expected to be signed into law by President Trump, comes with…   + Read More…

Tax Law Changes Affecting Partnerships and LLCs starting January 1, 2018

The 2015 Bipartisan Budget Act (the “BBA”), which was signed into law on November 2, 2015, modified certain audit and tax election rules for entities taxed as partnerships (including most LLCs). The IRS has now issued proposed regulations that will take effect on January 1, 2018, which will have implications that necessitate review and action….   + Read More…

The Benefits of having a Buy-Sell Agreement

A buy sell agreement, also known as a buyout agreement, protects business owners when a co-owner wants to leave the company, and protects the owner who’s leaving. It protects everyone’s interests in cases where a co-owner wants out of the business, to retire, to sell his shares to someone else, goes through a divorce, or…   + Read More…

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