When an individual or group of individuals decide to incorporate their domestic business, it is then a requirement to annually file IRS Form 1120, the U.S. Corporate Income Tax Return.
If a LLC member is not personally liable for the LLC’s debts, has no authority to contract for the LLC, or does not participate in the LLC’s business for more than 500 hours per year, their income is considered passive, and therefore, not subject to self-employment tax.
A Setback is the distance from the Base Building Line (the officially mapped street line) to the point where a building may be constructed. The City of Miami provides setback requirements for property owners in the Miami 21 Zoning Code.
The Internal Revenue Code provides business owners an income deduction when reporting their qualified trade or business’ income, also known as a qualified business income.
After deciding whether to invest in rental properties, it is important to make an informed decision regarding the kind of business entity your company should become.
Many states have tried providing education to the public to be careful in who they hire to help with their legal problems. Additionally, many states, such as Florida, have established programs to protect the public against harm caused by individuals pretending to be attorneys.
The Act came into effect on January 1, 2019 and was amended on January 30, 2019. The Act was established based on concerns rising from the EU (European Union) Code of Conduct Group for Business Taxation and OECD (Organization for Economic Co-operation and Development) guidance around the economic substance of entities in jurisdictions a very low to zero percent corporate tax.
GRAT, short for Grantor Retained Annuity Trust, is a type of irrevocable trust that alleviates the tax cost of passing assets to your beneficiaries.
Corporations lean on Delaware’s favorable business laws when it is time to incorporate their business. However, what happens when you want to dissolve your Delaware corporation?
Breaching an NDA can have serious consequences (e.g., a lawsuit against the person who is revealing the private information). Normally, the remedies for a breach of an NDA are in the NDA itself. Therefore, it is important to have a detailed NDA, which includes what is covered by the contract and the repercussions for disclosing such information.
As with any tax act, there are a number of areas for devious planners to take advantage. Following is a list of strategies you can take to ensure your business benefits from the new business tax landscape.
Introduced in 2017 as part of the Tax Cuts and Jobs Act, GILTI, or “Global Intangible Low Tax Income,” is an outbound provision that broadens the scope of foreign earnings subject to U.S. taxation with the goal of reducing the incentive to shift corporate profits out of the U.S. into low or zero-tax jurisdictions.[1] Applicable to large multinational companies and to U.S. shareholders of certain foreign corporations, GILTI is fundamentally an anti-deferral provision that limits the amount of foreign income a U.S. shareholder can defer from U.S. tax.
The main difference between Form 1023-EZ and Form 1023 is the information required from the organization and the time for approval. Form 1023 is used by organizations that are bigger and expect to receive more than $50,000 in the following three years. While Form 1023-EZ is three pages, Form 1023 is 26 pages!
Car ownership should always be considered when thinking of estate planning. There are different options to how a person should approach dealing with their vehicle and an estate plan.
The list of digital assets you may have online are endless, thus it is important that you either (1) set up a password manager kit, (2) include your digital assets in your estate plan, or (3) check if the website you are using allows you to add a recipient to your account once you pass away.
Employers are responsible for sending the W-2 form to the IRS and to the employee each year, which reports the employee’s annual wages and the amount of taxes withheld from his or her paychecks.
Often times, payments still need to be made and the payments become the responsibility of the deceased car lessee’s estate. Sometimes car dealerships will negotiate with the personal representative of the deceased’s estate and may be able to transfer the remaining lease to another person.
Issue 1: Does an “As Is” Clause in a Contract under Florida law Include Termites?
The first Opportunity Zones were designated on April 9, 2018. To date, the Treasury Department has certified more than 8,700 Opportunity Zones spanning 50 states, the District of Columbia, and five U.S. territories qualifying for the aforementioned tax benefits.
The Florida court system has two tiers of trial courts; the circuit courts and county
Monitors are usually appointed to perform a specific set of duties, and often only have a single-purpose duty. Corporate monitors only supervise rather than manage. Specifically, the Department of Justice has stated that the scope of the monitor ship should be tailored to address the specific issues and concerns that created the need for a monitor.
The personal representative you appoint will be the person in charge of handling your estate once you pass. This individual has vast responsibilities and powers; therefore, your personal representative should be someone that you trust.
Service of process in Florida can be made in person as well as by mail. To serve a corporation in person, the plaintiff should coordinate with the sheriff of the county in which the person to be served on behalf of the corporation is located.
Typically, a security that is exempt from registration is restricted in some way. See the first post on Restricted Securities, but keep in mind that some exemptions provide for other restrictions.
Courts have given some guidance on what constitutes deceptive and unfair trade practices by companies in Florida. A business engages in deceptive practices if the action is likely to mislead the consumer. On the other hand, a business participates in unfair practices if it acts contrary to public policy by behaving unethically or oppressively towards consumers or other businesses.
One of the most tension fraught relationships is that of a landlord-tenant. Landlords are subject to a variety of laws including regulation of rent, termination, and eviction. One such law is the Disposition of Personal Property Landlord and Tenant Act, which prescribes rules by which landlords are allowed to dispose of tenant property which remains on the premises after a tenancy is terminated.
In Florida, for a will to be valid it must be in writing, signed by the party seeking to create the will (the testator), the testator must have the mental competence to sign the will, and it must be signed by two witnesses to the execution of the will.
A potential buyer should obtain a businesses’ tax clearance letter. If a buyer fails to conduct its due diligence on the tax side of the business, he or she could be on the hook for any taxes owed by the seller.