Commissioner Chuck Rettig announced the IRS People First Initiative to provide immediate relief to help people facing uncertainty over taxes during the health crisis. Highlights of the key actions in the IRS People First Initiative include: Installment Agreements Existing Installment Agreements–For taxpayers under an existing Installment Agreement, payments due between April 1 and July 15, 2020 are suspended. Taxpayers who are...
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Yesterday evening, the Senate passed an updated version of the Coronavirus Aid, Relief and Economic Security (CARES) Act. This bill is intended to be a third round of federal government support in the wake of the coronavirus public health crisis and associated economic fallout (the $8.3 billion in public health support passed two weeks ago and the Families First Coronavirus Response Act). The CARES Act builds on the two previous...
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Florida businesses often hold real property and their business operations in separate entities for liability purposes. While this is a very standard and effective way to mitigate the liability risk of owning commercial real estate, these types of structures need to be mindful of the sales tax rules. Usually rental agreements are put in place between the operating entity (Lessee) and the real estate entity (Lessor) with rent either...
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The Florida legislature voted to again reduce the sales tax, which is imposed under section 212.031, Florida Statutes, that commercial real estate owners charge and receive from tenants to 5.5 percent in 2020 from its current rate of 5.7 percent. Real property rentals subject to the reduced rate include commercial office space, retail, warehouses and certain self-storage units, excluding storage for motor vehicles, boats and aircraft....
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We are all familiar with the annual tax filing ritual; around January, most people collect their tax documents to file their tax returns by the deadline. However, some people sometimes or always need an extension. All of the information is gathered after the tax deadline of April and filed before the extension deadline. There is another group of people, that don’t meet the extended deadline, and their tax return is late and unfiled....
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