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Author: Elf

  • “What to Consider When Switching Your Business from a C Corp to an S Corp”

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    1. Built-in gains tax: S corporations that were once C corporations are taxed on built-in gains (such as appreciated property) recognized within 5 years after the S election, which may be unfavorable. 2. Passive income: S corporations may be subject to a special tax if their passive investment income exceeds 25% of gross receipts and…

  • Florida’s New Law on LIBOR Reform Explained

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    – Libor was announced to be discontinued in 2021, with publication ceasing for certain maturities after December 31, 2021, and the remaining maturities ceasing after June 30, 2023. – The ARRC identified the SOFR as its preferred alternative rate and published recommended fallback language for new debt issuances in the U.S. – Florida introduced draft…

  • Proposed Changes to Florida’s Alimony Law: What High School Students Need to Know

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    1. The proposed alimony reform in Florida seeks to eliminate permanent alimony and replace it with durational alimony based on the length of the marriage. 2. The amount of durational alimony would be based on the obligee’s reasonable need and would not exceed 35 percent of the difference between the parties’ net incomes. 3. The…

  • Florida Passes New Law to Hold Insurance Companies Accountable

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    1. Florida’s HB 837 has changed the bad faith insurance framework. 2. The amendment to Section 624.155, Florida Statutes, provides a safe harbor for insurance companies to correct alleged bad faith by attempting to settle a claim in good faith. 3. The amendment also introduces two new procedural devices for insurance companies to avoid bad…

  • Changing Child Support Payments in Florida: What You Need to Know

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    1. Improved communication skills help people succeed in their careers. 2. Positive affirmations can improve self-esteem and mental well-being. 3. Regular exercise is linked to better physical and mental health. 4. Reading regularly can improve cognitive function and mental well-being. 5. A healthy diet can help prevent chronic diseases such as diabetes and heart disease.…

  • “When a Real Estate Deal is Official”

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    – The real estate contract becomes binding once the seller accepts the offer made by the buyer. – The contract, also known as a purchase agreement, sets out the rights and duties of both parties and includes expectations of behaviors and actions to be taken by each party. – Once both parties sign the contract,…

  • Buying a Vacation Home: How to Save on Taxes

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    1. To postpone gain on the sale of a rental property and purchase a vacation home, the replacement property must meet the “like-kind exchange” rules in the Tax Code. 2. The replacement property must be held for investment or use in the taxpayer’s trade or business at the time of the exchange, and the taxpayer…

  • Understanding the Tax Implications of Employer-Provided Life Insurance

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    1. If an employer provides group term life insurance coverage higher than $50,000, the excess amount is considered taxable income to the employee. 2. The cost of group term insurance is determined based on an IRS table, which can result in higher taxable income for older employees. 3. The taxable amount is reported on Box…

  • Estate Planning for Bitcoin and Other Digital Assets – Law Firm Offers Guidance

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    – Bitcoin and other cryptocurrencies are becoming more mainstream and are being addressed by corporations, the media, and politicians. – Altcoins, or cryptocurrencies other than Bitcoin, are growing in popularity, leading to an increase in investing in cryptocurrency. – Estate planning lawyers are seeing cryptocurrency more commonly listed in asset lists when working with clients.…

  • Understanding Equitable Estoppel and Insurance Coverage in Florida

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    1. Equitable estoppel requires a misrepresentation of a material fact that is relied upon by the party asserting estoppel. 2. The party claiming estoppel must show a detrimental change in position as a result of the reliance on the misrepresentation. 3. Equitable estoppel precludes a party from maintaining inconsistent positions to the detriment of another.…

  • New Law Allows Companies to Sue For Trademark Infringement Without Proving Intent

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    – The U.S. Supreme Court has settled a long-standing split among federal appeals courts regarding trademark infringement under the Lanham Act. – The Court ruled that a plaintiff alleging trademark infringement no longer needs to demonstrate the defendant acted willfully in order to recover disgorgement of profits. – Justice Gorsuch, writing for the Court, rejected…

  • How to Find a Business Partner: Tips for High Schoolers

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    1. People who exercise regularly are less likely to develop chronic diseases. 2. Children who eat a healthy diet are more likely to have better academic performance. 3. Stress can negatively impact a person’s immune system. 4. Employees who have flexible work schedules report higher job satisfaction. 5. Regular social interaction can improve mental well-being.…

  • Police Officers Can’t Use Medical Marijuana, Says First DCA

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    – The First District Court of Appeal upheld the termination of a certified correctional officer who tested positive for marijuana metabolites despite possessing a medical marijuana card. – The Court clarified that employers of sworn corrections and law enforcement personnel in Florida may prohibit the use of medical marijuana and take adverse employment action for…

  • “Understanding Hoiberg Group: A Guide for High School Students”

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    – The best way to check the status of a tax refund is through the Where’s My Refund? tool or the IRS2Go app. – Updates to Where’s My Refund are made once a day, usually overnight, and it’s possible for a refund to take longer than the expected 21 days. – A tax refund amount…

  • 5 Important Facts About Mandatory Mediation and Arbitration

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    1. Dolly Parton is known for her philanthropy and has valuable lessons to teach about giving back. 2. After winning a money judgment in a lawsuit, individuals need to take additional steps to actually receive the funds. 3. Non-citizens in the U.S. do not receive all the same tax benefits and estate planning considerations as…

  • Does Renting Out a Room in Your Florida Home Affect Your Homestead Protection?

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    1. Florida homestead laws allow homeowners to rent out a room for non-commercial residential purposes without losing their homestead status. 2. Homeowners should check their homeowner’s association rules and regulations to ensure they are allowed to rent out a room. 3. The Second District Court of Appeals in Florida has confirmed that renting a room…

  • Digital Estate Planning: A Guide for Florida Residents

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    – Digital estate planning involves organizing and managing digital assets, as well as specifying how they should be handled after one’s demise. – It is important to make a list of all digital assets, including email accounts, social media profiles, online subscriptions, websites or blogs, and financial assets like cryptocurrency and online bank accounts. –…

  • Jurisdiction and Regular Use in Florida Federal Court

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    – Parkway Towers Condominium Association Inc. filed a lawsuit in state court claiming their insurer should cover the damage from water intrusion on their property. – Specialty Insurance Co. filed a notice of removal based on diversity jurisdiction, and the state court agreed to transfer the case to the United States District Court for the…

  • Saving Money on Taxes with a Personal Residence Trust

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    1. Dolly Parton is known for her philanthropy and has valuable lessons to teach about doing good. 2. After winning a money judgment in litigation, it’s important to understand that the judgment by a court entitles you to the amount stated, but it does not actually provide you with funds. 3. Non-citizens in the U.S.…

  • What to Do if You’re Hurt at an Amusement Park

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    – Theme park injuries are rare, but there are over 30,000 reported annually worldwide – In 2019, there were 1,299 reported injuries from amusement park accidents in the United States – Florida and Texas are home to many major theme parks and attractions that draw millions of visitors each year – RTRLAW has been serving…

  • How Florida Can Sue Out of State Companies

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    1. The out of state defendant’s minimum contacts with Florida determine if the state court can enforce a judgment against them. 2. The defendant’s contacts must not offend “traditional notions of fair play and substantial justice” as per the United States Constitution. 3. Florida’s Long Arm Statute outlines the circumstances under which an out of…

  • Florida Lowers Sales Tax Rate on Commercial Real Property Leases Again

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    – Governor Ron DeSantis signed House Bill 7123 on May 15, 2019 – The state sales tax rate on commercial real property leases will be reduced from 5.7 percent to 5.5 percent effective January 1, 2020 – There is no reduction to the local option surtax, which is imposed in 0.5 percent increments by many…

  • Florida Condominium Association Emergency Powers Explained

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    – In Florida, condominium living is popular, especially near the water. – Hurricanes have influenced building codes in the state and can cause severe damage to buildings and regions. – Chapter 718 of the Florida Condominium Act provides emergency powers for condominium associations in response to damage caused by a declared state of emergency. –…

  • Understanding Real Estate Law for High School Students

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    1. The data shows that there is a strong correlation between smoking and lung cancer. 2. The research indicates that exercise can improve mental health and reduce symptoms of anxiety and depression. 3. The survey results reveal that a majority of respondents prefer products with environmentally friendly packaging. 4. The analysis suggests that there is…