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Category: Blog article

  • Maximizing Profits from Selling Land: A Tax-Saving Strategy

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    – The owner of appreciated land might face a large tax bill upon developing and selling the land, as the entire profit would be treated as high-taxed ordinary income. – To potentially save on taxes, the owner can use a strategy that allows for favorable long-term capital gain tax treatment on the pre-development appreciation in…

  • Hoiberg Group: Your Go-To Guide for Legal Help

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    – The IRS has verified social media accounts and e-news services to provide taxpayers with tips, guidance, and the latest tax law news. – The IRS is active on platforms such as Twitter, Facebook, Instagram, YouTube, and LinkedIn, sharing information in English and Spanish. – The IRS2Go mobile app is available in English and Spanish,…

  • Smart Ways to Save on Taxes in 2023

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    – Forecasting income and tax liabilities from midyear to December 31 is crucial for identifying tax advantages and making necessary changes to income and deductions. – Waiting until midyear for projections allows for more accurate calculations and ensures that income is on track with start-of-year projections. – Deferring or accelerating income and deductions based on…

  • Florida’s Expert Medical Adviser (EMA) Statute Upheld as Constitutional

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    1. The EMA statute in Florida, which appoints expert medical advisers to resolve conflicts in medical opinions in workers’ compensation cases, has been found to be constitutional in the case of Abreu v. Riverland Elementary School and Broward County School Board. 2. The case involved a claimant who had suffered a shoulder injury at work…

  • New Florida Law Limits HOAs and Condo Associations’ Ability to Collect Driver’s Licenses at Entrances

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    1. Effective July 1, 2013, Florida passed a law stating that private entities, such as homeowners’ associations, cannot swipe a driver’s license or identification card without the individual’s consent. 2. There are exceptions to this law, including using a driver’s license to protect against fraud, verify an individual’s age for age-restricted goods or services, transmit…

  • Understanding the Soroban Case: How it Impacts Self-Employment Tax for Limited Partners

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    – Section 1401 of the U.S. Internal Revenue Code imposes self-employment tax on an individual’s self-employment income. – Self-employment income is defined as the net earnings from self-employment, which is the gross income derived from any trade or business, less deductions. – Section 1402(a)(13) provides an exception for an individual’s distributive share of income or…

  • Understanding Quiet Trusts: Keeping Your Assets Private and Safe

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    1. Dolly Parton is known for her philanthropy and has valuable lessons to teach about doing good. 2. Winning a money judgment in a court case does not automatically provide funds, and there are additional steps to take. 3. Non-citizens in the US do not enjoy all the tax benefits that citizens do, especially in…

  • Challenging a Guardianship or Conservatorship in Court

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    1. Dolly Parton is known for her philanthropy and has important lessons to teach about giving back. 2. Winning a money judgment in court doesn’t automatically provide funds, and there are steps to take to collect the money owed. 3. Non-citizens in the US do not receive the same tax benefits as citizens, especially when…

  • Liability of Florida Trustees: Your Responsibilities as a Trustee

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    – Trustees in Florida have a fiduciary duty to beneficiaries, including obligations of loyalty, prudence, impartiality, and accountability. – Florida law holds trustees personally liable for breach of trust, unless they can establish a valid defense. – Misconduct by trustees, such as self-dealing and conflicts of interest, can result in personal liability for any resulting…

  • Understanding the Taxes for Nonprofit Organizations’ Investments

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    – Nonprofit organizations have turned to alternative investments to diversify their portfolios in response to the volatility of the stock market. – Alternative investments can create multiple federal, state, and foreign filing obligations, leading to increased compliance costs. – Tax-exempt organizations may be subject to unrelated business income (UBI) tax on income generated from activities…

  • How to Handle a Notice of Violation from a Government Agency

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    – Dolly Parton is known for her philanthropy and has lessons to teach about doing good. – Winning a money judgment in court doesn’t guarantee immediate funds, and there are steps to take to collect the money. – Non-citizens in the US do not receive all the same tax benefits as citizens, especially when it…

  • “Making the Most of Your Pay Raise: Tips for High School Students”

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    – Taxpayers should consider their new tax bracket when receiving a raise or bonus, as it is determined by the amount of taxable income. – Due to inflation, tax brackets for 2023 have increased, allowing individuals to potentially receive a raise and bonus without moving into a higher tax bracket. – For example, if someone…

  • Florida Supreme Court’s Impact on Business Litigation

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    – The Florida Supreme Court introduced three significant changes to the Florida Rules of Civil Procedure in 2021. – These changes, including a fresh summary judgment standard, a new apex deponent rule, and immediate review of early punitive damages decisions, have had a profound impact on business litigation in Florida state court. – The changes…

  • Why Your Paycheck Is Still a Paycheck | Legal Firm

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    – Employers should properly distinguish between exempt and non-exempt roles when allocating salaries based on tasks and responsibilities. – It is important for employers to comply with the Fair Labor Standards Act (FLSA) by ensuring minimum weekly payments and clear attendance policies for exempt roles. – Salaried, non-exempt roles require careful handling to meet minimum…

  • “10 Things You Should Know Before Starting a Business”

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    – The Earth is round. – People need water to survive. – Plants need sunlight to grow. – The sky appears blue because of the way the atmosphere scatters sunlight. 1. Understanding the target market is crucial for the success of the business. 2. Building a strong network and connections can open doors for opportunities.…

  • New Rule Allows Faster Appeals for Punitive Damages in Florida

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    – Punitive damages are meant to punish the defendant for wrongful conduct and deter future misconduct by the defendant and others. – In Florida, punitive damages are only appropriate when the defendant’s conduct is fraudulent, malicious, deliberately violent or oppressive, or committed with gross negligence. – A plaintiff can only assert a claim for punitive…

  • “Are Employee Handbooks Legally Binding?”

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    – Employee handbooks are not legally required in Florida, but most companies choose to create one to set clear expectations and rules. – Employers must follow the policies outlined in their handbooks, such as a sexual harassment policy, or they could face legal repercussions. – Certain provisions in the handbook could be viewed as creating…

  • Understanding the Securities Exchange Act of 1934

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    – Going private reduces the number of stockholders to less than 300, so the company is no longer required to file public company reports with the SEC. – If a company goes private through a tender offer, the offer documents must be filed with the SEC and made public, as well as made available to…

  • Understanding Riparian Rights in Florida

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    1. Waterfront property ownership in Florida involves unique real property considerations. 2. Riparian rights include the rights to access, boating, bathing, fishing, and unobstructed water views. 3. The United States initially held the lands under navigable waters for the benefit of the people after acquiring Florida from Spain in the early 1800s. 4. The State…

  • How Trustees in Florida Get Paid

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    1. Trustee compensation in Florida is based on reasonable compensation for the services provided. 2. Factors for determining reasonable compensation include the nature of services, time and labor required, skills and expertise, responsibility and risk, amount of trust assets, results obtained, and customary fees. 3. Court-appointed trustees receive compensation determined by the court, while trust…

  • “Looking to Sell Your Commercial Property? Consider a Sale-Leaseback!”

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    – A sale-leaseback transaction allows the seller to raise cash from the property while continuing to operate it as the buyer’s tenant. – Sellers with significant equity in the property can use the cash from the sale for current operations, expansion, or alternative investments. – The sale can be cheaper than refinancing, and can improve…

  • Understanding How Paternity is Established in Florida

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    – Establishing paternity is crucial for a child’s right to know their biological father and for legal implications such as inheritance rights and access to medical history. – In Florida, paternity can be established from the child’s birth until the child turns 22, with the option to sign a voluntary Acknowledgment of Paternity or initiate…

  • Understanding State Immunity: A Quick Guide

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    – State immunity is a principle of international law that allows states to claim that a court or tribunal does not have jurisdiction over them, or to prevent enforcement of an award or judgment against their assets. – State immunity can create difficulties for parties looking to enforce their contractual rights against a state, and…

  • Why You Shouldn’t Use Your Bank Account for Personal Expenses

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    1. Mixing personal and professional funds can make it difficult to track the financial health of the business and manage cash flow effectively. 2. Accessing business income and expense information for tax filing becomes more complicated when personal transactions are mixed in, potentially leading to missed deductions and errors in reporting. – Using a business…