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Category: Blog article

  • When Is Money from a Lawsuit or Settlement Tax-Free?

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    – Awards and judgments for personal physical injuries or physical sickness are tax-free under the tax code. – Compensatory awards for emotional distress are not treated as physical injuries and are therefore taxable. – Punitive damages and awards for unlawful discrimination or harassment are also taxable. – A taxpayer received a settlement of over $327,000…

  • Facts to Understand About Divorce

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    1. To file for divorce in Florida, either spouse must be a resident of the state for at least six months before filing. 2. Florida is a “no fault” divorce state, meaning blame for the breakdown of the marriage is not recognized in court. 3. All family law trials in Florida are heard by a…

  • Updates to Florida Law for Condo and HOA Record-Keeping

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    – Condo associations in Florida must now allow members to use portable devices for electronic copies of official records, without charging them for making scans and copies. – Unit owners in condo associations can request to have their telephone number excluded from the community directory, and the association must comply. – HOA official records must…

  • Florida’s Minimum Wage Increases in 2020

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    – Florida’s minimum wage increased to $8.56 an hour in 2020. – Employers should make appropriate pay adjustments for their minimum wage earners. – Employers who have already issued their first payroll for the year without the ten-cent adjustment should remedy the underpayment by the next payroll. – Failing to pay non-exempt employees Florida’s statutory…

  • “Understanding the Corporate Transparency Act: What You Need to Know”

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    1. The Corporate Transparency Act requires certain business entities to file reports with the Department of the Treasury regarding the personal information of their owners. 2. The information will not be public, but FinCen is authorized to disclose it under certain circumstances. 3. Failure to comply with the law may result in significant monetary penalties…

  • “Talking to Your Parents About Making Plans for Their Money and Belongings”

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    – Conversations about death and dying are tough for many people, including adult children and their parents. – Despite the difficulty, it is important to have these conversations to plan for the orderly and safe disposition of money and property, and to ensure continued care for loved ones. – Having these difficult conversations can also…

  • Asbestos Claims: What You Need to Know

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    – Illnesses related to workplace exposure to asbestos include mesothelioma and lung cancer, which can develop decades after the initial exposure. – High risk jobs that may have involved asbestos exposure include factory workers, brake mechanics, construction workers, shipyard workers, plumbers, refinery employees, and many others. – Receiving a settlement will not impact one’s pension.…

  • Protecting yourself: Understanding Indemnification Provisions

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    – In Florida, there are two types of indemnity: common law duty and contractual right. – A contractor may be held liable if a subcontractor fails to perform their work properly. – Disputes over indemnity between contractors and subcontractors are often decided on a case-by-case basis. – Contractors have more power in negotiating contractual rights,…

  • Tax Benefits of Swapping Property in a Like-Kind Exchange

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    – A like-kind exchange can be used to defer tax on the gain from selling commercial or investment real estate that has appreciated significantly. – It involves exchanging the property rather than selling it, allowing taxpayers to defer paying taxes on the gain. – Like-kind exchanges are limited to real property held for investment or…

  • Important Agreements for Business Owners: Protecting Your Ideas and Creations

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    1. Non-Disclosure Agreements are important for protecting confidential information when sharing it with potential business partners, investors, and customers. These agreements should include a broad definition of confidential information and have a duration that adequately protects the information, which might be perpetual for trade secrets. 2. Employee Confidentiality and Invention Assignment Agreements are necessary to…

  • “Understanding How Shares in a Private Company Are Valued”

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    1. Dolly Parton is known for her philanthropy and has valuable lessons to teach about giving back. 2. Winning a money judgment in litigation doesn’t automatically provide the funds and requires further steps to collect. 3. Non-citizens in the US do not receive all the tax benefits that citizens do, especially when it comes to…

  • Florida Supreme Court Rules Crime Victims’ Identities Can Be Disclosed

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    1. Marsy’s Law in Florida provides crime victims with the constitutional right to privacy regarding records that could be used to locate or harass them or disclose confidential information. 2. There were ambiguities and uncertainties in the law, including whether on-duty law enforcement officers could invoke the privacy protections if they were crime victims. 3.…

  • Start a Business in Florida: Limited Liability Company (LLC) – Miami Business Lawyers

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    – LLCs in Florida must be registered with the state and submit the Articles of Organization. – The Articles of Organization must include the name of the LLC, its address, the name and address of the Registered Agent in Florida, and the signature of an authorized representative. – The name of the LLC must be…

  • Converting from a C Corp to an S Corp: Tax Considerations

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    – S corporations that were previously C corporations may be subject to built-in gains tax on appreciated property if recognized within 5 years. – S corporations with passive investment income exceeding 25% of gross receipts and accumulated earnings and profits from C corporation years may be subject to a special tax. – C corporations using…

  • Breaking Down Housing Discrimination: What You Need to Know

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    – Landlords can refuse to rent to tenants based on financial stability, poor credit, or rental history – Landlords cannot discriminate against tenants based on race, color, national origin, religion, sex, family status, or disability – Prohibited conduct includes refusing to deal, using discriminatory terms in advertising, making false representations, setting restrictive standards, or adopting…

  • “Reasons Why High School Students Still Need an Estate Plan”

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    – The federal estate tax exemption amounts are set to decrease in 2026, potentially affecting individuals and married couples with large estates. – Even people with estates below the taxable amounts should consider estate planning, as it can ensure assets go to their chosen beneficiaries and address income tax planning. – Basis, or the amount…

  • Essential Tips to Save Money for College

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    1. Series EE U.S. savings bonds offer tax-saving opportunities for college expenses. The interest on the bonds is not reported for federal tax purposes until they are cashed in, and the interest may be exempt from federal tax if used for qualified college expenses. 2. To qualify for the college tax exemption with savings bonds,…

  • How to Run a Business From Home

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    – Operating a home-based business has its pros and cons. – Business owners must pay attention to the requirements for a home-based business in their state. – Location could impact business registration, required licenses and permits, and taxes. – For privacy reasons, a virtual address at a nearby mail center might be preferred. – Legal…

  • Is There Spousal Support in Florida?

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    1. Permanent periodic alimony has been eliminated in Florida as of July 1st, 2023. 2. The courts now design a support allocation based on need and ability to pay for a set period of time, with a set end date for alimony. 3. The burden of proof for alimony has shifted to the party seeking…

  • Understanding IRAs and Roth IRAs for Teens Living Abroad

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    – IRAs and Roth IRAs are retirement accounts available to all American taxpayers with earned income – Contributions to IRAs can reduce taxable income during working years, while Roth IRA contributions are made with post-tax dollars – Distributions from IRAs are taxed as ordinary income, while distributions from Roth IRAs are tax-free – US expats…

  • The Hoiberg Group: Your Legal Resource

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    – IRS sends letters and notices for questions about tax returns, changes to accounts, or payment requests. – Taxpayers should carefully read the letter, review the information, and take necessary actions, such as making a payment. – Taxpayers should reply only if instructed to do so, and let the IRS know if they dispute the…

  • Challenging Jurisdiction in Florida: What You Need to Know

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    1. A Florida court has personal jurisdiction over a defendant who is a Florida resident. 2. For nonresident defendants, a Florida court has personal jurisdiction if the defendant is served with process while present within the state, if the defendant waives its challenge to personal jurisdiction, or if the defendant consents to a Florida court’s…

  • “Pedestrian Right-of-Way Laws in Florida”

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    – In Florida, pedestrians only have the right-of-way when crossing a marked crosswalk or an unmarked crosswalk at an intersection. – It is everyone’s responsibility to maintain a safe environment, regardless of who has the right-of-way. – Pedestrians should be cautious when crossing at crosswalks and when a right turn is imminent. – A bicycle…

  • Understanding Cryptocurrency and Estate Planning: Important Terminology for High School Students

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    1. Cryptocurrency is considered “property” by the IRS and is subject to federal gift and estate tax laws. 2. The federal estate and gift tax exemption amounts for 2022 are $12.06 million for individuals and $24.12 million for married couples. 3. Estate planning provisions should be designed to minimize any gift and estate tax consequences…