IRS Announces That Interest Rates Remain the Same for 3rd Quarter of 2015

June 26th, 2015

The IRS, in Rev. Rul. 2015-12, announced that interest rates will remain the same for the 3rd quarter of 2015.  For the 3rd quarter, interest rates are as follows:

1) 3% for overpayments (2% for a corporation);

2) 3% for underpayments;

3) 5% for large corporate underpayments; and

4) 0.5% for corporate overpayments exceeding $10,000.

 

See also IR-2015-84.

Want to further discuss these issues?  Contact me at 954-944-3929 or nrumbak@rumbaklaw.com.

IRS Announces That Interest Rates Remain the Same for 2nd Quarter of 2015

March 18th, 2015

The IRS, in Rev. Rul. 2015-5, announced that interest rates will remain the same for the 2nd quarter of 2015.  For the 2nd quarter, interest rates are as follows:

1) 3% for overpayments (2% for a corporation);

2) 3% for underpayments;

3) 5% for large corporate underpayments; and

4) 0.5% for corporate overpayments exceeding $10,000.

 

See also IR-2015-49.

Want to further discuss these issues?  Contact me at 954-944-3929 or nrumbak@rumbaklaw.com.

Florida Governor Proposes Tax Cuts on Cell Phones, Cable, Satellite, and Nonresidential Landlines

January 21st, 2015

On January 20, 2015, Florida Governor Rick Scott announced his proposal to cut communications services taxes on cell phones, cable, satellite, and nonresidential landlines by 3.6 percent.

 

See “Florida Governor Proposes 3.6 Communication Services Tax Cut,” 2015 STT 13-21, January 21, 2015.

 

Want to further discuss these issues?  Contact me at 954-944-3929 or nrumbak@rumbaklaw.com.

*This document contains legal information, but does not contain legal advice.

Interesting Article on Effects of Bowl Games on Florida and Local Tax and Economy

December 23rd, 2014

Florida Tax Watch has released “Touchdowns, Tackles, and Tax Revenue,” an article that addresses the positive effects of bowl games on taxes and the economy in Florida and its local jurisdictions.  It addresses the history of Florida’s hosting of bowl games, 2014-15 bowl games in Florida, and bowl games in future years.

 

Want to further discuss these issues?  Contact me at 954-944-3929 or nrumbak@rumbaklaw.com.

*This document contains legal information, but does not contain legal advice.

IRS Announces 2015 Standard Mileage Rates

December 17th, 2014

The IRS, in Notice 2014-79, announced the followed mileage rates for 2015:

  • For business use: 57.5 cents per mile (as opposed to the current 56 cents per mile)
  • For charitable use (rendering gratuitous services to a charitable organization under § 170 of the Internal Revenue Code): 14 cents per mile (as it is currently)
  • For medical care described under § 213 of the Internal Revenue Code: 23 cents per mile (as opposed to the current 23.5 cents per mile)
  • For a move for which the expenses are deductible under § 217 of the Internal Revenue Code: 23 cents per mile (as opposed to the current 23.5 cents per mile)

 

See also IR-2014-114.

 

Want to further discuss these issues?  Contact me at 954-944-3929 or nrumbak@rumbaklaw.com.

*This document contains legal information, but does not contain legal advice.

IRS Announces That Interest Rates Remain the Same for 1st Quarter of 2015

December 17th, 2014

The IRS, in Rev. Rul. 2014-29, announced that interest rates will remain the same for the 1st quarter of 2015.  For the 1st quarter, interest rates are as follows:

1) 3% for overpayments (2% for a corporation);

2) 3% for underpayments;

3) 5% for large corporate underpayments; and

4) 0.5% for corporate overpayments exceeding $10,000.

 

See also IR-2014-111.

Florida Department of Revenue Announces Interest Rates for Tax Payments Remain the Same

November 19th, 2014

The Florida Department of Revenue, in TIP No. 14 ADM-01, announced that the interest rates on payments of most taxes and fees remain 7 percent through June 30, 2015.  This rate has been in effect since January 1, 2010.  From January 1, 2009 through June 30, 2009, the rate was 9 percent.  From July 1, 2009 through December 31, 2009, the rate was 8 percent.

This rate applies to underpayments, late payments, and overpayments.

 

Want to further discuss these issues?  Contact me at 954-944-3929 or nrumbak@rumbaklaw.com.

*This document contains legal information, but does not contain legal advice.

Florida Department of Revenue Summarizes Changes to Tax Laws in 2014

September 23rd, 2014

The Florida Department of Revenue, in its 2014 Post-Legislative Review (Changes to Florida Tax and Child Support Laws), summarizes changes to tax laws enacted by the Florida Legislature in 2014.

 

Want to further discuss these issues?  Contact me at 954-944-3929 or nrumbak@rumbaklaw.com.

*This document contains legal information, but does not contain legal advice.

Florida Court: Married Couple Not Entitled to Two Homestead Tax Exemptions

September 4th, 2014

On September 3, 2014, the Fourth District Court of Appeal of Florida, in Brklacic v. Parrish, held that the appellant was not entitled to a homestead tax exemption for his residence in Broward, as a homestead tax exemption was granted for his wife’s Palm Beach residence.

1) Relevant Law

Article VII, Section 6 of the Florida Constitution permits “(e)very person who has the legal or equitable title to real estate and maintains thereon the permanent residence of the owner” to claim a homestead tax exemption, but “(n)ot more than one exemption shall be allowed any individual or family unit or with respect to any residential unit.”  Florida Admin. Code Rule 12D-7.007(7) provides that both husband and wife may be granted homestead exemptions if the property appraiser determines that husband and wife established separate “family units.”  In addition, numerous appellate cases and opinions from the Florida Attorney General address the notion of “family units.”

2) Analysis of Law

The court focused on whether appellant and his wife established separate “family units,” thereby justifying two homestead exemptions  or one “family unit,” thereby justifying one exemption.  It  maintained that law and persuasive authority lean toward finding that a married couple constitutes a single “family unit” when the marriage is intact, as opposed to the couple being separated or estranged.  Thus, a single “family unit” exists when spouses who live in separate residences live together at different periods of time, support each other in some financial or emotional way, and/or present themselves as a married couple.

The court found that because appellant and his wife maintained an intact marriage, they are a single “family unit.”  Because appellant and his wife are a single “family unit,” they are entitled to one homestead exemption, which appellant’s wife already claimed.

3) Conclusion

Appellant is not entitled to a homestead exemption for his residence in Broward.

 

Want to further discuss these issues?  Contact me at 954-944-3929 or nrumbak@rumbaklaw.com.

*This document contains legal information, but does not contain legal advice.

IRS Announces That Interest Rates Remain the Same for 4th Quarter of 2014

September 4th, 2014

The IRS, in Rev. Rul. 2014-23, announced that interest rates will remain the same for the 4th quarter of 2014.  For the 4th quarter, interest rates are as follows:

1) 3% for overpayments (2% for a corporation);

2) 3% for underpayments;

3) 5% for large corporate underpayments; and

4) 0.5% for corporate overpayments exceeding $10,000.

 

See also IR-2014-86.