In the past year, the Florida Department of Revenue (“DOR”) increased the number of sales and use tax audits conducted on businesses, with a particular focus on unpaid sales and use taxes relating to commercial lease agreements entered into by restaurant and retail businesses. Unless specifically exempted by Florida law, […]
Income Tax Consequences of Cancellation of Indebtedness Income – from the Desk of Denise Cazobon
Issue: What are the income tax consequences of 1.) modifying my mortgage; 2.) signing a deed in lieu in satisfaction of a mortgage; or, 3.) obtaining a waiver of deficiency with respect to my mortgage? Applicable Law: The general rule is that any amounts forgiven by a creditor results in […]
Olmstead and Recent Changes to Florida Limited Liability Act – from the Desk of Denise Cazobon
On May 31, 2011, Governor Scott signed into law amendments to the Florida Limited Liability Act that significantly impact the remedies available to the creditors of an individual owning membership interest in a Florida limited liability company. These amendments, which apply retroactively, were in response to the 2010 Florida Supreme […]
Statutory Reorganization from Corporation to Limited Liability Company – from the Desk of Denise Cazobon
Under Florida law, shares of ownership in a corporation are subject to attachment by creditors of the shareholder. Fla. Stat. §76.02 (2011). As a result, shareholders in a family owned corporation can be forced to share ownership and control with ex-spouses and/or creditors of a family member. In cases where […]
Changes to Florida law allowing contest of will and trust revocations – from the Desk of Denise Cazobon
As of July 1, 2011, Florida law now allows beneficiaries to contest the revocation of a will or revocable trust on the grounds of fraud, duress, mistake, and undue influence. Fla. Stat. §§732.518 and 736.0207. If it is shown that the revocation of a will (or any part thereof) or […]
Value to Price – from the Desk of Bret Jones
Consider the value proposition of what we do (law-ing) as it relates to price.
Every day of our lives we correlate the value of stuff based on the price of the stuff and the alternative option to the stuff.