Florida Revised Limited Liability Company Act

By cweingart | June 7, 2013

The Florida legislature, in the 2013 session, passed Senate Bill 1300, which creates a Revised Limited Liability Company Act in Florida as a new Chapter 605 of the Florida Statutes (the current LLC Act is in Chapter 608).  It is largely based on the Revised Uniform Liability Company Act which was approved in 2006 by…

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New Safe Harbor for Deductions Related to Business Use of Residence

By cweingart | January 22, 2013

Section 280A generally disallows deductions for business expenses with respect to a dwelling unit used by a taxpayer as a residence.  However, if the conditions of Section 280A(c) are met (such as establishing a qualified business or rental use), then the taxpayer may take deductions up to the amount of gross income derived from the qualified use for…

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Energy Tax Extenders

By cweingart | January 9, 2013

The American Taxpayer Relief Act of 2012 (H.R. 8) has been discussed already in this blog.  In addition to the income tax, estate tax, and payroll tax provisions, the American Taxpayer Relief Act of 2012 contained provisions for the extension of energy tax incentives.  Although much of the American Taxpayer Relief Act of 2012 made a…

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New State Law on Transferee Liability Provides More Certainty

By cweingart | May 18, 2012

In the most recent legislative session, the Florida Legislature passed House Bill 103 (Chapter 2012-55, Laws of Florida), providing for new methods whereby a person acquiring a business may not assume the transferor’s state tax liabilities.  This change should add a higher degree of certainty in business sales and purchases regarding a buyer’s assumption of…

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