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Archive for the ‘Tax’ Category

COVID-19 Impacts on Florida May Tax Revenues

Dean Mead Attorney French Brown
Published: June 26th, 2020

By: H. French Brown, IV

Florida’s general revenue fund is the main source of discretionary funding for the State. This January, the State’s economists estimated that the State would receive $36.2B in general revenue during the State’s fiscal year: July 1, 2019 – June 30, 2020. Of that amount, approximately $12.5B (34.5%) was expected to be received in March through […]

Initial Details Released on COVID-19 Impacts to Florida Tax Revenues

Dean Mead Attorney French Brown
Published: May 27th, 2020

By: H. French Brown, IV

Florida’s general revenue fund is the main source of discretionary funding for the State.  This January, the State’s economists estimated that the State would receive $36.2B in general revenue during the State’s fiscal year July 1, 2019 – June 30, 2020. Of that amount, approximately $12.5B (34.5%) was expected to be received in March through […]

Florida Department of Revenue Emergency Order Providing Limited Relief to Corporate Income Taxpayers: April 27, 2020

Dean Mead Attorney French Brown
Published: April 28th, 2020

By: H. French Brown, IV

On March 26, 2020, the Florida Department of Revenue issued Emergency Orders delaying sales tax and property tax payments for some businesses. On April 6, 2020, Governor DeSantis directed the Department of Revenue to issue an Emergency Order suspending the state’s documentary stamp tax on notes and written obligations made pursuant to Title I of […]

Tax Day For Most Tax Returns and Payments is Now July 15, 2020 – Part III

Published: April 10th, 2020

By: Brad Gould

This week the IRS released Notice 2020-23 amplifying the relief provided in Notice 2020-18 and Notice 2020-20 by greatly expanding the tax returns and payment whose due dates that will be automatically postponing to July 15, 2020.  Now, in addition to Federal income tax returns and payments and Federal gift and generation-skipping transfer tax and […]

Florida Department of Revenue Emergency Order Suspending Documentary Stamp Tax on CARES Act Loans: April 6, 2020

Dean Mead Attorney French Brown
Published: April 6th, 2020

By: H. French Brown, IV

On March 26, the Florida Department of Revenue issued Emergency Orders delaying sales tax and property tax payments.  Today, Governor DeSantis directed the Department of Revenue to issue a new Emergency Order suspending the state’s documentary stamp tax on notes and written obligations made pursuant to Title I of the CARES Act.  The Governor’s action […]

It’s Official! (Part II) – Tax Day For Gift Tax Returns is Now July 15, 2020

Published: March 27th, 2020

By: Brad Gould

Today, the IRS released Notice 2020-20 amplifying the relief provided in Notice 2020-18 by postponing to July 15, 2020 the due day to file a Form 709 (United States Gift and Generation-Skipping Transfer Tax Return) or pay Federal gift tax or generation-skipping transfer tax that was due on April 15, 2020.  This brings conformity to […]

CARES: Frequently Asked Questions

Dean Mead Attorney Denise D. Dell-Powell
Published: March 27th, 2020

By: Dennis G. Corrick Denise D. Dell-Powell

How will loan forgiveness work? The loan will be made by a bank, and after June 30 (or later if the federal government extends the covered period), the borrower will submit a request and documentation of the covered payroll costs, mortgage and/or rent payments and utilities.  The bank must consider and respond to the request […]

CARES Act

Published: March 26th, 2020

By: Dennis G. Corrick

Late Wednesday night, the U.S. Senate unanimously approved HB 748, the Coronavirus Aid, Relief and Economic Security Act (CARES). The U.S. House of Representatives is expected to promptly approve it, and the President has publicly indicated that he will sign it. This analysis assumes that it will proceed through both of those steps unchanged. CARES […]