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Urgent Client Alert: Build Back Better Act Proposes Changes to Irrevocable Grantor Trusts

Published: October 26th, 2021

Last month we sent a Client Alert about the “Build Back Better Act” (the “Proposed Act”) which contains tax law changes that would negatively impact numerous estate planning initiatives.  The Proposed Act includes a couple of proposals that would eliminate many of the benefits of irrevocable grantor trusts (i.e., an irrevocable trust where the grantor […]

Stephen Looney Featured in The American Law Institutes’ The Practical Tax Lawyer

Published: September 2nd, 2021

By: Stephen R. Looney

Dean Mead attorney, Stephen R. Looney, was recently featured in the September issue of ALI CLE’s The Practical Tax Lawyer. The article titled, “Demystifying the 20 Percent Deduction for Qualified Business Income Under Section 199A” broadly covers the Code section 199A final regulations and operational rules and definitions. Stephen R. Looney practices in Dean Mead’s Orlando […]

Updated General Revenue Forecast to Include Additional $2.6 Billion for State: What Does that Mean for Corporate Income Taxes?

Dean Mead Attorney French Brown
Published: August 20th, 2021

By: H. French Brown, IV

Earlier this week, the Revenue Estimating Conference updated its general revenue forecast to include an additional $2.6 billion for state fiscal years 2021-22 & 2022-23.  The addition of these revenues imply that the general revenues are now exceeding the State’s pre-COVID revenue forecasts; suggesting that Florida’s economy has recovered from the pandemic-related revenue losses seen […]

Florida Proposed Corporate Income Tax “Piggyback” Legislation Reflects Complexities of State Conformity

Dean Mead Attorney French Brown
Published: April 19th, 2021

By: H. French Brown, IV Mark E. Holcomb

In developing its annual corporate income tax “piggyback” bill, the Florida Legislature is considering the impact of conforming to 2020 federal tax changes adopted by Congress through the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020[1] and Consolidated Appropriations Act.[2] Competing bills currently under consideration by the Senate (SB 7082, Amendment 763370) and […]

Florida Legislature Passes Significant Sales Tax Legislation

Dean Mead Attorney French Brown
Published: April 12th, 2021

By: H. French Brown, IV Mark E. Holcomb

The Florida Legislature passed the most significant Florida tax legislation in recent memory on April 8, 2021. The bill will substantially benefit Florida businesses and taxpayers. As we previously reported, Senate Bill 50 will modernize Florida’s sales and use tax system to impose tax collection obligations on remote sellers and marketplace providers. In addition, anticipated […]

February 2021 Update: COVID-19 Impacts on Florida’s Budget

Dean Mead Attorney French Brown
Published: March 30th, 2021

By: H. French Brown, IV

Today, the Florida Office of Economics and Demographics Research released the February Revenue Report providing details regarding receipts and distributions to the State’s general revenue fund during the month of February. This report generally reflects January 2021 retail sales tax activity. Florida’s general revenue fund is the main source of discretionary funding for the State.  […]

Commercial Landlord and Property Manager Alert: Hillsborough County Tax Rate Reduced by Court Action

Published: March 19th, 2021

By: Vicki L. Berman Mark E. Holcomb

The Florida Supreme Court recently invalidated the 1% transportation discretionary sales surtax approved by Hillsborough County voters in November 2018.[1] As a result, the Florida Department of Revenue advises that dealers cease collecting this 1% Hillsborough County surtax, effective immediately.[2] Commercial landlords and property managers should promptly reduce the tax rate charged in Hillsborough County […]

Florida Legislature: Remote Sales and Marketplace Legislation

Dean Mead Attorney French Brown
Published: March 11th, 2021

By: H. French Brown, IV

On March 10th, the President of the Florida Senate and Speaker of the House outlined a plan to pass Senate Bill 50 and its companion, House Bill 15. Today, the Ways & Means Committee approved House Bill 15, including an amendment to eliminate a substantial reemployment tax increase that was set to go into place this year. […]