Florida is the only state that imposes sales tax on the lease of commercial real property. Over the last several years, this tax rate has been reduced in increments from 6.0% to 5.5%. Under recently enacted legislation, this rate will be further reduced to 2.0%. However, this rate reduction will…
The deadline to file a 2021 Florida Annual Uniform Business Report for your Corporation, Limited Liability Company, Limited Partnership, or Limited Liability Limited Partnership to maintain its active status with the State of Florida is May 1, 2021. A late fee of $400 will be added to the State’s filing…
Last week, the Internal Revenue Service (“IRS”) issued two pieces of guidance—Revenue Procedure 2020—51 and Revenue Ruling 2020-27—reiterating its position that taxpayers cannot claim a deduction for any otherwise deductible expense if the payment of the expense results in forgiveness of a Paycheck Protection Program (“PPP”) loan and clarifying the…
Last Thursday, October 8, the Small Business Administration (“SBA”) released a simplified application form (Form 3508S) and instructions for Paycheck Protection Program (“PPP”) loans of $50,000 or less. Any qualifying PPP borrower that uses the new two-page application is exempt from any reductions in the borrower’s loan forgiveness amount based on reductions in full-time…
With Florida’s governor implementing Phase 3 of re-opening the state, businesses should update their COVID-19 response plans and anticipate issues that may arise as more employees are permitted to return to work. Among other provisions, Executive Order 20-244 provides for: Unrestricted staffing of worksites and implementation of the final phasing-in of employees…