Upon completion of a Florida tax audit, the Department of Revenue (“DOR”) will issue a Notice of Proposed Assessment (“NOPA”) to assess any additional tax, interest, and penalties. By its terms, the NOPA provides that it will become a “final assessment” within 60 days of issuance if it is not…
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Florida Tax Legislation Provides a Hodgepodge of Tax Breaks Totaling Over $400 Million
Florida House Bill 33, which was enacted just a few weeks ago, provides a number of tax cuts and incentives. The bill’s key provisions include: A $60,000 cap on the amount of sales tax paid on repairs of a vessel, which would apply to a repair costing in excess of…
Florida Supreme Court Rules for Expedia: Only the Amount Paid by Online Travel Company to Secure Hotel Reservation is Subject to Bed Tax
In a closely watched case, the Florida Supreme Court recently ruled that the tourist development tax (aka the bed tax) is not applicable to the total monetary amount charged by online travel companies, like Expedia, to secure hotel reservations. Counties may only tax the actual amount paid by the online…
Changing Investment Structures for Foreign-Owned US Real Property has Many Traps for the Unwary
There are various ways to structure a foreign investment in US real property and each has its own advantages and disadvantages (see below for a link to a previous blog post on this topic). A frequently chosen structure is a pass-through or fiscally transparent structure which, very generally, has income tax…