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Author: E. John Wagner, II

Applicable Federal Rates for May 2014

April 18, 2014 Applicable Federal Rates

The Internal Revenue Code prescribes minimum imputed interest rates and time-value-of–money factors applicable to certain loan transactions and estate planning techniques. These rates are tied formulaically to market interest rates. The Internal Revenue Service updates these rates monthly. These are commonly applicable rates in effect for May 2014: Short Term AFR…

Do Not File Your 2013 Income Tax Return Without Asking Your Tax Advisor About a “Regrouping Election” to Avoid the Obamacare 3.8% Medicare Surtax, If You Own Closely-Held Businesses or Investments

April 9, 2014 Medicare Tax

We have previously written about a one-time income tax election opportunity that could permanently reduce your exposure to the Obamacare 3.8% Surtax. As tax-filing season comes a to a close, this is a final reminder that you must make the election on your first income tax return that implicates the…

Tax Court Reduces Obamacare 3.8% Medicare Surtax Bill for Irrevocable Trusts with Rental Real Estate Investments

March 31, 2014 Medicare Tax

If your family has an irrevocable trust holding closely-held rental real estate investments, a recent Tax Court case may help the trust reduce its Obamacare 3.8% Medicare Surtax bill. It may also help trusts use rental real estate losses to offset other income by avoiding the “Passive Activity Loss” limitations….

May 1, 2014 Florida Business Entity Filing Deadline to Avoid Nonwaivable Penalty – 2014 Florida Annual Uniform Business Reports

March 13, 2014 Limited Liability Companies

The Florida Department of State deadline for filing a 2014 Florida Annual Uniform Business Report for Florida business entities and non-Florida entities registered in Florida is May 1, 2014. A non-negotiable late fee of $400 will be added to the Department of State fee for entities that file their Florida…