For many years, Florida imposed an annually recurring tax on intangible personal property (such as stocks, limited liability company membership interests, bonds, and promissory notes) owned, managed, or controlled in the state. Although the tax featured higher rates in the past, it was most recently imposed at the rate of…
The Pension Protection Act of 2006, signed by President Bush on August 17, 2006, includes the following provisions that may be of interest to our estate planning clients: Direct Contributions of Individual Retirement Accounts to Charity During calendar years 2006 and 2007, a person age 70½ or older may make…
The American Jobs Creation Act of 2004 added section 409A to the Internal Revenue Code (the “Code”) to address abuses in the use of nonqualified deferred compensation plans revealed by the Enron hearings and the Joint Committee on Taxation’s concerns that many nonqualified deferred compensation plans “allowed improper deferral of…
March 1 is the deadline for making application for the homestead exemption. Obtaining homestead exemption is important to the homeowner in two ways. First, homestead exemption reduces the assessable value of property by $25,000. Second, persons who properly file for homestead exemption receive the benefit of Article VII of the…
During this time of year, many of you are probably thinking about your ad valorem real property taxes and how much the assessed value has increased since last year. However, you should also be thinking about another, albeit less known, Florida ad valorem property tax, the so-called annual intangible personal…