You may want to pack this update in with your favorite novel and the sunscreen as you head out for some beach or poolside fun this spring… because effective May 9, 2013, several changes to the administrative code will occur throughout the sunshine state. Light spring reading is good, smart spring reading is even better. The Florida Department of Revenue recently announced the following amendments, modifications and/or updates and we want our clients and all Florida taxpayers to be well-informed   [Read More...]

On the last day of the first month of 2013, Governor Rick Scott presented his proposed 2013-2014 budget to the Florida Legislature. According to a press release from his office, Governor Scott is suggesting the elimination of sales tax on manufacturing equipment and the exemption of some 2,000 small businesses from paying business taxes as part of the new state budget. Governor Scott’s $74.2 billion plan, which he has dubbed Florida Families First, promises the elimination of “burdensome regulations while   [Read More...]

Tax Provisions of the “Fiscal Cliff” Legislation On New Year’s Day, Congress passed legislation that supposedly prevented our economy from falling over the “Fiscal Cliff.” This legislation has raised the income tax rate on higher income individuals, permanently extended certain tax provisions while only temporarily extending others, continued emergency unemployment insurance and other programs, postponed the automatic reduction in Medicare reimbursement to doctors, and effectively delayed (until March) the broad range of federal spending cuts that were scheduled to take   [Read More...]

The lRS has issued proposed reliance regs and frequently asked questions (FAQs) on the new 3.8 percent surtax on net investment income (NII) under the Health Care and Education Reconciliation Act (HCERA). The regs and FAQs fill in many of the gaps within the statutory language under Code Sec. 1411. The NII surtax is effective January 1, 2013. The proposed regs describe the individuals subject to the surtax, its application to estates and trusts, definition of NII, computation of net   [Read More...]

After Dec. 31, 20 12, the sale of a taxable medical device (as defined below) by the manufacturer, producer, or importer of the device is subject to a tax equal to 2.3% of the price for which it is sold (the “excise tax on medical devices”). Proposed regulations, which would take effect for sales of taxable medical devices after Dec. 31, 2012, would make clear that the existing rules governi ng Chapter 32 manufacturers excise taxes (statutory, regulatory, lRS guidance,   [Read More...]

Year-end tax planning is always complicated by the uncertainty of what the following year may bring and 2012 is no exception. Indeed, 2012 is one of the most challenging in recent memory for year-end tax planning. A combination of events, including possible expiration of some or all of the “Bush-era” tax cuts after 2012, the imposition of new Medicare taxes on investment and wages, doubts about the renewal of tax extenders, and the threat of massive across-the-board federal spending cuts,   [Read More...]

Previously contractors were required to have audited financial statements to be the prime contractor on all Florida Department of Transportation projects over $250,000. This requirement eliminated many of the smaller local contractors from bidding projects as the prime contractor. Effective July 1, 2012, applicants seeking prequalification to bid on road and bridge construction projects up to $1,000,000 can apply by submitting financial statements reviewed by a Certified Public Accountant.  All other requirements of Rule 14-22, F.A.C. still apply.  Therefore, the   [Read More...]

The clauses requiring the most attention in a construction contract, whether it is a standard or customized contract, are progress payment and retainage clauses. Other clauses also deserve special attention from both the contracting parties and the practitioner because they have financial statement and tax implications. Change orders The change order clause permits additions, deductions, or changes to the contract after work has begun. If the change order clause is not included in a Fixed-Fee Contract, additional work will have   [Read More...]

Hill, Barth & King LLC (HBK), Certified Public Accountants and Business Consultants, are proud to announce that HBK Sorce Financial LLC, an independent advisory firm, has been named as one of the Top Assets Under Management CPA/Financial Planning Firms, Wealth Magnets – Billion Dollar Club by CPA Wealth Provider Magazine. Official rankings were published in their July issue. In CPA Wealth Provider magazine’s ranking of CPAs by assets under management, HBK Sorce Financial was ranked in the top nine firms   [Read More...]

HBK is an independent member of BDO/Seidman Alliance, a nationwide association of independently owned local and regional accounting, consulting and service firms with similar client service goals.  This gives us a greater worldwide presence and expands our offerings to clients. One example is the BDO Knows Healthcare Newsletter.  You can download the Spring 2011 Edition by clicking on the cover photo to the right.  If you’re interested in receiving a free subscription to this newsletter which is published several times   [Read More...]