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...]

Over the New Year’s weekend, both houses of Congress voted to approve legislation that will avert the so-called “fiscal cliff” – the American Taxpayer Relief Act.   The law does increase income taxes on the wealthiest taxpayers in the U.S. and keeps tax rates the same for single taxpayers with taxable income under $400,000 and for joint filers with taxable income under $450,000.  The law also makes permanent changes to the alternative minimum tax that will literally save millions of Americans   [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...]

In addition to extending the Bush tax cuts, providing relief from the AMT, and cutting the payroll tax by two percentage points, the recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” (Tax Relief Act) extends a host of other important tax breaks for businesses and individuals. I’m writing to give you an overview of these key tax breaks that were extended by the new law. Please call our office for details of how the new   [Read More...]

The Bush tax cuts refer primarily to tax changes in two major pieces of legislation back in 2001 and 2003: the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA).

In certain cases, construction contractors may want to consider changing tax accounting methods to accelerate deductions or defer income. The CPAs at HBK advise Southwest Florida, Fort Myers and Cape Coral area clients with business tax planning advice.