News & Analysis as of September 24, 2024

Income Taxes › Florida

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

Take Care When Utilizing Tax Reimbursement Clauses in Trusts…Even If You Are a Cross-Border Practitioner

Bilzin Sumberg on 1/9/2024

Until recently, there was a fair amount of comfort amongst practitioners that, when structured correctly, utilizing a tax reimbursement clause for a grantor trust did not produce any negative U.S. gift or estate tax results....more

Weekly IRS Roundup August 21 – September 1, 2023

McDermott Will & Emery on 9/6/2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for August 21, 2023 – September 1, 2023....more

Leaving New York? Can You Prove It?

Rivkin Radler LLP on 7/20/2022

“Summertime and the Living” Isn’t Easy- Summer in the New York Metro Area can be challenging. Some would say it sucks. It gets really hot. When it rains, it pours – no spritz here. The humidity is oppressive. Ironically, a...more

Moving to the Sunshine State: Change of Domicile Planning Considerations

Bilzin Sumberg on 3/16/2021

Florida has long been known as a hot-spot for retirees and snowbirds to move for its sunny weather and beautiful beaches. In recent years, however, since the "SALT Deduction Cap" established by the 2017 Tax Cuts and Jobs Act...more

Establishing & Maintaining Legal Domicile In Florida

Moritt Hock & Hamroff LLP on 1/12/2021

Becoming a Florida resident has numerous income and estate tax considerations and other implications including obtaining homestead status. This Alert is an introduction to the issues and steps you should consider to establish...more

Substantial Income Tax Benefits Await Real Estate Investors In Florida’s Qualified Opportunity Zones

Akerman LLP on 6/19/2018

On June 14, 2018, the U.S. Treasury Department and the Internal Revenue Service announced the final round of census tracts in low-income communities in the State of Florida which are designated as “qualified opportunity...more

Taxes in Florida

Foodman CPAs & Advisors on 3/19/2018

The Sunshine State is one of the lowest tax burden states in the US. Florida has no state individual income tax. At the state level, there is NO tax on social security benefits, retirement income, IRAs, 401(k) accounts,...more

Florida Doubles Brownfield Cleanup And Redevelopment Tax Credits & Adds Innovative Tools For Site Cleanups

Akerman LLP on 6/15/2017

Innovative Florida environmental site cleanup and Brownfield programs received a boost as the 2017 regular session of the Florida Legislature concluded. Yesterday, Governor Scott signed into law a measure designed to add...more

Florida Department Of Revenue Issues Advisement Determining That A Reinsurer And Its Cedents Did Not Have Nexus In Florida For Tax...

Carlton Fields on 3/13/2017

On January 13, 2017, the Florida Department of Revenue issued a Technical Assistance Advisement regarding whether a reinsurer had nexus with the state of Florida that would require it to file a corporate income tax return and...more

Key Economic Incentives for Businesses Considering a Florida Location

Carlton Fields on 5/10/2016

The State of Florida offers economic incentives to businesses that are thinking about locating—or relocating—in Florida. These incentives target corporate headquarters and certain high growth industries. In addition, many...more

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Income Taxes › Florida

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