Monthly Archives: October 2014

Real Estate Developers Can Qualify for Historic Tax Credits by Karen Lake, CPA

Posted on October 30, 2014 by Karen Lake

Developers that renovate or rehabilitate historic buildings in Florida may qualify for significant tax credits offered by federal, state, county and city governments. The aim of each of these programs is to honor and preserve the state’s historic structures while putting these buildings to new use to meet community needs. Eligible projects include those for […]

Don’t Fall Prey to Persistent IRS Phone Scams by Joseph L. Saka, CPA

Posted on October 28, 2014 by Joseph Saka

As the rate of telephone scams escalates and claims more victims each day, the IRS issued the following reminders to help taxpayers identify when they receive fraudulent calls from scammers posing as representatives of the IRS: The IRS will never call taxpayer’s about owed taxes. The IRS will never demand payment without first giving taxpayers […]

Your Job Search Can Provide Tax Breaks by Joanie B. Stein, CPA

Posted on October 22, 2014 by Joanie Stein

With hiring on the rise, individuals seeking greener pastures in the same line of work may be able to deduct certain expenses incurred as part of their job searches. Deductible costs include: Expenses incurred for preparing and mailing resumes Unreimbursed hotel and transportation costs incurred when a job search requires out-of-town travel Fees paid to […]

Audits Are A Valuable Performance Evaluation Tool For Construction Contractors by Robert C. Aldir, CPA

Posted on October 20, 2014 by Robert Aldir

The construction sector is showing signs of recovery nationwide, where total industry spending rose 7.8 percent over the same period last year, according to the U.S. Census Bureau. The trend is equally positive in Florida, where the construction sector led job growth over the past year with an 11 percent increase in Miami’s construction employment […]

Florida Offers New Tax Relief Package by Karen A. Lake, CPA

Posted on October 16, 2014 by Karen Lake

In May, Florida Gov. Rick Scott signed a bill cutting more than $120 million in taxes and ultimately reducing the tax burden of the state’s taxpayers. House Bill 5601 includes a combination of several tax holidays, credits and exemptions intended to save taxpayers more than $500 million in 2014.   Tax Credits To help attract […]

Tax Issues from 2014 Remain on Radar for 2015 by Kenneth J. Strauss, CPA/PFS, CFP

Posted on October 14, 2014

The evolving nature of tax laws continues to leave taxpayers in an uncertain environment as 2014 comes to a close and a new year begins. To hedge their risks, taxpayers should get in the habit of working with their accountants and financial advisors as early as possible to develop a range of appropriate tax-efficient strategies […]

The Application of Valuation Discounts by By Sharon F. Foote, ASA, CFE

Posted on October 08, 2014 by Scott Bouchner

“How large a discount can I get when valuing my business?” This is a question often posed by business owners. They are referring to the most commonly applied valuation discounts, referred to as the discounts for lack of control (also known as a minority interest discount) and marketability. Many people believe that these discounts are […]

Is Your Loan in Violation of State Usury Laws? by By Joel Glick, CPA/CFF, CFE

Posted on October 06, 2014 by Joel Glick

The mention of usury often brings to mind predatory payday lenders and loan sharks.  However, the practice of charging an excessive rate of interest often occurs in traditional financial transactions as well.  Frequently, it is an unintended consequence of either or both parties failing to understand the nuances of state laws and lacking the skill […]

Florida Manufacturers May Qualify for New Tax Exemption by Karen A. Lake, CPA

Posted on October 02, 2014 by Karen Lake

Effective April 30, 2014, eligible Florida businesses may claim an exemption from sales and use tax on the purchases of certain industrial equipment and machinery used for manufacturing, processing, compounding and production of tangible personal property that is intended for future sale. The exemption, which expires on April 30, 2017, also covers the parts and […]