The IRS has proposed a regulation where banks must disclose foreigners’ interest income to the IRS, which could the share it with their homelands. Under current law, interest income earned by non-resident aliens on U.S. deposits is not currently subject to U.S. taxation. This brings up concerns about privacy and personal security to wealthy foreigners.
Last week, Governor Scott revealed his proposed budget for the upcoming fiscal year and announced a plan to reduce the state’s budget by nearly $4 billion in one year. As in years past, the projected estimates for the state’s budget show Florida will continue to see depressed revenues through fiscal year 2011-2012. What is in the Governor’s proposed budget?
On Monday February 7th, Governor Rick Scott released his budget proposal for fiscal year 2011-12 and 2012-13 to the Legislature. Representatives from his office made numerous presentations to various committees of the House and Senate and the Governor announced his plans, called “The Jobs Budget”, in a press conference in Eustis, Florida. His proposed budget […]
Q&A with Garrison Lickle, President and CEO of Chilton Trust Management, LLC
Do the research first then move forward adapt and overcome. Whether it’s planning an incredible flying adventure or exploring a business opportunity, solicit and listen to expert advice from those who have done it, and confirm credibility from every source.
A Good Thing: Legislation Introduced Which Could Help Charities in Down Economy
Last week in the Florida House of Representatives, State Representative Kathleen Passidomo filed House Bill 599 entitled “Uniform Prudent Management of Institutional Funds.”
Update on New Tax Issue on 6 Year Statutes For Asset Basis Understatements
Contrary to the Seventh Circuit Court of Appeals decision just three weeks ago, the U.S. Court of Appeals for the Fourth Circuit has just held that the extended 6-year limitations period does not apply to an omission of more than 25 percent of gross income that resulted when a taxpayer used a tax shelter that […]
Developing a green energy plan for my business makes sense fiscally and is the responsible thing to do. As a commercial property owner, can I lease solar facilities to generate energy? What do I need to know about that arrangement?
It is common for businesses to seek ways to reduce costs, receive renewable energy credits or otherwise implement a green energy plan. Property owners are allowed to lease PV solar panels or other electric generating facilities from a vendor in order to finance “self-serve” power generation. However, if the lease terms appear to be more […]
New Tax Issue on 6 Year Statutes For Asset Basis Understatements
In a recently decided case, Beard v. Comm., (CA 7 01/26/2011), the Court of Appeals for the Seventh Circuit reversed the Tax Court and held that an overstatement of basis is an omission of gross income for purposes of the 6-year limitations period of Code Sec. 6501(e)(1)(A) . Normally, the statute of limitations is 3 […]
Will Miami Be The New Technology Hub for Life Sciences?
According to a recent article in Life Science Leader, the first phase of the University of Miami Life Science & Technology Park (UM-LSTP) is almost ready to open in the Miami health district. When completed, the UM-LSTP will be one of the largest medical footprints in the country.
Could Florida legalize online poker to generate revenue for the state’s budget?
Currently, the state of Florida collects 10% of the rake from card rooms which operate at Florida pari-mutuels. Now, there’s a proposed bill in the Florida Legislature which would authorize online gaming by creating a portal to card rooms with a pool of Florida players. If this is passed, online poker could help the state’s […]
Q&A with Pete Martinez, Chairman of Palm Beach Medical Education Corporation
At the core of our values is excellence and we achieve excellence through the quality of students, faculty, staff, curriculum and technologies provided. Our patient-based learning stresses the scientific, societal, and business responsibilities of top professionals and this approach will foster leaders.
