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Enjoying the beauty of our new mural, celebrating the rich history of our firm, as the sun rises early morning | Gerson Preston
Read moreIRS ending amnesty for taxpayers with secret foreign bank accounts | Gerson Preston The IRS is ending a program that has allowed tax scofflaws with undisclosed foreign assets to fess up and avoid prosecution. Come Sept. 28, anyone who hasn’t taken advantage of the voluntary disclosure program could face significant penalties or criminal prosecution if their tax avoidance is discovered.“Taxpayers have had several years to come into compliance with U.S....
Read moreFlorida Passes New Tax Rate Reductions for Commercial Properties | Gerson Preston Florida decreases the sales tax rate on real property rentals to 5.8% from 6%, effective January 1, 2018. Sales Tax on Real Property Rentals A Department of Revenue publication explains that Florida imposes the sales tax on the total charged when real property is:rented;leased;let; orlicensed. Some examples of real property rentals subject to tax include:commercial office space;commercial retail...
Read moreNormally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange. However, the Tax Cuts and Jobs Act (TCJA) reduces the types of property eligible for this favorable tax treatment. What is a like-kind exchange?Section 1031 of the Internal Revenue Code allows you to defer gains on real or personal...
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