Koontz & Associates Blog

How To Safeguard Tax Records Before Disaster Strikes

October 23, 2014
There is nothing like living in a sunshine state and the perks one gets to enjoy are awesome … beautiful sandy beaches, tropical breezes, and glorious weather greeting you nearly every new day. But like everything else in life, you have to accept the good with the bad; and in Florida, that means contending with severe tropical storms and hurricanes. When the local ...
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Energy Efficient Appliances Tax Holiday

September 15, 2014
Energy Efficient Appliances Tax Holiday The State of Florida Sales Tax Holiday for energy efficient appliances and products runs from Friday, September 19 through Sunday, September 21, 2014, and applies to the first $1,500 of the sales price of a new Energy Star or Water Sense product. However, the exemption only applies to one purchase of each specified type of Energy ...
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School Supply Sales Tax Holiday

July 28, 2014
School Supply Sales Tax Holiday The State of Florida School Supply Sales Tax Holiday runs from Friday, August 1 through Sunday, August 3, 2014, and covers (a) clothing, footwear, wallets, and bags (including backpacks and handbags) selling for $100 or less; (b) school supplies selling for $15 or less per item; and (c) the first $750 of the sales price for personal ...
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June 16 Deadline for Taxpayers Living Abroad

June 13, 2014
Deadline for Taxpayers Living Abroad Taxpayers living abroad who automatically qualified for the two-month extension must file their 2013 federal income tax returns by Monday, June 16, according to the Internal Revenue Service. The normal file date is June 15, however it falls on a Sunday this year. The automatic June 16 extension deadline applies to any U.S. citizen or ...
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Tax Refund Identity Theft

May 29, 2014
Tax Refund Identity Theft Incidents of tax refund identity theft are on the rise. It is important to know how to prevent this from happening to you. In 2010, 15 percent of identity theft complaints were related to tax returns; by 2013, this had risen to 43 percent. The IRS reports that there were 1.6 million victims of tax refund identity theft in the first half of ...
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Florida Sales Tax Holidays in 2014

May 29, 2014
Three Florida Sales Tax Holidays in 2014 Governor Rick Scott recently signed legislation providing for three separate sales tax holidays in 2014 for purchases of hurricane supplies, school supplies, and energy efficient appliances. The sales tax holiday for hurricane supplies runs from May 31 through June 8, 2014, and covers (a) portable self-powered light sources ...
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May 1, 2014 Changes to the Biggert Waters Flood Insurance Report Act of 2012

May 27, 2014
May 1, 2014 Changes to the Biggert Waters Flood Insurance Report Act of 2012 Effective May 1, 2014, certain provisions of the Biggert-Waters Flood Insurance Report Act of 2012 have been repealed. When originally enacted, Biggert-Waters eliminated eligibility for subsidies for buildings newly purchase or newly insured on or after July 6, 2012 and caused major premium ...
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Flood Zone Updates

May 14, 2014
Flood Zone Update Realtors should be aware that flood areas are in the process of being updated. Areas not previously considered in flood zones now are. Use the link below to find out the status of flood zone updates by zip code. To find out more, please go to https://www.floodsmart.gov.
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From the IRS: Amended Tax Returns

April 26, 2014
From the IRS: Amended Tax Returns The Internal Revenue Service projects that almost 5 million taxpayers will amend their returns by filing Form 1040X during 2014. Taxpayers who need to amend their returns should file this form only after filing the original return. Generally, for a credit or refund, taxpayers must file Form 1040X within 3 years, including extensions, ...
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Annual Reports Due May 1

April 25, 2014
Annual Reports Due May 1 All Florida Businesses registered with the Florida Department of State, Division of Corporations must file an annual report by May 1 of each year. The deadline for this year is coming up quickly and if the payment is late, a $400 penalty (that cannot be waived!) will be imposed. Additionally, if you do not renew, the business will ultimately be ...
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