Florida’s Constitution protects individual income from a state income tax; however, the state still claims its share by imposing various state and local taxes that business owners must take into account. Our lawyers have experience in the state and local tax issues facing Floridians and their businesses, including issues with respect to Florida corporate income tax, sales and use tax, documentary stamp tax, nonrecurring intangibles tax and ad valorem taxes.
We’re here to help you develop an effective tax plan, plan for future tax liabilities, stay in compliance and to resolve any tax disputes or controversies with taxing authorities if and when they arise.
The State and Local Tax Practice Group at Rogers Towers is prepared to bring sharp, experience-based advice to your tax planning, savings, and disputes.
Our record of representation in this area includes these common taxes:
Documentary Stamp Taxes: Florida is one of many states imposes a tax on any documents transferring an interest in real property. It applies to deeds and similar documents. It also extends to payment obligations executed, signed, or delivered within the state (e.g. mortgages, bonds, notes, liens, and in certain situations, renewal notes).
Intangibles Tax: The intangible tax is a nonrecurring tax on intangible personal property, levied on payment obligations that are secured by a mortgage or other real property lien in the state of Florida (such as promissory notes, non-negotiable notes, and other written obligations to pay money).
Corporate Income Tax: While individuals do not face an income tax in Florida, corporations do. In certain situations, Limited Liability Companies (LLCs) do too. The Florida Corporate Income Tax applies if the corporation conducts business within the state.
Sales and Use Tax: Business owners and landlords in the state of Florida are responsible for collecting and remitting Florida’s sales tax in their regular course of business. Failure to do so can result in the owner or landlord being liable for those taxes out of their own pockets. Moreover, unpaid sales and use taxes pose a significant threat in the sale of a business because, without proper planning, this liability will transfer to the new owner (regardless of any language intended to exclude such liability).
Property Taxes: As anyone who owns property in the state of Florida is aware, each county is responsible for assessing and collecting property taxes on real property located within the state. Often, a parcel of real property is over-assessed — or an exemption is wrongfully denied — resulting in significant financial exposure to the taxpayer. Additionally, business owners are required to pay annual tangible personal property taxes on certain business assets.
As with most taxes, there are many rules and regulations regarding the imposition, assessment, and rate at which these state and local taxes are levied.
These rules can be confusing, and they often needlessly result in tax controversies with the Florida Department of Revenue (FDOR). Discussing these issues with a Rogers Towers lawyer in advance can help minimize your tax liability and your potential exposure to FDOR action.