Annual Reports

The State of Florida has become stricter on the filing of annual reports for corporations, limited liability companies, and other entities. It has now become more important than ever to ensure that the annual report for your entity is timely filed with the State of Florida. Failure to timely file the annual report will result in a $400 penalty and the possible administrative dissolution of your entity.

Contact us if you need assistance with filing your annual report or to ensure your entity is in compliance with the filing requirements for the State of Florida.

Estate Planning Review

Given the recent change in the tax law by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 it is imperative that you meet with a qualified tax practitioner to review your current estate plan in order to maximize the potential estate planning benefits under this new law.

Applicable Federal Rates

Applicable Federal Rates ("AFR") is the minimum stated interest rate a debt instrument issued in the sale or exchange of property must have under most circumstances. This rate is released every month by the IRS. This rate is crucial for valuing annuities for estate planning and charitable giving purposes.

Over the past year the AFR has been at historic lows. This combined with the current low property values provides a unique opportunity for wealth transfer planning. However, this perfect combination of low AFR and low property values may not be around for much longer. Therefore, it is crucial that you meet with a qualified tax professional to discuss potential wealth transfer planning so that you can maximize the benefit provided under this environment.

(Updated June 2011)