Monthly Archives: March 2015

May 1, 2015 Deadline to File Annual Reports With Florida Department of State for Corporations, LLCs, and Other Business Entities

The Florida Department of State deadline for filing a 2015 Florida Annual Uniform Business Report for Florida business entities and non-Florida entities registered in Florida is May 1, 2015. A non-negotiable late fee of $400 will be added to the Department of State fee for entities that file their Florida Annual Report after May 1, 2015. Failure to file a Florida Annual Report for 2015 will result in the administrative dissolution or revocation of an entity in September 2015.

Annual Reports must be electronically filed at the Florida Department of State’s website:
www.sunbiz.org.

Even if you have a professional registered agent, it is your responsibility to file the annual report. If you need assistance, please contact us.

E. John Wagner, II
jwagner@williamsparker.com
941-536-2037

Applicable Federal Rates for April 2015

The Internal Revenue Code prescribes minimum imputed interest rates and time-value-of-money factors applicable to certain loan transactions and estate planning techniques. These rates are tied formulaically to market interest rates. The Internal Revenue Service updates these rates monthly.

These are commonly applicable rates in effect for April 2015:

Short Term AFR (Loans with Terms <= 3 Years)                                          0.48%

Mid Term AFR (Loans with Terms > 3 Years and <= 9 Years)                     1.70%

Long Term AFR (Loans with Terms >9 Years)                                              2.47%

7520 Rate (Used in many estate planning vehicles)                                     2.0%

Here is a link to the complete list of rates: http://www.irs.gov/pub/irs-drop/rr-15-07.pdf

E. John Wagner, II
jwagner@williamsparker.com
941-536-2037

Williams Parker Obtains Tax Ruling that TEFRA Does Not Apply to Payroll Tax Audits of Partnerships

During the course of an audit of a partnership for employment tax matters, an issue arose as to whether the tax partnership (which has numerous partners) was subject to the unified partnership audit and litigation provisions of TEFRA (the Tax Equity and Fiscal Responsibility Act of 1982). Representing the partnership, Williams Parker took the position that while the partnership was subject to TEFRA for income tax purposes, it was not subject to TEFRA for employment tax or worker classification matters. Due to the multitude of partners and other factors, being subject to TEFRA would have resulted in the partnership incurring significant expense and headache in trying to comply with the various TEFRA provisions during the course of the audit and any subsequent tax proceedings. Fortunately, the Internal Revenue Service Office of Chief Counsel agreed with Williams Parker in a published ruling, which can be found at the following link: TEFRA Ruling.

Michael J. Wilson
mwilson@williamsparker.com
941-536-2043