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      April 25, 2019

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Tax Relief in Florida

Florida MapThough many people in Florida struggle intermittently under credit card debt, there is a smaller population that faces even greater problems because they are stuck with thousands of dollars of tax debt. These people accrue tax debt when they fail to pay the amount indicated on their tax returns or when they fail to file returns at all. Like other forms of debt, tax debt can create an extremely difficult situation for the many people involved because usually they lack the income and assets to quickly pay it off. In that case, the federal government and the state government will start hounding them for payments and initiating collection actions if payments arenít forthright. Some of the possible collection actions include garnishing of wages, tax liens on property, and seizure of property.

People who get in these situations often are already struggling with low wealth and income and may already owe credit card and mortgage debts. Without the right help, these situations can seem hopeless.

For those looking for personal tax relief in Florida, one option is applying for the stateís formal Offer in Compromise program. Offer in Compromise programs give taxpayers the opportunity to settle their tax debt with the government and agree to pay a reduced total amount. It is very difficult to achieve these agreements, and the help of a professional tax relief company can increase the likelihood of success. Tax authorities typically only agree to an OIC if the person does not have the financial capacity to pay the full amount, so the person will first have to send all their financial information to the appropriate officials.

OIC agreements work differently in different states. The OIC agreement will not reduce the tax debt to zero, but it can significantly reduce the debt, so that itís less of a burden. Typically, a state will have a sliding scale based on the debt owed and the amount of wealth and income of the individual. That sliding scale will determine how much, if any, of the debt is reduced. People who are looking for personal tax relief in Florida often have difficulty navigating this process alone. A tax relief company has the experience to help this run smoothly.


Florida lawmakers disagree on funding state's tourism agency

Republican Rep. Dane Eagle, who chairs the House Appropriations Committee, said funding the agency is a mismanagement of tax dollars and the state's reputation as a tourism destination is enough to ...

Published:  Thu, 25 Apr 2019 07:31:00 GMT

Visit Florida wants more tax dollars - and is lobbying hard to get it | Commentary

Two months ago, I offered to eat my words. Literally. I said I'd deep fry and devour my column if House Speaker Jose Oliva kept his promise to defund Visit Florida. Why did I do this? Well, I ...

Published:  Fri, 19 Apr 2019 09:03:00 GMT

More than $40 million given to 5 Central Florida projects through tourist development tax


Published:  Tue, 23 Apr 2019 15:11:00 GMT

Who Pays the Property Taxes on a Golf Course Development in Florida?

Every week, Mansion Global poses a tax question to real estate tax attorneys. Here is this week's question. Q. I am thinking about buying a home on a golf course development in South Florida. Do homes ...

Published:  Thu, 25 Apr 2019 04:24:00 GMT

A look at how the tax overhaul law is impacting real estate

Realty agents in Florida, which has no state income tax, confirm the trend. Brian Walsh, a Redfin agent in Tampa, says he is seeing an influx of generally affluent clients who tell him they are ...

Published:  Thu, 25 Apr 2019 07:10:00 GMT

Leaving High-Tax Connecticut for Low-Tax Florida

The exodus of the wealthy from high-tax Connecticut continues, according to the Wall Street Journal: After four years on the market, and three price cuts, a stately Colonial-style home on Greenwich, ...

Published:  Fri, 19 Apr 2019 08:18:00 GMT

Florida attorney who started on FSU's 1993 championship team pleads guilty to tax fraud charges

TALLAHASSEE, Fla. (AP) - A Florida attorney who started at linebacker for Florida State's 1993 national championship team is pleading guilty to federal tax fraud charges. Court records show that ...

Published:  Wed, 24 Apr 2019 07:22:00 GMT

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