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Governor Crist Signs HOA Bill
On Tuesday evening, June 19, 2007, Governor Crist signed into law CS/SB 902 by Sen. Dennis Jones relating to homeowners associations and it will become effective on July 1, 2007. During the 2007 regular session the Florida House of Representatives passed SB 902 by a vote of 115-0 and the Senate by a vote of 35-1 (its companion bill is HB 433 by Rep. Carl Domino). This bill contains four provisions of importance:
- Moving the financial statement reporting date from 60 to 90 days
- Requiring turnover audits
- Creating an "opt-in" provision for reserves
- Guarantees of expenses at turnover
Read the legislation
If this sounds familiar, these provisions also passed the Florida legislature during the 2006 legislative session within HB 391 by Rep. Carl Domino. While HB 391 passed the legislature unanimously with the four above provisions, it was vetoed by Governor Bush last year. |
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Identity Thieves Often Lurk Close to Home, New Study Finds
Who is most likely to steal your identity? Friends, family members and small time-thieves such as purse-snatchers are the leading culprits, according to a new study conducted by the non-profit Institute for Fraud Prevention (IFP). The IFP is a global research institute dedicated to reducing the causes of fraud and corruption.
The study, conducted by Professor William Kresse of St. Xavier University in Chicago with assistance from the Chicago Police Department concludes that ID theft is overwhelmingly a blue collar crime, and that the most popular use for a stolen identity was to perform some type of credit card fraud or acquire mobile-phone service.
The conclusions are based on data compiled from approximately 30,000 identity theft cases from 2000-2006, and more specifically, on data taken from 1,322 randomly selected cases. In 60% of the cases where the victim could identify the thief, the victim s identity was stolen by a friend, relative, or a person otherwise known to the victim. Despite being considered a high tech crime, in less than 5% of the cases, the victim s identity was stolen by use of the computer or internet.
The research also finds that:
- Most victims became aware of the theft only after being notified by credit card companies
- Less than 10 percent of identity theft victims discovered the theft by viewing a credit report
- Almost one in five identity theft victims first learned of the theft when they were served with legal process or received a collection notice
The study includes public policy recommendations based upon the findings. The researcher proposes the creation of a national database for identity theft to aid law enforcement, similar to data compiled for index crimes including murder, robbery, theft, arson, and others. Also, the study asserts that policies that encourage victims of identity theft to report incidents of identity theft to police authorities should be adopted. The researchers promote public education programs, both general and targeted, to help spread awareness of the risk factors for identity theft.
The published results of the study may be found at www.TheIFP.org, under the Recent Studies heading.
The Institute for Fraud Prevention is a powerful coalition of domestic and international universities dedicated to multi-disciplinary research, education and prevention of fraud and corruption. The IFP s primary goal is to improve the ability of business and government to combat these crimes and to educate the public on effective methods of recognizing and deterring them. The IFP is funded by contributions from its members: the Association of Certified Fraud Examiners (ACFE), The American Institute of Certified Public Accountants (AICPA), Grant Thornton LLP, and D-Quest, Inc. It also receives intellectual support and assistance from various government, academic, public and private organizations.
New Annual Electronic Filing Requirement for Small Tax-Exempt Organizations e-Postcard (Form 990-N) |
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Beginning in 2008, small tax-exempt organizations that previously were not required to file returns may be required to file an annual electronic notice, Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations not Required To File Form 990 or 990-EZ. This filing requirement applies to tax periods beginning after December 31, 2006. Organizations that do not file the notice will lose their tax-exempt status.
Small tax-exempt organizations, whose gross receipts are normally $25,000 or less, are not required to file Form 990, Return of Organization Exempt From Income Tax, or Form 990-EZ, Short Form Return of Organization Exempt from Income Tax. With the enactment of the Pension Protection Act of 2006 (PPA), these small tax-exempt organizations will now be required to file electronically Form 990-N, also known as the e-Postcard, with the IRS annually. Exceptions to this requirement include organizations that are included in a group return, private foundations required to file Form 990-PF, and section 509(a)(3) supporting organizations required to file Form 990 or Form 990-EZ. In addition, this filing requirement does not apply to churches, their integrated auxiliaries, and conventions or associations of churches.
The IRS will mail educational letters starting in July 2007 notifying small tax-exempt organizations that they may be required to file the e-Postcard. The IRS is developing an electronic filing system (there will be no paper form) for the e-Postcard and will publicize filing procedures when the system is completed and ready for use.
The PPA requires the IRS to revoke the tax-exempt status of any organization that fails to meet its annual filing requirement for three consecutive years. Therefore, organizations that do not file the e-Postcard (Form 990-N), or an information return Form 990 or 990-EZ for three consecutive years, will have their tax-exempt status revoked as of the filing due date of the third year.
If you would like additional information about this new filing requirement, including notification when the filing system is ready, or information about other new developments, subscribe to Exempt Organization s EO Update, a regular e-mail newsletter that highlights new information posted on the Charities pages of irs.gov.
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