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Coffee Talk (Tampa)
Trust us, you can't trust us
An item in the latest edition of a Tampa law firm's newsletter is adorned with a surprising headline: "What Do You Mean, I Can't Rely on Your Tax Advice?"
Gary I. Teblum, of Trenam Kemker Scharf Barkin Frye O'Neill & Mullis PA's, wants to level with the firm's clients.
Blaming a recent U.S. Department of the Treasury advisory, Teblum says Trenam Kemker is now including a legal disclaimer on all electronic mail and some other correspondence to clients.
"In effect, it says that any federal tax advice provided in the communication may not be relied on by a taxpayer to avoid penalties," Teblum writes in the item, which also carries the bylines of fellow Trenam Kemker members D. Michael O'Leary and Albert C. O'Neill Jr.
We ain't lawyers here at Coffee Talk, but it sure reads like Teblum and company are telling clients that they would be wise to take any future tax advice from the firm - or any lawyer, for that matter - with a grain of salt.
The Treasury Department issued Circular 230 last June in reaction to the latest wave of tax shelter fraud and abuse, much of it promoted by unscrupulous attorneys and accountants.
But the Trenam Kemker trio argues that Circular 230 is so broad that law and accounting firms must include the disclaimer. Apparently, that's to protect their posteriors.
Otherwise, Teblum says tax and legal professionals would have to charge clients extra for formal opinions every time they mention the Internal Revenue Code.
Under certain circumstances, the disclaimer may be ignored. "Of course, to the extent that there is no federal tax advice contained in the e-mail," Teblum writes, "you need not concern yourself with the Circular 230 disclaimer."
Bank confab delayed
Hurricane Wilma has forced the Florida Bankers Association to postpone its first annual Banker Education Expo.
The event, originally scheduled for Oct. 26 and 27 at the Renaissance Vinoy Resort & Golf Club in St. Petersburg, has been bumped to Jan. 4 and 5. The bankers will still be slumming it next year at the Vinoy, with the same room rate as in October.
New retail competition, someday
Kohl's Department Stores proudly proclaimed its entrance into the Florida market in early October. The chain announced the opening of 10 stores in the greater Orlando, Jacksonville and Tampa markets. Put the emphasis on greater.
Coffee Talk did a little checking. Although there are reliable rumors the Menomonee Falls, Wisc.-based discount retailer plans to open a north Pinellas County location, there are not yet any stores in Hillsborough, Pinellas or Pasco counties.
It seems the closest store to Tampa is in Lakeland, which from a national marketing perspective is part of the "greater Tampa Bay area." But Coffee Talk wonders how many shoppers are willing to make the trek to Lakeland when there are so many of Kohl's competitors just around the corner?
The chain's main competitors are J.C. Penney Corp., Sears Roebuck and Co. and Target Corp., according to corporate profiler Hoover's Inc.
Contractors on the rise
Engineering News-Record reports that last year was a very good time for large specialty contractors.
Economic indicators point to another good run this year, though the. trade publication's research cites increasing concern among contractors about the rising cost of building materials. The success is especially true for five Tampa Bay area companies that earned a spot this year on the magazine's list of the Top 600 Specialty Contractors.
KHS&S Contractors was No. 13 on the list, up from 16th place last year. The Tampa contractor reported 2004 revenue of almost $358 million. It was the only local company ranked by Engineering News-Record among the top 100 specialty contractors.
Kearney Development Co. Inc. earned a spot on the list at No. 114. The Riverview contractor had revenue of $102 million; The company did not make it on last year's list.
Kimmins Contracting ranked No. 168 with $72.5 million in revenue. The Tampa company was ranked No. 175 last year.
Clearwater's APG Electric Inc. ranked No. 418 this year, up from No. 456. It reported 2004 revenue of almost $26 million.
Service Painting Corp. also earned a spot on the list at 528, with 2004 revenue of about $18 million. The Tampa company ranked 518 last year.
Older and richer men like the economy
Consumers in the Southeast are more optimistic about the future of the economy than elsewhere in the country, according to a recent survey by RBC Financial Group.
In our region, older and wealthier men are the most upbeat.
RBC, a unit of the Royal Bank of Canada with retail banking operations on the Gulf Coast, says men who are 45 years or older in the Southeast are more likely to rate the economy as strong. So are college graduates and those who belong to a household with annual income of at least $75,000.
But even in the sunny Southeast, economic optimism is beginning to fade. Perceptions about the economy slipped in every category of the RBC survey between June and September.
"Our customers and the communities we serve throughout the Southeast continue to be positive about the economy," says Scott Custer, president and chief executive of RBC Centura Bank. "But the hurricanes and high gas prices have understandably made people more skeptical about the future."
Unhealthy state of medical insurance
Employer-provided medical insurance is doing a slow disappearing act in Florida, according to a new report from the Economic Policy Institute.
Five years ago, 52.9% of private-sector wage and salary employees were covered by a workplace-based health insurance policy. By last year, the coverage level had fallen to 51.9%. That figures out to be about 52,000 Florida workers who have lost their workplace-based medical insurance since 2000.
The Sunshine State is not alone. The insurance coverage losses in Arkansas and Virginia were above 6 percentage points, in keeping with a general national trend.
Across the country, the institute notes "a distinct shift from insurance coverage through the private sector to insurance coverage through the public sector, particularly for children."
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