How an entity’s financial statements are presented is often governed by bank documents or investor agreements, leaving owners of real estate firms without much of a choice in the matter. However, in some instances, you may have a choice between using income tax basis or GAAP to present your...
Read MorePartnerships and S Corporations with certain foreign activity or foreign owners may have a surprise in their returns this year — in the form of additional reporting via Schedules K-2 (Partners’ Distribute Share Items – International) and K-3 (Partner’s Share of Income...
Read MoreOn February 9, 2022, the Securities and Exchange Commission (SEC) voted to propose new rules and amendments to the Investment Advisers Act of 1940 that, if adopted, will significantly affect private fund advisers. Below highlights the primary changes and their potential impact.Proposed Investment...
Read MorePosted by Peter Myeroff
Read MoreOhio has allocated $500 million in funding for brownfield assessment, remediation and demolition in its 2022-2023 budget. To be considered a “brownfield,” a property must be linked to either known or potential releases of hazardous substances, including asbestos abatement.Run by the...
Read MoreEarlier this year, Ohio passed its 2022-2023 operating budget. The legislation not only renewed the Ohio Opportunity Zone (OZ) Tax Credit, retaining the previous fiscal biennium limit of $50 million in tax credits to be issued, but it also doubled the amount a single application can claim —...
Read MoreThe election of a new president in 2020 created much speculation regarding changes to tax law, but minimal lasting changes actually took place in 2021.While the Consolidated Appropriations Act and American Rescue Plan modified and expanded some tax provisions for 2021, we still rely on the Tax...
Read MoreTalk about being thankful. We had more than 350 clients and friends register for our annual fall CPE day — undaunted by the virtual format we presented in again this year. We are always truly happy to put together this day, no matter the format, to help educate clients on what they need to...
Read MoreOn September 15, 2021, the House Ways and Means Committee approved tax increase provisions Congress will review as a part of the Build Back Better reconciliation legislation. These changes, if enacted, would require real estate and construction businesses to reset some of their key traditional...
Read MoreThe IRS recently issued corrective amendments to the final Qualified Opportunity Zone (QOZ) regulations. The amendments, effective August 5, 2021, and applicable on or after January 13, 2020, clarify the use of the working capital safe harbor and its interaction with the requirements to be...
Read MoreMany taxpayers are considering updating their estate plans to get ahead of expected tax law changes that may impact the lifetime exemption for gifting property. Currently those exemptions sit at $11.7 million per person but are scheduled to sunset on December 31, 2025, when they will revert to $5...
Read MoreAs a part of our series aimed at helping you navigate the impact of sales and use tax on your business, periodically we will focus on the impact of these taxes on specific industries, beginning with a high-level look at construction.Construction contractors face many complexities when navigating...
Read MoreReal estate, like many industries, has been hit hard by the COVID-19 pandemic. On April 27, 2021, Governor DeWine signed Senate Bill 57 (SB 57) into law to offer additional help. SB 57 offers property owners a chance to file a “COVID complaint” to request that the county value their...
Read MoreThis blog was updated 4/7/21 First introduced under the CARES Act in March 2020, the Employee Retention Credit (ERC) is a fully refundable tax credit that benefits eligible employers who have continued to pay employees while experiencing COVID-19 economic or operational difficulties. The credit...
Read MoreAs we continue to evaluate real estate tax strategies stemming from the Tax Cuts and Jobs Act, CARES Act and current economic conditions, it is important for real estate entities and investors to take a second look at the provision on business interest expense limitations, under Internal Revenue...
Read MoreDespite hopes that COVID-19 would be behind us as the calendar turned to a new year, Qualified Opportunity Zone (QOZ) participants, like many others, are still grappling with the pandemic’s effects. In response, the U.S. Treasury released Notice 2021-10 on January 19, providing much needed...
Read MoreMany businesses have stretched the definition of “marketing” to claim some questionable federal income tax deductions. A recent case involving a real estate developer illustrates how the IRS — and the U.S. Tax Court — generally see through these tactics.An Entrepreneur...
Read MoreMarkets tend to be cyclical. It’s likely that the U.S. economy will see another recession at some point in the coming years, and real estate will probably be impacted. A quick glance at the headlines hints at possible triggers, from trade conflicts and overvalued markets to terrorist acts...
Read MoreThe new revenue recognition standard codified in FASB Accounting Standards Codification (ASC) 606 has brought a number of challenges to accountants and other stakeholders. A specific area that has been scrutinized under the new regulations is principal versus agent considerations.The concept of...
Read MoreOn December 19, 2019, the IRS and the U.S. Department of the Treasury released the final regulations on investing in Qualified Opportunity (QO) Funds. The 544-pages of regulations address many areas, just a few of which are listed below:Taxpayers can invest the entire amount of Section 1231 gains...
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