As 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 MoreOhio investors will soon have another opportunity to apply for Ohio Opportunity Zone Tax Credits. The program has $23 million available in tax credit allocation for its 2021 application round and opens January 8, 2021, at 10 a.m. through January 31, 2021, until 11:59 p.m.Similar to the federal...
Read MoreThe IRS has released highly anticipated proposed regulations that provide critical guidance on Section 1031, or like-kind, exchanges in the wake of changes made by the Tax Cuts and Jobs Act (TCJA). Most importantly, the proposed regs define the term “real property” for purposes of...
Read MoreValuation plays a critical role in real estate, from appraisals for residential mortgages to the sales of commercial real estate. But the COVID-19 crisis and resulting economic uncertainty pose some challenges for valuation experts across the country.1. Stay-at-Home Orders Impact on Physical...
Read MoreCOVID-19 has upended the world, and commercial real estate hasn’t been immune from the effects. As offices, hotels, restaurants and many retail stores and malls sat empty — and activity in warehouses escalated in response to the surge in e-commerce — COVID-19 has radically...
Read MoreParticipants in the Qualified Opportunity (QO) Zone Program were provided with much needed relief on June 4, 2020, when Treasury issued Notice 2020-39. This notice clarifies relief provided under Section 7508A for QO Zone Funds and their investors in response to the COVID-19 pandemic, and...
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...
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