April, 2023
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North Carolina Revises Passthrough Entity Tax
Earlier this month, North Carolina Governor Roy Cooper signed Session Law 2023-12 (Senate Bill 174), which revised several key aspects of the state’s elective passthrough entity tax (“PET”). Here are some key takeaways: Tiered partnerships are now allowed to make the PET election. Prior to Senate Bill 174, only partnerships owned by individuals, estates, trusts, […]
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CLA Talks: Outsourced Accounting Solutions for Property Managers
In our latest CLA Talks recording, Jim Milliken and Marla (Carlson) Steen share how our outsourced accounting team deliver value to property management companies, allowing them to focus more on leasing and rents and less on financial reporting and analysis. Click here to watch. Jim recently received the following from a CLA client. Pretty awesome […]
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Vacation Homes: The Safe Harbor of IRS Revenue Procedure 2008-16
Colleague Ken Zacharias recently consulted with a client on the qualified purpose requirement for vacation homes, and we thought that it would be a great topic to share with our readers. Ken and his team in Wisconsin, which include Jake Caelwaerts and Brian DelVecchio, and Chicago-based Jim Milliken, make up our larger Section 1031 consultation […]
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Cash Management Strategy
“Cash is king. Get every drop of cash you can get and hold onto it.” Jack Welch, Chairman and CEO of General Electric Historically during times of market uncertainty, real estate clients have generated a significant amount of cash reserves. And while sitting on large piles of cash is never a bad thing, not putting […]