July, 2023
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More on Property Tax Appeals
Last week, we stressed the importance of evaluating, and potentially appealing, property tax assessments. After an assessment notice is sent out, there is usually a short window for a property owner or their representative to file an appeal. The appeal process, for the most part, is a three-tiered process: When appealing an assessment, there are […]
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Appealing a Property Tax Assessment
It is important for CFOs and their accounting teams to focus on property taxes for several reasons. First, businesses tend to own a significant amount of real property, and tax rates on commercial property are generally much higher than the rates on comparable residential property. Second, many states and local municipalities levy taxes not only […]
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Internal Control Refresher for Property Managers
In the Association of Certified Fraud Examiners’ latest occupational fraud study, real estate organizations had the highest median losses of any industry that was examined ($435,000). Internal control is an organization’s greatest weapon in the fight against fraud, but anti-fraud procedures may become obsolete without consistent monitoring and analysis. This week, some of CLA’s greatest […]
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Deficit Restoration Obligations in Partnership Agreements
In last week’s blog post, we shared two concepts that are essential to understanding partnership allocations under Internal Revenue Code (IRC) Section 704. While last week’s blog post focused on the role of Substantial Economic Effect in partnership agreements, today’s blog post will stress the importance of Deficit Restoration Obligations (DROs) in partnership agreements. DROs […]