August, 2023
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New York Updates Their Passthrough Entity Tax FAQ’s Ahead of Key Payment Deadline
The New York State Department of Taxation and Finance recently updated their passthrough entity tax (PTET) FAQ’s, which could have an impact on upcoming tax payments due September 15, 2023. For those up-to-speed on the New York State and New York City PTET regime, please skip down two paragraphs to get to the “new stuff.” […]
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Deadline for Qualified Opportunity Zone Reinvestment Fast Approaching
The Qualified Opportunity Zone (QOZ) program offers investors the ability to reinvest eligible gains from the sale of essentially any asset within 180 days of the recognition date. For investors who realize gains through a Schedule K-1, the QOZ investing timeline can be extended to begin on the federal tax return due date of the […]
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Industry Insights on Recent Housing Data
This week, the National Association of Realtors (NAR) released housing data from July. Some important takeaways include: At CLA, everything begins with living our Promise, which is to know and help you. We are able to do that because our people are so much more than accountants – they are colleagues and friends immersed in […]
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Reverse Section 1031 Exchanges
I must be excited for this week’s complimentary webinar presented by CLA and First American Exchange Company, as I have Section 1031 exchanges on the brain. Loyal subscribers will know that we have covered this topic extensively over the years. And for our less loyal readers, here are a couple blog posts to get you […]
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Florida Property Owners, You Are On the Clock!
Florida county assessors are required to re-appraise real property annually. Property appraisers establish the value of a property each year as of January 1st. They also review and apply exemptions, assessment limitations, and classifications that can affect a property’s taxable value. Value changes from prior assessments are typically based on market conditions and transactions that […]
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The Principal Elements of a Quality Cost Segregation Study
In June 2022, the Internal Revenue Service (IRS) released their Cost Segregation Audit Technique Guide, which included tax law updates for the Protecting Americans from Tax Hikes (PATH) Act, Tax Cuts and Jobs Act (TCJA), the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Taxpayer Certainty and Disaster Tax Relief Act of 2020. […]
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Washington’s Real Estate Excise Tax
I recently had the pleasure of collaborating with some of our real estate leaders in Western Washington, including our new friends from Frost & Company, PLLC. We spent time discussing all things Washington real estate, including their state and local Real Estate Excise Tax (REET). Washington property owners and investors may know the REET all […]
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Abandoned Costs
“The best laid plans of mice and men often go awry.” – Robert Burns, “To A Mouse” Tell me if you have heard this one before: So when plans change, what do you do with the expenses that you have incurred to date? To qualify as an abandoned cost, intent and action are important. In […]