September, 2023
-
Proposed House Bill Would Address Cancellation of Debt Income for Distressed Commercial Real Estate Owners
Bipartisan legislation (H.R. 5580) was introduced in the House of Representatives earlier this month that would make it easier for commercial real estate borrowers to defer cancellation of debt income from loan modifications or debt workouts. According to Moody’s Analytics, almost $1.4 trillion of commercial mortgages are set to mature in 2023 and 2024. Yahoo! […]
-
Beneficial Ownership Information Reporting
Effective January 1, 2024, many closely-held businesses in the United States will be required to report information about their beneficial owners, defined as individuals who ultimately own or control the company, to the Financial Crimes Enforcement Network (FinCEN), a bureau of the Department of the Treasury. Entities subject to BOI reporting include a corporation, limited […]
-
IRS Announces Pause to Processing of New Employee Retention Claims Until 2024
Over the past couple of months, the Internal Revenue Service (IRS) has issued multiple warnings, published a generic legal advice memorandum, and even opened their 2023 “Dirty Dozen” article cautioning taxpayers of aggressive Employee Retention Credit (ERC) program schemes. On September 14, 2023, the IRS took a more drastic measure, announcing a temporary moratorium on […]
-
Foreign Considerations in Real Estate Dispositions
Foreign persons1 are generally not subject to Federal income tax on gains from the sale of a capital asset located in the United States, unless the capital gains are effectively connected with the conduct of a United States trade or business. Internal Revenue Code (IRC) Section 897, which came online with the passing of the […]
-
Ransomware Surge
In an era defined by digital connectivity, the increase in ransomware attacks has cast a glaring spotlight on the relentless and ever-evolving nature of cyber threats. Ransomware attacks have permeated critical infrastructure and businesses of all sizes. Companies can face not only data loss, but potential exposure of sensitive information, as well as reputational damage. […]
-
Disaster Relief for Opportunity Zone Taxpayers in the Southeast
New disaster area declarations provide relief to some opportunity zone taxpayers at a crucial time.
-
Current Landscape of the Florida Documentary Stamp Tax
The Florida documentary stamp tax is an excise tax levied on certain property transfers. The documentary stamp tax triggers whenever there is a conveyance of an interest in real property to a purchaser for consideration. After a real property conveyance occurs, Florida assesses the documentary stamp tax on the document that memorialized the transfer (i.e., […]