More about Carey M. Heyman, CPA
- Carey M. Heyman, CPA
- Managing Principal of Industry - Real Estate
- CliftonLarsonAllen LLP
- Century City (Los Angeles)
Carey is the Managing Principal of the Real Estate Industry at CLA. He is a trusted advisor with close to 20 years of experience providing accounting, assurance, tax, and consulting services to real estate industry owners, operators, family offices, developers and syndicators. Carey has a strong track record of helping clients build and retain capital by leveraging tax- and cost-saving strategies and employing tax credits and incentives. He also consults with high net worth individuals, large family groups, and owners of closely-held businesses on all aspects of tax planning, estate planning, and retirement planning.
Blog Posts by Carey M. Heyman, CPA:
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Bye Bye, LIBOR!
After years of negative press and scandals, the London Inter-bank Offer Rate (LIBOR), the reference rate commonly used in calculating interest payments in variable (floating) rate loans, will stop being be published on June 30, 2023. It was previously announced that publication would cease at the end of 2021. The Secured Overnight Financing Rate (SOFR) […]
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Disregarded Entity Reporting Requirements
Last year, the IRS established reporting requirements for the 2019 Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc. for disregarded entities. While there is no statutory definition of the term, a disregarded entity is an entity that is recognized under applicable state (or other local) law, but is ignored for federal tax […]
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AICPA Provides Comments on Carried Interest Proposed Regulations
On July 31, 2020, the Department of the Treasury and the IRS issued proposed regulations under Section 1061, better known as the carried interest rules. A carried interest is the right to receive a share of the profits of a partnership, in which the holder does not have a right to receive money or other […]
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Florida Adopts UCRERA; Big Win for Commercial Lenders
In July, Florida adopted the Uniform Commercial Real Estate Receivership Act (UCRERA), creating Chapter 714 of the Florida Statutes, and providing Florida courts with a standard set of rules to follow in commercial real estate defaults and foreclosures. Prior to the adoption of UCRERA, Florida courts relied on a hodgepodge of past trial and appellate […]
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Final Regulations on Like-Kind Exchange Rules
What are CPAs thankful for during the week of Thanksgiving? How about some much needed clarity from the Treasury and IRS on Section 1031 exchanges?! The final regulations, which were issued November 23, 2020, provide tests under which taxpayers can evaluate particular facts and circumstances to determine whether a specific property is considered real or […]
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The Proposed Elimination of the Section 1031 Exchange
According to Congress’ Joint Committee on Taxation, Section 1031 exchanges are expected to save real estate investors approximately $51 billion between 2019 and 2023. Considering this projection, it should come as little to no surprise that President-Elect Joseph Biden is rumored to be targeting the Section 1031 exchange. Under Section 1031, no gain or loss […]
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Tax Capital Account Reporting Requirements
In 2019, the Internal Revenue Service (IRS) released a Frequently Asked Questions memorandum, which described how a partnership should determine a partner’s tax capital account and outlined a safe harbor approach based on a partner’s outside basis in a partnership. After a significant freak-out by practitioners, the IRS deferred the implementation of the proposed tax […]
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Repeal of Colorado’s Gallagher Amendment
In 1982, Colorado State Senator Dennis J. Gallagher introduced legislation that would restrict residential property taxes in proportion to total property taxes. The measure passed and later became known as the “Gallagher Amendment.” Under the Gallagher Amendment, properties were split into two categories: residential property and nonresidential property. Residential property constituted approximately 45% of the […]
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California Proposition 19
California voters approved Proposition 19, Changes to Certain Property Tax Rules, with 51.1% of the vote (results to be certified by December 11, 2020). Highlights of the approved measure are as follows: Transfer of Base Year Value Homeowners who are over the age of 55, disabled, or victims of a wildfire or natural disaster are […]