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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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 […]
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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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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 […]
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Understanding Substantial Economic Effect in Partnership Agreements
Partnerships provide a valuable framework for collaboration in business, but navigating the tax implications of partnership agreements can be complex. One critical, yet often overlooked concept, is the determination of a partner’s distributive share of allocable partnership items, which is covered under Internal Revenue Code (IRC) Section 704. Under IRC Section 704(b), if a partnership […]
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New Mexico Makes Changes to their Entity-Level Tax Rules
The annual elective entity-level tax, which was enacted in 2022 for New Mexico passthrough entities, became effective for taxable years beginning on or after January 1, 2022. The tax was designed to allow passthrough entity owners to take advantage of the federal deduction for state and local taxes paid at the entity level, a similar […]
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Foreign Investment in U.S. Real Estate
Earlier this year, the IRS issued proposed regulations that could threaten how non-U.S. investors invest in real estate funds, private equity funds and other tax structures. The Foreign Investment in Real Property Tax Act of 1980 (“FIRPTA”) requires any gain realized by a non-U.S. investor from the sale or other disposition of a U.S. real […]
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The Debt Limit and Real Estate
Debt limit negotiations between the Biden Administration, the Democrat-controlled Senate and the Republican-led House of Representatives continue to go nowhere. The day of reckoning is almost upon us, as the United States government is quickly approaching the much discussed “X date.” The debt limit, also known as the “debt ceiling,” is a statutory cap on […]