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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Building a Workforce with WOTC and FEZ
Cost segregation studies, Section 45L credits and Section 179(D) deductions are some of the most commonly discussed tax savings opportunities in real estate, but there are two often under-utilized tax credits that are available to real estate developers and owners/operators: the Work Opportunity Tax Credit and the Federal Empowerment Zone Tax Credit. Here are some […]
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North Carolina Revises Passthrough Entity Tax
Earlier this month, North Carolina Governor Roy Cooper signed Session Law 2023-12 (Senate Bill 174), which revised several key aspects of the state’s elective passthrough entity tax (“PET”). Here are some key takeaways: Tiered partnerships are now allowed to make the PET election. Prior to Senate Bill 174, only partnerships owned by individuals, estates, trusts, […]
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CLA Talks: Outsourced Accounting Solutions for Property Managers
In our latest CLA Talks recording, Jim Milliken and Marla (Carlson) Steen share how our outsourced accounting team deliver value to property management companies, allowing them to focus more on leasing and rents and less on financial reporting and analysis. Click here to watch. Jim recently received the following from a CLA client. Pretty awesome […]
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Vacation Homes: The Safe Harbor of IRS Revenue Procedure 2008-16
Colleague Ken Zacharias recently consulted with a client on the qualified purpose requirement for vacation homes, and we thought that it would be a great topic to share with our readers. Ken and his team in Wisconsin, which include Jake Caelwaerts and Brian DelVecchio, and Chicago-based Jim Milliken, make up our larger Section 1031 consultation […]
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Cash Management Strategy
“Cash is king. Get every drop of cash you can get and hold onto it.” Jack Welch, Chairman and CEO of General Electric Historically during times of market uncertainty, real estate clients have generated a significant amount of cash reserves. And while sitting on large piles of cash is never a bad thing, not putting […]
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A Conversation about Real Estate Funds
Jeremy Siebert recently sat down with industry colleague Ed Carey to discuss fund structures, financial reporting under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 946, Accounting for Investment Companies, and common client questions and reporting pitfalls. Whether you have launched a real estate fund or may be thinking of doing so, this is a […]
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Tax Deadlines Extended for Disaster Area Taxpayers in California, Alabama and Georgia
In late February, the Internal Revenue Service (IRS) announced that taxpayers in most of California (all but seven counties) and for parts of Alabama and Georgia would have until October 16, 2023 to file their individual and business tax returns and to make certain tax payments. The previous tax deadlines were already postponed to May […]
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Don’t Sleep on the New Lease Standard
Lisa Richmond was joined by CLA’s National Assurance Technical Group colleague Peter Alfele to discuss Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 842, Leases, a “landmark standard” that will “significantly change the way that entities report their financial position, their operations and their cash flows.”
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California Franchise Tax Board Defers Capital Account Analysis Methodology (Again) for the 2022 Tax Year
On Monday, the California Franchise Tax Board (FTB) released Notice 2023-1, permitting taxpayers who file Form 565 or Form 568 to report its partners’ or members’ capital accounts on Schedule K-1 (565) or Schedule K-1 (568) using the tax basis method as determined under federal law, as reported on Schedule K-1 (Form 1065) or by […]
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Is It Time to Consider an Outsourced Finance and Accounting Strategy?
In last month’s blog post titled “Economic Outlook: Ignore the Headlines,” Chris Dhanraj shared economic indicators and market recommendations to support our “it’s complicated” relationship status with 2023. Chris highlighted one concerning headwind: the tightening labor market and the rising cost of capital, both of which could challenge unprepared business owners in the coming year. […]