Industry best practices
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New Opportunity Zone Legislation Introduced
Congress introduces new OZ legislation to expand the program to rural census tracts and increase transparency through added informational reporting.
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Qualified Opportunity Zone Reminders
Opportunity zone stakeholders have several considerations to make regarding new investments and existing projects.
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Hidden Tax Consequences of Real Estate Foreclosures
Real property foreclosures can result in various tax consequences, largely dependent on the type of debt involved. Read on for the discussion.
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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 […]
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Recordkeeping Under the Alternative Cost Method
Taxpayers are encouraged to begin documenting now their approach to the Alternative Cost Method.
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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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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 […]