Year-end tax planning
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IRS Takes Aim: Sweeping New Compliance Efforts Announced
The IRS recently announced the start of a “sweeping, historic” effort to restore fairness to the tax system, made possible by funding from the Inflation Reduction Act (“IRA”). Their plan to restore fairness in tax compliance focuses on shifting more attention to high-income earners, partnerships, large corporations, and promoter’s abusing our nation’s tax laws. The […]
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The Power of Municipal Bonds
Municipal bonds have been around since the early 19th century, when New York City issued municipal bond obligations to help fund the construction of a canal. Since then, municipal bonds have come a long way and are now considered a staple in many portfolios, especially for real estate owners, operators and syndicators that might be […]
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Federal Programs to Assist with Commercial to Residential Conversions
The White House recently released a handbook of available federal resources titled, “Commercial to Residential Conversions.” The guidebook summarizes over 20 available federal programs, loans, grants, guarantees, and tax incentives that are administered by six federal agencies, that can directly finance, or reduce the cost of financing, office-to-multifamily conversions. “The conversion of [commercial] properties to […]
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Nevada Property Owners, Don’t Roll the Dice with Property Tax Appeals!
Nevada appraises real property annually. Owners are informed of the assessed property values, as determined by the Assessor’s office,1 in writing on or before December 18th. As we have discussed previously on the blog, changes in assessment value are based on market conditions and recent transaction activity. The dramatic shift in interest rates and the […]
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New Life for Opportunity Zone Legislation?
New legislation was introduced that would extend the opportunity zone program to 2028, and make other modifications to the program.
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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! […]
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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 […]
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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 […]
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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 […]
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New York Updates Their Passthrough Entity Tax FAQ’s Ahead of Key Payment Deadline
The New York State Department of Taxation and Finance recently updated their passthrough entity tax (PTET) FAQ’s, which could have an impact on upcoming tax payments due September 15, 2023. For those up-to-speed on the New York State and New York City PTET regime, please skip down two paragraphs to get to the “new stuff.” […]