Year-end tax planning
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Deadline for Qualified Opportunity Zone Reinvestment Fast Approaching
The Qualified Opportunity Zone (QOZ) program offers investors the ability to reinvest eligible gains from the sale of essentially any asset within 180 days of the recognition date. For investors who realize gains through a Schedule K-1, the QOZ investing timeline can be extended to begin on the federal tax return due date of the […]
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Reverse Section 1031 Exchanges
I must be excited for this week’s complimentary webinar presented by CLA and First American Exchange Company, as I have Section 1031 exchanges on the brain. Loyal subscribers will know that we have covered this topic extensively over the years. And for our less loyal readers, here are a couple blog posts to get you […]
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Florida Property Owners, You Are On the Clock!
Florida county assessors are required to re-appraise real property annually. Property appraisers establish the value of a property each year as of January 1st. They also review and apply exemptions, assessment limitations, and classifications that can affect a property’s taxable value. Value changes from prior assessments are typically based on market conditions and transactions that […]
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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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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 Opportunity Zone Legislation Introduced
Congress introduces new OZ legislation to expand the program to rural census tracts and increase transparency through added informational reporting.