-
Year-End Reminders for Fund Managers
As year-end approaches, fund managers should prepare for compliance season by working closely with their service providers to ensure delivery dates are met and potential hurdles are anticipated. We recommend that fund managers consider the following: Have open and honest conversations. Engage your fund administration, tax, and assurance teams to set expectations and establish […]
-
Planning for Deferred Tax Liabilities on Opportunity Zone Investments
Opportunity zone investors are schedule to recognize significant tax liabilities on deferred gains invested into qualified opportunity funds. Determining strategies to manage or minimize these taxes is a critical action in the OZ toolkit.
-
Tax Basis Capital Account Reporting Now Required by California
Beginning with the 2023 tax year, and for every taxable year thereafter, the California Franchise Tax Board (FTB) will require taxpayers who file Form 565 or Form 568 to report its partners’ or members’ capital accounts on the Schedule K-1 using the tax basis method as determined under California law. The FTB instructs taxpayers to […]
-
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 […]
-
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 […]
-
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 […]
-
How You Might Be Impacted By New SEC Rules
The Securities and Exchange Commission (SEC) recently adopted rules and amendments to enhance the regulation of private fund advisers. The reforms are designed to protect investors by increasing the transparency into the operations of their fund investors. The sweeping rule changes are over 600 pages long. Below are a couple of key changes fund advisors […]
-
Digital Transformation Journey
The data and technology landscape in commercial real estate continues to shift dramatically. In recent years, more and more real estate companies have started their digital transformation journeys, reshaping the ways that they acquire, sell and manage properties. When you throw in the continuing talent shortage and widening skills gap, which according to BOMA (Building […]
-
A Nice Surprise for California Taxpayers and Practitioners on October 16th
Today, the Internal Revenue Service (IRS) further postponed tax deadlines for most California taxpayers (55 of California’s 58 counties, all except Lassen, Modoc and Shasta counties, qualify) from October 16, 2023 to November 16, 2023. While the State of California generally conforms to disaster relief extensions announced by the IRS, final confirmation from the Franchise […]
-
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 […]
