Real Estate

lease accounting

Extended Rehabilitation Credit Deadlines

July 30, 2020

The IRS released Notice 2020-58 which provides relief to taxpayers in satisfying the substantial rehabilitation test due to the Coronavirus pandemic. In order to qualify a building for the rehabilitation credit, projects must meet the “substantial rehabilitation test” within a 24- or 60-month period for determining whether the rehabilitation work is satisfactory. The relief allows…

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tax credit

Relief on Low-Income Housing Tax Credits

July 13, 2020

Tax relief is available to issuers, operators, owners, and tenants of qualified low-income housing projects or qualified residential rental projects with exempt facility bonds, and state agencies that have jurisdiction over such projects. IRS Notice 2020-53 provides owners and operators until December 31, 2020 to perform certain time sensitive actions and requirements that were supposed…

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qualified opportunity funds

Relief for Qualified Opportunity Funds

June 9, 2020

The IRS released Notice 2020-39 which provides relief for Qualified Opportunity Funds (QOFs) and their investors due to the Coronavirus pandemic. 180-day investment requirement Taxpayers who sold property for an eligible gain and who would have had 180 days to invest in a QOF to defer that gain now have more time to do so.…

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tax deductions

Year-End Planning for the New Rules on Deductions

December 1, 2018

The sweeping Tax Cuts and Jobs Act (TCJA) makes many significant changes that will impact your year-end tax planning strategies. One of the biggest areas affected is planning for deductions. Itemizing: Will you or won’t you? When determining your year-end strategies, you first need to figure out whether itemizing will still be beneficial for you.…

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tax planning

Investing in Your Business is Still a Powerful Year-End Tax Planning Strategy

November 19, 2018

With the end of the year rapidly approaching, many business owners are wondering what they can do to reduce their income taxes. One of the best strategies continues to be investing in business assets that will provide large depreciation-related deductions. In fact, such investments could provide larger deductions in 2018 than in 2017, thanks to…

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What to Consider Before Teaming Up

April 23, 2018

As a result of rising facility costs, many nonprofits throughout the United States are beginning to consider shared workspace arrangements. This is of particular interest in areas where organizations are being priced out of the real estate market. Nonprofits who are looking to cut operating costs can also benefit from such a move. Options to…

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