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Real Estate Accountants Face Pandemic Challenges

5 days ago

Real estate accountants face pandemic challenges. Accounting for real estate owners has become more difficult since the pandemic broke out last year as tenants stopped paying rent, rules changed for leases, and unused office space proliferated. Even as businesses reopen across the country thanks to the widening availability of COVID-19 vaccines

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Why Real Estate Investment Is Your Best Tax Shelter

8 days ago

Why Real Estate Investment Is Your Best Tax Shelter. IMGCAP (1)]“In every country I’ve been in, real estate is the best tax shelter,” said Tom Wheelwright, CPA, an advisor and speaker at Robert Kiyosaki’s Rich Dad Poor Dad seminars, and a contributor to Donald Trump’s Wealth Builders Program. “Tax law is a series of incentives

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IRS Offers Safe Harbor For Rental Real Estate Business

3 days ago

This safe harbor is available for taxpayers who want to claim the section 199A deduction with respect to a “rental real estate enterprise.” Only for purposes of the new safe harbor, the IRS is defining a rental real estate enterprise as an interest in real

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Real Estate Investment Groups Can Maximize Value Through

Just Now

Real estate partnerships pool funds from various investor groups, family offices and public entities to invest in property platforms seeking high cap rates and strong yields. Even though the investors within each fund have different tax structures and tax needs, the goal of enhancing each investor s rate of return can be accomplished through sophisticated tax planning strategies.

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The IRS War Against Real Estate Investors Accounting Today

8 days ago

The IRS War Against Real Estate Investors. IMGCAP (1)]The IRS is conducting a sweep of real estate investors that challenges deductions investors have been taking as a routine part of business for years. The sweep is based on an IRS belief that there is a compliance gap in this area. In the event that an investor client becomes the subject of

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New Proposition Threatens California’s Real Property Tax

8 days ago

New proposition threatens California’s real property tax haven. Homeowners have seen their houses appreciate in value dramatically in most parts of the country over the past several decades, and in most cases, the assessed value for real property taxes has kept pace with the rise in the real value of the property itself. But not in California.

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PATH Act Improves Realty Tax Breaks, But Introduces New

2 days ago

IMGCAP(1)]As a general rule, the cost of commercial real estate improvements is recovered over a painfully long period of 39 years via straight-line depreciation only. However, for specially defined categories of realty improvements, taxpayers may be entitled to the hat-trick of tax breaks: expensing under Code Section 179 of part of the cost

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Private Companies Still Unprepared For Leases Standard

1 days ago

As a result of the pandemic, some companies have reduced their real estate footprints, expecting employees to work remotely for the foreseeable future or for other business reasons. Whether an organization needs to exit a lease prior to contract term end, modify existing lease agreements or execute a sale-and-leaseback transaction, they require

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Opportunity Zone Investments Bring Bigger Tax Breaks If

2 days ago

Real estate investors who want to maximize the return on investment from participating in the opportunity zone program will reap extra tax breaks if they finalize the transaction before the end of the year, but one expert is still urging they do their due diligence before rushing into the program.

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PATH Act Improves Realty Tax Breaks, But Introduces New

3 days ago

Effective for property placed in service after Dec. 31, 2015, in tax years ending after that date, the term for real estate improvements eligible for bonus depreciation is "qualified improvement property," a vastly more expansive category than the prior law's "qualified leasehold improvement property" category.

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States With Highest Property Taxes Accounting Today

1 days ago

Real estate taxes are eight times higher in New Jersey than in Hawaii, according to the report, and 27 states levy some sort of vehicle property tax. Such taxes are 13-times higher in Rhode Island than in Montana. Real estate property taxes in the average Blue State ($2,250) are 39 percent higher than those in the average Red State ($1,613).

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EisnerAmper Acquires Imowitz Koenig And RESIG Accounting

2 days ago

EisnerAmper acquires Imowitz Koenig. EisnerAmper LLP, a Top 100 Firm, has merged in Imowitz Koenig & Co, LLP, a CPA firm in New York, and its affiliated real estate fund advisory firm Real Estate Systems Implementation Group LLC. IK/RESIG, as the affiliated firms are known for short, was founded in 1979. As part of the deal, 14 partners and

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A New Appreciation For Bonus Depreciation Accounting Today

8 days ago

The TCJA increased the bonus depreciation deduction for real estate investments from 50 percent to 100 percent for qualified property that is acquired and placed in service after Sept. 27, 2017, and before Jan. 1, 2023, he noted. For Section 179, the TCJA increased the maximum deduction from $500,000 to $1 million, increased the phaseout

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IRS Finalizes Rules For Impact Of 199A Deduction On REIT

3 days ago

The Internal Revenue Service released final regulations Wednesday on how a regulated investment company that receives qualified real estate investment trust dividends should report the dividends paid by the company to its shareholders in accordance with section 199A of the Tax Code, which allows the investors to take a hefty deduction.

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IRS To Do More To Ensure Tax Compliance On Foreign

6 days ago

“As such, the IRS cannot provide assurance that all foreign seller real estate transactions comply with this law.” TIGTA’s review of Form 1099-S, Proceeds From Real Estate Transactions, real estate transaction data reported to the IRS revealed that there may be noncompliance with the FIRPTA filing requirements.

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FASB Business Definition Guidance Will Aid Some Companies

6 days ago

Some real estate executives had expected the Securities and Exchange Commission to make changes in its rules, but that hasn’t happened yet. “I know a lot of the public real estate companies were hoping that this would cross over to the SEC’s rule where real estate acquisitions require that financial statements be filed, and if it was a

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SEC Offers Guidance On Qualified Opportunity Zone Fund

3 days ago

The Tax Cuts and Jobs Act set up the opportunity zone program as a way to provide tax incentives for long-term investing in designated economically distressed communities, and it has spurred a hot real estate market trend.

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Putting Losses Into The Right Baskets Accounting Today

4 days ago

Individuals who own and actively participate in the management of rental real estate may offset up to $25,000 of passive-activity loss from rental real estate against active income in any tax year. The offset amount is reduced by 50 percent of the amount by which the taxpayer's adjusted gross income exceeds $100,000, phasing out completely at

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Berdon Merges In Koch Group And Company Accounting Today

6 days ago

The firm targets the real estate, not-for-profit and charter schools sectors. It will now operate as Koch Group, a division of Berdon LLP. “When we consider a merger candidate, we look to see if they can enhance our portfolio of services we’re providing and if they blend well with our culture," said Berdon managing partner Mark Bosswick in

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LeaseAccelerator Acquires Guardian Global Systems

6 days ago

Guardian Global’s property management applications cater to corporate real estate needs. Its main product, Portfolio Manager, helps companies manage their real estate assets, contracts, clauses, options, invoices, payments, forecasting, budgeting, and reporting for leased, sub-leased, owned, and tenanted properties.

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Businesses Reassess Leases And Accounting Amid Coronavirus

5 days ago

Businesses reassess leases and accounting amid coronavirus. Nearly one-third of companies are reducing their overall real estate footprint as a result of the COVID-19 pandemic, with 31 percent of companies renegotiating leases for more favorable terms, according to a new report. The report, released Tuesday by LeaseQuery, a provider of lease

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IRS Clamps Down Further On REIT Spinoffs Accounting Today

7 days ago

The Internal Revenue Service has issued final and temporary regulations to curb the use of spinoffs of corporate assets into real estate investment trusts, or REITs, to reduce taxes.. The Protecting Americans from Tax Hikes Act of 2015, also known as the PATH Act, included provisions to discourage companies with extensive real estate holdings, such as restaurant and hotel chains, from …

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The 2019 Top 100 Firms: New Niches, Strong Clients

5 days ago

Real estate shared the top client category spot, and for Milwaukee-based Wipfli, the firm’s success in that industry is linked to its similar success in the construction vertical. And while growth in construction clients for the T100 tapered off a bit in 2019, the category remained in the Top 5 …

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CohnReznick To Acquire NOI Strategies Accounting Today

4 days ago

CohnReznick to Acquire NOI Strategies. CohnReznick LLP, a Top 100 Firm, has signed a letter of intent to acquire the real estate consulting boutique NOI Strategies. The deal is expected to close Feb. 1, 2015. NOI will join the advisory services arm of CohnReznick and will operate as NOI Strategies, a division of CohnReznick.

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Opportunity Zone Investments Off To An Uncertain Start

1 days ago

One of the more successful opportunity zone developers is Cresset, a $6 billion financial firm that is partnering with Diversified Real Estate Capital on one of the biggest opportunity zone funds. It has made seven investments in the fund so far and attracted $330 million to its fund, with a possible eighth project under consideration.

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Opportunity Zones Facing Some Headwinds Despite New Rules

4 days ago

Real estate is inherently a safer investment than an operating business. As long as your real estate is occupied and it’s cash flowing and you’re managing your expenses, you should come out in the black before depreciation expense. With an operating business, it’s a little tougher. Maybe you have employees, and you’ve got challenges

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RubinBrown Expands To Chicago By Adding FLS Group

Just Now

RubinBrown’s Real Estate Service Group is currently led by partner-in-charge Bryan Keller. The firm expects to leverage FLS’s expertise in real estate services, which make up approximately 80 percent of FLS’s annual revenue. FLS managing member Bruce Schiff has more than 30 years of experience in affordable housing finance, including the

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The Vertical Pandemic: Niches Needing Help Accounting Today

8 days ago

A mixed market in real estate. Real estate has been a major focus during the pandemic, with rent freezes and a possible housing market crash dominating headlines early on, but the field covers such a wide scope of businesses and uses, there are multiple effects — both good and bad — currently impacting the industry.

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Doeren Mayhew Acquires Evans & Chastain In Houston

5 days ago

“Evans & Chastain is a well-known firm in the local real estate sector, and we are extremely excited for this opportunity to expand our team and reach in the Texas market,” said Chris Masters, Houston managing shareholder at Doeren Mayhew, in a statement.

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Richey May Acquires Mortgage Lending Tech Company Amata

2 days ago

Richey May, a firm based in Denver serving the financial services and real estate industries, has acquired Amata Solutions, which provides customized planning and business intelligence tools for mortgage lenders. The acquisition comes three months after Richey May made an investment in the company. Terms of the acquisition were not disclosed.

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The Cost Segregation Estate Planning Strategy Accounting

2 days ago

IMGCAP(1)][IMGCAP(2)]When one dies owning commercial or rental residential real estate, a cost segregation study can be a highly effective tool for reducing the estate’s tax burden. Upon death, the beneficiary receives a step up in tax basis to fair market value of the property, and any recapture tax the decedent would have paid upon sale is

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Billionaire Hedge Fund Manager Paulson Considers Move To

Just Now

The firm is one of the largest holders of Popular Inc., which owns the biggest lender in Puerto Rico, and it runs a $300 million real estate fund that has properties in Florida, Nevada, Arizona, California, Colorado and Hawaii. Unusual Choice John Paulson hasn’t decided whether to move and may opt to stay in New York, the people said.

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IRS Releases Final Rules For Net Investment Income Tax

1 days ago

Among the changes is a safe harbor for real estate professionals. If a real estate professional participates in rental real estate activities for more than 500 hours per year, the rental income associated with that activity will be deemed to be derived in …

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BDO Teams With CoStar On Lease Accounting Accounting Today

8 days ago

The new standards require companies to recognize nearly all obligations for real estate, equipment and other leased assets on their balance sheets. Data from the Securities and Exchange Commission indicates that Fortune 500 companies now have over $700 billion in off-balance sheet lease obligations that will be affected by the new standards

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IRS Needs To Get Better At Appraising The Value Of Art

1 days ago

Valuable property such as art, cars, businesses, real estate, and easements must be independently appraised by law to determine exactly how much the taxpayer should report on a tax return. An appraisal is an opinion about the value of a particular asset at a particular time and is prepared following professionally accepted procedures.

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Great Experiential Learning Is Key To Growing Top Talent

3 days ago

This was the day he decided to become a real estate partner at the firm. What until then was a job became a passion. Today, he is a prominent real estate industry expert in the accounting profession. Mentoring Many firms have mentoring programs. Most firms acknowledge they do not do it well. Great mentoring is heavily tied to partner involvement.

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Estate Tax Is One More Reason To Hate The Yankees

6 days ago

Tom, a Red Sox fan, owns a small business, real estate and personal property totaling approximately $7 million. If Tom stays healthy through 2010 but passes away in 2011, his heirs will pay over $3.2 million in estate taxes, assuming nothing is done. If Congress were to freeze the rates at the 2009 rates, his heirs would pay just under $2

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Bernie Sanders Estate Tax Bill Introduced In House

7 days ago

REGISTER NOW. Rep. Jimmy Gomez, D-Calif., introduced legislation Friday modeled after the estate tax bill sponsored in the Senate by Sen. Bernie Sanders, I-Vt. The For the 99.8% Act would impose a tax on estates worth over $3.5 million. Under the For the 99.8% Act, the families of 588 billionaires would owe up to $2.2 trillion in estate taxes.

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McGladrey Names National Industry Leaders Accounting Today

8 days ago

RSM McGladrey Inc. and McGladrey & Pullen LLP announced the appointment of new industry leaders for its national consumer products, real estate and construction, business and professional services, and not-for-profit practices. [IMGCAP (1)] "I am pleased that these outstanding professionals will be leading our national growth industries moving

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FASB Proposes Changes In Investment Accounting

3 days ago

Unlike IFRS, U.S. GAAP does not contain specific accounting requirements for investment properties. As a result, an entity that invests in real estate properties but is not an investment company is required to measure its real estate properties at cost under Topic 360, Property, Plant, and Equipment, and account for the leases separately.

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IRS And Treasury Propose Qualified Opportunity Zone Tax

7 days ago

Opportunity zones were ushered in by the 2017 tax cuts law and provide substantial tax breaks on capital gains for people who invest in real estate projects in economically distressed communities, allowing some investors to defer their capital gains taxes for years or even indefinitely.

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Marcum Merges In Cornerstone Accounting Accounting Today

6 days ago

Cornerstone provides accounting and assurance services to its clients, including private equity funds, hedge funds, real estate investment trusts, pension advisors and private real estate companies. “As a national accounting firm with a footprint in over 20 regional markets, Marcum provides the Cornerstone Accounting Group the opportunity to

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Levinson Joins Reznick Group Accounting Today

5 days ago

Levinson brings more than 30 years of experience in the accounting and real estate industries. Prior to joining the firm, she was executive vice president and CFO of major New York-area real estate developer Forest City Ratner Cos. Before that, she was with Ernst & Young for 24 years.

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J.H. Cohn S Tom Marino Plans Future After Reznick Merger

Just Now

“Reznick is much more real estate centric and therefore doesn’t deal as much internationally as a J.H. Cohn would," he said. "But whether it’s inbound or outbound, we do a lot more with Nexia than Reznick does with IGAF. So it made the decision quite easy with the quality of firms that were in Nexia, with the amount of business we do with

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BDO Merges In Hertzbach & Company Accounting Today

8 days ago

The firm was founded in 1948 by George Hertzbach and offers assurance, tax and advisory services to clients across the Mid-Atlantic region. The firm focuses on clients in the construction, real estate, health care, government contracting, manufacturing, nonprofit and financial services sectors.

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IRS Eases Rules On Commercial Mortgage Loan Modifications

4 days ago

The IRS has issued a new tax rule that will allow commercial real estate borrowers to proactively discuss possible modifications to securitized loans that …

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Democrats Probe Opportunity Zone Abuses With Investigation

2 days ago

Sen. Ron Wyden, D-Ore., the top Democrat on the Senate Finance Committee, teamed up with several of his fellow Democrats on new legislation and investigations of reported abuses of the opportunity zone tax break for real estate investors.

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Biden attacks $50B real estate tax break in jab at Trump. Joe Biden is threatening to eliminate a tax benefit worth billions of dollars to the real estate industry in an attack on President Donald Trump, a property developer who has boasted about using the tax code to his advantage.

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FAQ?

Is real estate a good investment right now?

Real estate is generally a great investment option. It can generate ongoing passive income and can be a good long-term investment if the value increases over time.

How much can you make in real estate?

Real estate is often a referral-based business. Those who are involved in the business longer typically are the most successful. Those with 16 years or more experience earned the highest real estate income: approximately $78,850 on average.

What is the best real estate market?

Dallas tops the list of real-estate markets over the period studied, exhibiting strong price appreciation, while remaining a market in which investors saw strong rents relative to property values.

What is the most expensive real estate in the US?

Manhattan real estate is the most expensive in the US per square foot with some properties topping $10,000: Study. Move over San Francisco — the Big Apple tops Silicon Valley as most expensive place to live in the United States, a new study shows.

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