3 Changes to Tax Form 1099: What Real Estate Businesses Need to Know
Dec16

3 Changes to Tax Form 1099: What Real Estate Businesses Need to Know

Your real estate business just finished the 2019 tax compliance season and thought that you had conquered all the 2020 tax hurdles. Unfortunately, there may be one additional obstacle for business owners to consider. Form 1099, a tax form that is becoming more and more common in today’s economy and the commercial real estate industry, is receiving some key changes for the 2020 tax year. The three changes to Form 1099 relate to updates...

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A Win for Property Owners: CARES Act Fixes Technical Error in 2017 Tax Law
Jun04

A Win for Property Owners: CARES Act Fixes Technical Error in 2017 Tax Law

In the midst of economic fallout tied to the COVID-19 crisis, the U.S. Congress passed the Coronavirus Aid, Relief and Economic Security Act (CARES Act) to offer financial assistance to both American individuals and businesses. While most of this $2 trillion stimulus bill focuses directly on emergency Coronavirus-related relief, there is an amendment within the CARES Act that corrects a mistake from the 2017 tax law. This correction...

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Seven Action Items for Businesses Once PPP Loans Are Funded
May14

Seven Action Items for Businesses Once PPP Loans Are Funded

With the $2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act) signed into law by President Trump on March 27, 2020, many businesses are now starting to see benefits from the largest economic relief package in modern U.S. history. One of these benefits includes receiving funds from the Small Business Administration (SBA) 7(a) loans that were rolled out as part of the CARES Act Paycheck Protection Program (PPP)....

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Opportunity Zone Regulations Now Finalized
Apr16

Opportunity Zone Regulations Now Finalized

On December 20, 2019, the IRS published yet another set of guidance for qualified opportunity zones (QOZs), but this time, in its final version. Before this guidance was released, the IRS had already introduced two sets of proposed regulations: October 2018: These proposed regulations helped taxpayers understand how to turn their ventures into QOZ businesses or how to invest directly into a Qualified Opportunity Fund (QOF). April...

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Important Changes to Partnership Capital Accounts in 2020
Mar17

Important Changes to Partnership Capital Accounts in 2020

Partnership tax forms are changing. Starting in 2018, the IRS adjusted their forms to reflect several new reporting requirements. As a result, partnerships must report the following for each partner, including: Qualified business income, W-2 wages and unadjusted basis of business assets to aid in Section 199A calculations Excess taxable income and excess business interest to track the business interest expense limitation Long-term...

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The Good Stuff – A Recap of the CREW Careers Initiative
Mar25

The Good Stuff – A Recap of the CREW Careers Initiative

In 2014, I had the opportunity to be a part of the Leadership CREW class. One of the most impactful topics for me was volunteerism -Time, Talent, Treasure. While we all have various responsibilities and are in different points in our lives, we all have an opportunity to give back. Some may choose to donate money to an organization, while others use their talent and skillset to sit on a community board. After much self-reflection, I...

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