The IRS has released several pieces of guidance providing taxpayers with the ability to receive immediate cash flow benefits and implement tax planning opportunities associated with changes made to depreciation under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Good news from the IRS. In Notice 2020-39, the IRS has laid out certain extensions to deadlines imposed on Qualified Opportunity Funds (QOFs) and their investors due to the COVID-19 pandemic. The IRS previously extended certain due dates under
Included among the extended due dates of Notice 2020-23 is a broad extension with respect to “Time-Sensitive Actions.” This includes the extension of: The 45 day identification period of replacement property under Section 1031 The 180 day replacement period of replacement
The rules for reporting leasing transactions are changing. Though these changes have been delayed until 2021 for private companies (and nonprofits), it’s important to know the possible effects on your financial statements as you renew leases or enter into new
National Security Compliance is Key to Cross‑Border M&A According to REITcafe, foreign investors purchased a record $91.1 billion in U.S. properties last year—more than double the amount they purchased in 2014. Chinese investors alone poured $8.6 billion into U.S. commercial
New Year’s Day of an even-numbered year brings new appraisal regulations under Uniform Standards of Professional Appraisal Practice (USPAP) that will bring new costs to appraisers and their clients. What is this USPAP? It is a regulation that handcuffs
New Law Restricts Tax-Free REIT Spinoffs By Randy Schwartzman, Patricia Brandstetter In recent years, tax-free spinoffs under Sec. 355 involving REITs became popular among corporations with real estate holdings. The essence of REIT spinoffs is that valuable real estate leaves
If you are a disabled veteran, in almost every jurisdiction you can petition your local taxing authority to have your real estates waived or reduced. The following states offer real estate tax deductions: Illinois: A qualified disabled veteran can receive