Category

Tax

Treasury Continues to Target U.S. Real Estate Transactions by Ken Vitek, CPA


Posted on December 05, 2019 by Ken Vitek

In November 2019, the Financial Crimes Enforcement Network (FinCEN) strengthened its efforts to combat money laundering by reissuing its Geographic Targeting Order (GTO) program for U.S. real estate transactions. Under the renewed GTO, which is extended through May 9, 2020, title insurance companies must collect and report the identities of certain beneficial owners behind holding companies and legal […]

Numbers Taxpayers Need to Know for 2020 by Jeffrey M. Mutnik, CPA/PFS


Posted on December 03, 2019 by Jeffrey Mutnik

The IRS recently announced the annual inflation adjustments to various provisions of the tax code for 2020. Taxpayers should consider these changes very carefully as they plan for tax efficiency in 2020 and when they prepare to file their 2020 tax returns in 2021. It is also for taxpayers to keep in mind that these […]

IRS Zeroes in on Partnerships, Updates Forms to Improve Future Tax Compliance by Angie Adames, CPA


Posted on November 20, 2019 by Angie Adames

In an effort to improve tax compliance and the quality of information reported by partnerships, the IRS recently issued updated versions of Form 1065, U.S. Return of Partnership Income, and Schedule K-1, Partner’s Share of Income, Deductions, Credits, etc., for applicable taxpayers to use when filing their 2019 tax returns in 2020. According to the […]

Florida Again Reduces State Sales Tax on Commercial Real Estate Leases in 2020 by Karen A. Lake, CPA, CFST


Posted on November 12, 2019 by Karen Lake

The Florida legislature recently voted to again reduce the sales tax that commercial real estate owners charge and receive from tenants to 5.5 percent in 2020 from its current rate of 5.7 percent. Real property rentals subject to the reduced rate include commercial office space, retail, warehouses and certain self-storage units, excluding storage for motor […]

Rental Property Owners May Qualify for Pass-Through Business Tax Deduction by Edward N. Cooper, CPA


Posted on October 31, 2019 by Edward Cooper

Businesses that own rental property and are organized as pass-through entities, such as S corporations, partnerships or LLCs, may have a unique ability under the Tax Cuts and Jobs Act (TCJA) to potentially obtain a deduction for up to 20 percent of the qualified business income (QBI) they generate from leasing real estate. Section 199A of the tax […]

New Rules for Delaware LLCs with Real Estate Holdings by Joseph L. Saka, CPA/PFS


Posted on October 24, 2019 by Joseph Saka

Savvy real estate developers and investors have long relied on the Delaware Limited Liability Company Act (DLLCA) to provide them with a flexible and tax-friendly solution for purchasing and holding real property. In planning for the future, current and prospective Delaware LLCs and their members should recognize that the state recently made amendments to the […]

Maximizing Donations to Foreign-Based Charities under Tax Reform UPDATED by Lewis Kevelson, CPA


Posted on October 08, 2019 by Lewis Kevelson

Donations that U.S. taxpayers make directly to foreign charities usually will not qualify for income tax deductions unless those charities are registered with the IRS as tax-exempt entities or there is relief available under a bilateral income tax treaty. In the rare instances when these conditions are met, the charitable deduction is available only to […]