Many senior housing properties are owned by limited liability companies or other entities that are taxed as partnerships for federal income tax purposes. The March 15th deadline for filing federal partnership tax returns is...more
The senior living industry was hit hard by the Covid-19, and the IRS recently announced relief for people or businesses who filed their 2019 or 2020 tax returns late as a result. If your business was subject to failure to...more
9/12/2022
/ Coronavirus/COVID-19 ,
Failure-to-File ,
Healthcare ,
Income Taxes ,
Infectious Diseases ,
IRS ,
Long Term Care Facilities ,
Senior Housing ,
Tax Liability ,
Tax Relief ,
Tax Returns
What is the right entity for your new business? The default answer is often considered to be a corporation, as it provides the owner with protection from business debts and has a lower 21 percent federal tax rate. The...more
Over the last month, President Biden has discussed various tax proposals that will increase income taxes on businesses and high-income individuals. In the last week, we have learned more about what some of those proposals...more
The Internal Revenue Service provided individual taxpayers with a nice St. Patrick’s Day surprise by announcing that the tax deadline for individuals had automatically been extended from April 15, 2021 to May 17, 2021....more
Monday, the U.S. Department of the Treasury and Internal Revenue Service (IRS) issued a press release and related notice regarding proposed regulations which clarify that the $10,000 cap on state and local tax (SALT)...more
One of the key tax benefits for investors and owners of real estate such a senior living facilities is depreciation. The 2017 Tax Cuts and Jobs Act expanded on this benefit, allowing for 100% bonus depreciation for assets...more
Because of Covid-19, the IRS extended most federal tax filing and payment deadlines otherwise due from April 1, 2020 to July 14, 2020 until July 15, 2020....more
7/8/2020
/ Coronavirus/COVID-19 ,
Corporate Taxes ,
Federal Taxes ,
Filing Deadlines ,
Filing Requirements ,
Income Taxes ,
IRS ,
Popular ,
Relief Measures ,
Required Forms ,
Tax Extensions ,
Tax Returns
Last month, the Internal Revenue Service (IRS) announced that the income tax filing deadline had been pushed to July 15, 2020, for income tax returns due on April 15, 2020. This relief was subsequently extended to certain...more
Treasury Secretary Steven Mnuchin announced, via Twitter, that the Internal Revenue Service is officially moving the tax filing deadline from April 15 to July 15....more
On Tuesday, Treasury Secretary Steven Mnuchin announced that the Treasury Department will extend the April 15 tax payment deadline by 90 days with no penalties or interest....more
Opportunity zones provide a powerful tool for taxpayers to defer recognizing their capital gains if they roll over their investment into a qualified opportunity zone fund, and offer investors the potential of avoiding...more
12/27/2019
/ Capital Gains ,
Community Development ,
Economic Development ,
Income Taxes ,
Investment Funds ,
Investment Opportunities ,
Investors ,
Opportunity Zones ,
Real Estate Development ,
Real Estate Investments ,
Tax Code ,
Tax Cuts and Jobs Act ,
Tax Deferral ,
Tax Incentives ,
Tax Planning
I recently wrote about the Tax Court decision in Northern California Small Business Assistants Inc. v. Commissioner, which addressed whether Section 280E’s denial of tax deductions to marijuana businesses violates the Eighth...more
11/4/2019
/ Constitutional Challenges ,
Controlled Substances ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRC Section 280E ,
IRS ,
Marijuana ,
Marijuana Related Businesses ,
Tax Court ,
Tax Deductions ,
Tax Liability ,
Tax Returns
If you have a foreign bank account (or signatory authority on a foreign bank account), you are required to file a Form 114 (commonly called an FBAR) if at any point during the calendar year the combined balance in all of your...more
As I previously discussed, the federal tax due date for partnership and corporate tax returns changed a few years ago. ...more
Do you have a tech business that you operate as a pass-through entity? If so, Section 199A of the recent tax reform legislation may apply to you or your business. This provision introduces a 20% deduction for qualified...more
Section 199A introduced a new 20% deduction for qualified business income. To qualify for the deduction, income must be from a trade or business. ...more
After many years of being the target of Congress and the IRS, the Tax Cut and Jobs Act finally succeeded in limiting the beneficial tax treatment of carried interests, at least for some taxpayers. This change will be of...more
3/2/2018
/ Business Taxes ,
Carried Interest Tax Rates ,
Corporate Taxes ,
Future Tax Treatment ,
Income Taxes ,
Investment Funds ,
New Legislation ,
Real Estate Development ,
Real Estate Market ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
Tax Rates ,
Tax Reform ,
Trump Administration
One of the most publicized changes made by last year’s Tax Cut and Jobs Act was a reduction in income tax rates for corporations and individuals. The maximum corporate tax rate has been permanently reduced from 35% to 21%,...more
2/26/2018
/ Business Formation ,
Choice of Entity ,
Corporate Taxes ,
Income Taxes ,
Partnerships ,
Pass-Through Entities ,
S-Corporation ,
Tax Cuts and Jobs Act ,
Tax Liability ,
Tax Planning ,
Tax Reform
The Tax Cut and Jobs Act made several important changes to the net operating loss (“NOL”) rules. The following is a brief discussion of these changes. Businesses that generate significant NOLs, such as real estate companies...more
The Tax Cut and Jobs Act introduced a new rule limiting a businesses ability to deduct interest expense, which can have a significant impact in the senior living area as facilities often are acquired or built using debt....more
Last month, President Trump signed into law the much publicized Tax Cut and Jobs Act. In part of our ongoing series discussing the changes made by the Act, the following answers five common questions regarding the new...more
2/2/2018
/ Corporate Taxes ,
Income Taxes ,
Net Operating Losses ,
New Legislation ,
Pass-Through Entities ,
Passive Activity ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Trump Administration
Last month, President Trump signed into law the much publicized Tax Cut and Jobs Act. In part of our ongoing series discussing the changes made by the Act, the following answers six common questions regarding the new Section...more
Last month, President Trump signed into law the much publicized Tax Cut and Jobs Act. In part of our ongoing series discussing the changes made by the Act, the following discusses key changes made to the expensing and...more
1/19/2018
/ Bonus Depreciation ,
Business Taxes ,
Compensation & Benefits ,
Corporate Taxes ,
Income Taxes ,
MACRS ,
New Legislation ,
Section 179 Property ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
Tax Rates ,
Tax Reform ,
Trump Administration
Last month, President Trump signed into law the much publicized tax reform legislation, Public Law 115-97. One of the new provisions is Section 199A, which introduces a deduction for qualified business income. Here are the...more