If you listen to the TV or radio, you have probably heard advertisements about Employee Retention Credits (ERCs) and how employers may qualify for cash from the government. If you own a business, you have probably been...more
While not as well-known as the Paycheck Protection Program, the Employee Retention Credit (“ERC”) program was another form of Covid relief provided by the federal government to businesses in 2020 and 2021. The ERC program...more
9/18/2023
/ Employee Retention ,
Internal Revenue Code (IRC) ,
IRS ,
Moratorium ,
Paycheck Protection Program (PPP) ,
Senior Housing ,
Tax Credits ,
Tax Fraud ,
Tax Liability ,
Tax Planning ,
Tax Relief
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
If you acquired or built a senior living facility that is located in an opportunity zone, or are considering doing so, a recent bipartisan bill introduced in Congress proposes making changes to the opportunity zone rules. ...more
4/21/2022
/ Capital Gains ,
Investment Funds ,
IRS ,
Opportunity Zones ,
Proposed Regulation ,
Real Estate Development ,
Real Estate Investments ,
Tax Benefits ,
Tax Cuts and Jobs Act ,
Tax Deferral ,
Tax Incentives ,
Tax Planning ,
Tax Reform
In 2017, the Tax Cuts and Jobs Acts (TCJA) created a capital gains investing program aimed at revitalizing impoverished neighborhoods in the United States, known as “Qualified Opportunity Zones.” The purpose of this program...more
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
In the senior living area, a taxpayer that is selling a community may look to avoid recognizing gain on the sale by entering into a Section 1031 like-kind exchange with respect to the real estate. The tax rules generally...more
If you are planning to acquire or build a senior living facility that is located in an opportunity zone, there are many tax benefits that are available to you. One of these benefits is that 10% of the capital gains that you...more
If you are planning to acquire or build a senior living facility that is located in an opportunity zone, there are many tax benefits that are available to you. One of these benefits is that 10% of the capital gains that you...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
This week, the IRS issued Notice 2021-10, which extends the June 4, 2020 relief that the IRS previously granted to opportunity zone investors and qualified opportunity funds (QOFs) in response to the ongoing COVID-19...more
As I previously reported in an article published earlier this month, the IRS has repeatedly taken the position that businesses cannot deduct otherwise deductible expenses (such as payroll or rent) if the business used...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
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
The 2017 Tax Cuts and Jobs Act introduced a new Section 163(j) limitation on deducting business interest expense. Specifically, businesses could only deduct net business interest in any given year equal to 30% of adjusted...more
The Coronavirus Aid, Relief, and Economic Security Act (CARES) Act was passed by Congress and is expected to be signed into law by President Trump. This $2.2 trillion stimulus bill contains an important tax benefit that so...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
A common tax planning tool for real estate transactions is to engage in a like-kind exchange of real estate. If structured properly, a taxpayer can sell real property (the relinquished property) and replace it with new...more
Happy New Year! Did I Miss My Chance at Opportunity Zones?
Opportunity zones were introduced in 2017 as part of President Trump’s tax reform bill. Taxpayers with capital gains can receive several tax benefits if the...more
1/16/2020
/ Capital Gains ,
Commercial General Liability Policies ,
Community Development ,
Consumer Insurance Products ,
Copyright ,
Economic Development ,
Homeowners Association (HOA) ,
Investment Funds ,
IRS ,
Licensing Rules ,
Low Income Housing ,
Medicare ,
Multi-Family Development ,
Music Industry ,
Opportunity Zones ,
Public Performance Rights ,
Qualified Opportunity Funds ,
Real Estate Development ,
Real Estate Investments ,
Senior Housing ,
Tax Cuts and Jobs Act ,
Tax Deferral ,
Tax Planning
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
As 2019 comes to a close, there is an important deadline approaching for opportunity zone investors. December 31, 2019 is the last day on which investors can make an investment in a qualified opportunity fund (“QOF”) and...more
12/6/2019
/ Capital Assets ,
Capital Gains ,
Community Development ,
Economic Development ,
Investment Funds ,
Investors ,
IRS ,
Low Income Housing ,
Opportunity Zones ,
Qualified Opportunity Funds ,
Real Estate Development ,
Real Estate Investments ,
Tax Cuts and Jobs Act ,
Tax Deferral ,
Tax Planning
In 2016, the Obama administration issued a series of rules and regulations designed to stem the flow of corporate inversions – transactions where U.S. corporations moved offshore to avoid the high 35% U.S. corporate tax rate....more
11/5/2019
/ Corporate Taxes ,
Deregulation ,
Financial Regulatory Reform ,
Foreign Corporations ,
Inversion ,
IRS ,
Regulatory Burden ,
Section 385 ,
Tax Cuts and Jobs Act ,
Tax Planning ,
Trump Administration ,
U.S. Treasury
As more and more states are allowing legal use of marijuana, medical marijuana businesses are faced with large tax bills because of marijuana’s continued classification as a Schedule I controlled substance under federal law. ...more
10/29/2019
/ Business Expenses ,
Business Taxes ,
Dispensaries ,
Dissenting Opinions ,
Eighth Amendment ,
Excessive Fines Clause ,
IRC Section 280E ,
IRS ,
Marijuana ,
Marijuana Related Businesses ,
Medical Marijuana ,
Sixteenth Amendment ,
Tax Court ,
Tax Deductions ,
Tax Liability ,
Tax Penalties ,
Tax Planning