Employers who do not receive forgivable loans under the Paycheck Protection Program (PPP) of the CARES Act will be interested to know that the IRS has provided new guidance to the Employee Retention Credit generally helpful...more
The IRS recently announced that business expenses paid to qualify for loan forgiveness under the Paycheck Protection Program of the CARES Act (PPP) are not deductible. This agency decision “prevents a double tax benefit”...more
From the initial real estate purchase to completing construction, the entire real estate industry has been hit hard by the economic downturn caused by COVID-19. Some of the new relief bills have helped, especially the...more
As the COVID-19 pandemic continues and unemployment increases at an unprecedented rate, employers throughout the US are looking for different ways to assist their employees. Many employees even if they remain employed are in...more
The IRS issued final QOZ regulations at the end of 2019, almost two years after Qualified Opportunity Zones (“QOZs”) were introduced to investors in the 2017 Tax Cuts and Jobs Act. These regulations finalized the proposed...more
1/17/2020
/ Capital Gains ,
Capital Losses ,
Community Development ,
Economic Development ,
Final Rules ,
IRS ,
Opportunity Zones ,
Pass-Through Entities ,
Property Improvements ,
Qualified Opportunity Funds ,
Real Estate Development ,
Safe Harbors ,
Tax Cuts and Jobs Act ,
Tax Deferral
This is Part II of a series of posts discussing the issues of Qualified Opportunity Funds (QOFs) that need to be considered when investing in non-real-estate-businesses. Part I of this series discussed the newest guidance for...more
The Treasury Department has issued two sets of proposed regulations concerning the tax benefits available to taxpayers who invest in Qualified Opportunity Funds (QOFs). The first set of proposed regulations (published in...more
7/16/2019
/ Capital Gains ,
Community Development ,
Investment Funds ,
IRS ,
Opportunity Zones ,
Proposed Regulation ,
Qualified Opportunity Funds ,
Real Estate Development ,
Real Estate Investments ,
Safe Harbors ,
U.S. Treasury
Your application to receive a state or municipal economic development grant for your real-estate development project has been approved. That’s good news! The bad news is that the grant might be taxable income, thanks to the...more
4/24/2019
/ Economic Development ,
Grandfathering Rules ,
Grants ,
Internal Revenue Code (IRC) ,
Limited Liability Company (LLC) ,
Mortgage REITS ,
Partnerships ,
Real Estate Development ,
REIT ,
Tax Cuts and Jobs Act ,
Tax Planning ,
Taxable Income
One of the hottest topics in the real estate right now is the federal Qualified Opportunity Zone program. This program caught the interest of real estate investors because of the potential tax breaks available to those who...more
The highly anticipated Tax Cuts and Jobs Act is expected to be signed into law in early 2018. This Act when signed will be the largest tax reform since 1986 and as a result, can affect many aspects of your business. Here...more
In 2015, Congress repealed the complex and heavily criticized Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) partnership-level audit rules which apply to partnerships and most LLCs. The new audit rules, which...more
An ordinance amending the Philadelphia realty transfer tax (RTT) chapter of the Philadelphia Code was enacted on December 8, 2016, and will come into effect on July 1, 2017. The ordinance makes two primary changes to the...more
Pennsylvania’s Revised Power of Attorney Act: Major Changes May Not Necessitate Revising Your Power of Attorney -
You may have read about the overhaul of the Pennsylvania laws governing Powers of Attorney used for...more
In this issue:
- Snowbirds Beware: The Pennsylvania tax man wants
to know where your heart is
- Some reminders about Federal Estate and Gift Tax Exclusions
- . . . and about IRAs
- A consumer...more