Real estate owners, developers and managers are confronted with many challenges every day. Whether it is conducting due diligence for a purchase or executing a 1031 exchange, you’ve got a lot to juggle. Anchin has been helping real estate companies maximize cash flow, develop innovative tax strategies and working with management to evaluate transactions for more than 90 years.
Real estate owners and families need to maximize tax efficiency, structure deals favorably and execute efficient estate plans. Assistance with strategic planning, tax planning, lease consulting and testing, cost segregation, litigation support, and state and local tax services (SALT) are just some of the ways Anchin maximizes value for clients.
A well designed and properly executed tax strategy can both maximize returns to investors and provide funds for additional acquisitions. Our tax professionals are experienced with the tax advantages available in the real estate industry and utilize their expertise to your benefit. The result is a logical strategy that works for both you and your business.
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Tailored real estate tax planning from professional CPAs:
- Mergers and acquisitions
- Real estate due diligence/acquisition due diligence (141 allocations, FIN 46)
- Tax structuring and compliance
- Executive compensation
- State and local taxation
- Private client tax and advisory
- Restructuring and bankruptcy
- Lease consulting/lease testing
- Litigation support
- Cost segregation
- Wealth management
- Insurance review
- Business accounting and taxation
- Financial outsourcing (back office support/bookkeeping)
- Strategic planning
“We have known you as a friend and a business advisor since 2005. Not only are you our accountant and business advisor, but you have acted as a sounding board on a regular basis. If we need to reach you or one of your partners, we are always able to get through. As we have sought answers and approaches to new issues and challenges, your experience in the business world has been invaluable. Thank you for being our expert partner.”
-Jonathon Yormak, Co-Founder & Managing Principal, East End Capital
Our clients range from start-ups to well established funds, and our expertise and suite of services allow us to assist funds throughout each phase of their growth or lifecycle.
For funds that may be at the early stages and need assistance in forming a new fund, we have been instrumental in guiding them through the formation phase. We work directly with the funds’ attorneys to create a structure that will maximize tax benefits and promote the efficient operation of the entity.
For established funds, we conduct financial statement audits and perform in-depth operational audits from a system analysis viewpoint on a recurring basis.
Audit and Assurance Services
- Financial statement audits of real estate investment funds in accordance with GAAP and the Investment Company Guide
- Financial statement audits in accordance with income tax basis
- Audits of investee companies
Accounting Consulting Services
- Review and evaluate internal control environment of the management company and of the fund
- Technical accounting consultations, including reporting requirements
Tax Compliance Services
- Prepare federal, state and local partnership tax returns of the fund and the underlying investments
- Prepare K-1’s
- Foreign tax compliance
Tax Consulting Services
- Assist with tax efficient structuring of the fund
- Assist with acquisition and disposition of investments
- Operational due diligence
- Mergers of funds
- Tax planning
- Cost segregation studies
Back Office Services and Special Procedures
In addition to our traditional role as auditors and tax compliance specialists, we offer a full range of services designed to assist in back-office administration for real estate funds. Through the use of proprietary software, customized for each client, we provide streamlined reports on performance of investments and the allocation of income to the members of different tiers.
Click here to download our printable brochure.
- Testimonial: East End Capital
"Not only are you our accountant and business advisor, but you have acted as a sounding board on a regular basis. If we need to reach you or one of your partners, we are always able to get through."
- Financial Statements Dos and Don’ts for Real Estate FundsOctober 6, 2021
Financial statements are a tool that investors, creditors and management use as a financial dashboard of the business or fund. It is important that financial statements are designed in a manner that is easy to understand by these users. In financial reporting, it is strongly advised that the financial statements be prepared in accordance with the standards, and present information in a clear and simple manner without omitting useful information.
- Opportunity for Businesses: The COVID Economic Injury Disaster Loan (EIDL) Limit Increases by $1.5 million to $2 millionSeptember 22, 2021
On October 8, 2021, the Small Business Administration (SBA) will begin approving COVID EIDL applications for loans greater than $500,000, increasing the COVID EIDL cap to $2 million. COVID EIDLs are loans directly from the SBA that must be repaid. Proceeds from a COVID EIDL can be used for working capital to make regular payments of operating expenses, and to pay business debt incurred at any time in the past, present, or future.
- How the Biden Administration’s Proposed Tax Plan Could Affect Your Real Estate BusinessAugust 20, 2021
President Biden’s $1.8 trillion “American Families Plan” proposal presents tax policy changes that will greatly affect the real estate industry, including an increase in the capital gains tax rate and limits on the use of 1031 like-kind exchanges.
- New York Decouples from Certain Opportunity Zone Provisions August 20, 2021
Enacted as part of the Tax Cuts and Jobs Act, Opportunity Zones were created as a tax-incentivized stimulus for investments in underserved communities throughout the United States.
- Will Recent New York State Tax Changes Drive High Income Residents From the State?August 20, 2021
New York has seen a record number of residents leave over the last few years, which has been spurred in part by both the 2017 Tax Cuts and Jobs Act (TCJA) and the impact of the pandemic on the Big Apple. Some New York City residents who can work from home have decided to head to areas that provide larger square footage for less; while others have chosen to live in cities that offer better weather. Many others have migrated to states with low or no state income taxes, hoping to get more bang for their buck. The pandemic has proven to be a tough time for New Yorkers, with many now asking, what does the future hold for New York post-pandemic?
- Paycheck Protection Program (PPP) - Key Updates on Loan Forgiveness FilingsAugust 19, 2021
Many Borrowers who took out their first draw PPP loans in April 2020 and May 2020, but have not yet filed for forgiveness, have likely been contacted by their bank regarding the due date of the loan forgiveness application. A PPP borrower typically has until 10 months after the end of its Covered Period (which lasted up to 24 weeks after the date that the loan was funded) to file for forgiveness before the Borrower is required to begin making payments on the loan.
- How the Biden Administration’s Proposed Tax Plan Could Affect Your Real Estate BusinessAugust 9, 2021
There’s no telling what policies from President Biden’s new tax plan will pass through Congress, but what we do know is that there are some key items you should be aware of if your business is in the real estate industry.
- President Biden’s Tax Proposal and “The Perfect Storm” - What it means for real estate August 3, 2021
In the movie, The Perfect Storm, based on a true story, the captain of the commercial fishing vessel, the Andrea Gail, made the fateful decision to head to the Flemish Cap where he expected his luck would improve. He was right—the catch was great—and wrong—there was a perfect storm straight ahead. He attempted to ride through it, however, two colliding weather fronts and a strong hurricane were more than the Andrea Gail could weather, and the entire crew was lost at sea.
- Interest in Opportunity Zones Peaks as Higher Rates LoomJuly 27, 2021
The real possibility of higher capital gains rates has fueled interest by investors in opportunity zone funds. While Code Section 1400Z, providing for the funds, was slipped into the Tax Cuts and Jobs Act late in the legislative process and with little fanfare, it quickly became popular with investment advisors.
- Planning Ahead: Expected Changes for the Real Estate Industry July 15, 2021
The Trump Administration enacted one of the largest changes to the tax code when it passed the Tax Cuts and Jobs of 2017 (“TCJA”), which contained various provisions that resulted in significant benefits to the real estate industry, such as the pass-through deduction and the extension of bonus depreciation, to name a few. The question now is, how will this, and other long-standing federal policy norms that the real estate industry relies on to do business, all change under the Biden Administration?
- ‘Totally Inadequate’: CRE Tax Experts Say City Underestimating Extent Of FalloutJuly 2, 2021
New York City slashed property values this year, drastically reducing tax obligations for many commercial landlords across the city. But even with assessments down by more than 20% in some cases, some owners say the reductions are not nearly enough relief, given the circumstances, and are squaring up to fight the city with greater force than ever before.
- Business & Finance AwardsJune 30, 2021
Robert S. Gilman, CPA, CGMA, is an accounting and audit partner at Anchin and co-leader of the firm’s real estate group. He has extensive experience serving real estate owners, developers, and operators in both the commercial and residential sectors. Gilman advises his clients on day-today operations, tax saving opportunities, and transactional support that includes due diligence on the acquisition and disposition of real estate, 1031 exchanges, and opportunity zones. His experience extends to tax structuring on deals, securing financing, reviewing, and analyzing operating agreements and assisting with client investor relations for both domestic and international investors. Gilman also advises clients on financial and estate planning, budgeting, tax planning, and cash flow strategies. Many of his clients’ projects are built from the ground up and require intensive reviews of construction and ancillary costs. He also consults on compliance, accounting, and tax issues that impact the real estate industry.
- Key Considerations for Starting a Real Estate Fund – Part 2June 16, 2021
Sponsoring a real estate fund can be highly rewarding, both financially and personally, but it can also be a costly and complex undertaking. As you start planning, keep in mind these steps that managers should follow to successfully launch a real estate fund.
- The Mergers and Acquisitions Market is Bouncing Back!June 16, 2021
Deals are back in full force! Global M&A activity through May 2021 was over $1.0 trillion, compared to just $550 billion over the same period in 2020.
- NYC Real Estate Biz is Fighting Bevy of New Taxes, RegulationsJune 15, 2021
The real estate industry is reeling in the face of new legislation, extended eviction moratoriums, environmental regulation and higher taxes. Now, trade organization and industry leaders vow to fight back.Most recently, industry executives are warning that the Biden administration’s plans to hike the tax on long term capital gains above $1 million from 20% to the top bracket would result in a top bracket rate of 43.4%. In late May, the administration also revealed that the capital gains tax hike would be retroactively applied to assets sold after April 2021.
- New FASB lease accounting standard could impact bank debt agreements June 14, 2021
The new requirements are effective for private companies with annual reporting periods beginning after Dec. 15. For companies with calendar-year reporting, the standard goes into effect Jan. 1, 2022. It impacts financial institutions in two ways.
- Key Considerations for Starting a Real Estate FundJune 9, 2021
As real estate funds continue to succeed and become more prevalent in the alternative investment industry, and with more institutional investors increasing allocations to real estate, an increasing number of aspiring portfolio managers are joining the race to launch their own real estate funds. For many successful real estate investors and syndicators with several single-asset deals under their belt, starting a real estate fund is the logical next step.
- Key Considerations for Starting a Private Equity Fund: What You Need to Know – Part 3May 26, 2021
Starting your own private equity fund requires many steps to succeed and prevail in the alternative investment space. A few of these steps have many financial considerations to keep in mind. While today there are many successful and large private equity firms, many of the firms in this space are small-to-midsize shops with the number of employees ranging from just a few to several hundred. Part 3 summarizes financial implications that managers should keep in mind when launching a private equity fund.
- Key Considerations for Starting a Private Equity Fund: What You Need to Know – Part 2May 20, 2021
As private equity firms continue to succeed and become ever prevalent in the alternative investment space, more aspiring portfolio mangers are joining the race to launch their own private equity fund. After refining your business strategy, setting up operations, strategizing a business plan and legal considerations, the next step would be focusing on the structure of your fund. Part 2 summarizes several aspects of setting up your fund structure.
- The CRE Industry is Battling Back Against Proposed Tax ReformsMay 17, 2021
Commercial real estate stakeholders are rolling up their sleeves and digging in to battle proposed tax reforms that could deal a devastating blow to the investment marketplace.
- Pittsburgh Mayor Cracks Down on Construction FraudMay 14, 2021
In light of recent incidents involving unreported cash payments by subcontractors on construction projects, Pittsburgh Mayor William Peduto has signed an executive order to combat construction fraud, promote worker safety and protect city tax revenue. The Construction Fraud Executive Order cracks down on fraudulent construction companies that commit tax, insurance and workers’ compensation fraud. It also aims to stop the practice of paying workers in cash to avoid taxes.
- Key Considerations for Starting a Private Equity Fund: What You Need to Know – Part 1May 13, 2021
As private equity firms continue to succeed and become ever prevalent in the alternative investment space, more aspiring portfolio managers are joining the race to launch their own private equity fund. This alert summarizes the foundational steps that managers should follow to launch a private equity fund.
- Biden Tax Proposal Would Squeeze Apartment-Building OwnersMay 11, 2021
The Biden proposal has yet to become part of a bill and passed by Congress. But property investors already view it as the latest threat to their business after the pandemic undercut many of the biggest real-estate categories. Widespread work-from-home policies have reduced office demand while travel restrictions have hurt hotel owners.
- Key Considerations for Starting a Hedge Fund - Part IIMay 5, 2021
After setting out your initial steps with strategic planning, budgeting, raising capital and going over legal considerations, the next steps we outline will be crucial in the success of your fund.
- Key Considerations for Starting a Hedge FundApril 29, 2021
Hedge funds comprise the largest segment of the alternative asset market. With this status comes large profit potential. Many talented traders and investment professionals consider starting their own funds at some point during their careers. Launching a fund is not an easy or inexpensive undertaking, but it can be both personally and financially rewarding. Below, we will guide you on the first initial steps to take into consideration when starting your fund.
- Key Updates Regarding the Expansion of COVID-19 Economic Injury Disaster Loans (EIDL)April 22, 2021
The Small Business Association (SBA) has issued various updates related to the amount of disaster loans available to address the ongoing strife faced by many businesses in the wake of the COVID-19 pandemic, including the potential to request an increase to an existing loan.
- Best Bosses 2021April 5, 2021
MARC WIEDER & ROBERT GILMAN Anchin, Block & Anchin As partners and co-leaders of the real estate practice group at Anchin, Block & Anchin, Marc Wieder and Robert Gilman lead a 36-member team that represents some of the biggest players in commercial real estate on everything from transactional guidance and 1031 exchanges to advisory on tax strategy to cash flow analysis. The duo has an impressive reputation among both clients and colleagues.
- Want Commercial Property Tax Relief? Don't Hold Your BreathMarch 28, 2021
Economic slumps traditionally set off battles between local governments trying to make up lost revenue by holding the line on property taxes and property owners trying to cut their taxes to be more in line with their diminished bottom lines. For many commercial property owners, the pandemic-inspired recession has set that dynamic in play once again but with some new twists. For one thing, not all owners have had a hard time, such as most industrial owners. More importantly, tax experts say the prospect of a relatively short downturn might give taxing authorities the upper hand.
- UpClose With Anchin: Supporting Growth From InsideMarch 17, 2021
NEW YORK CITY—Founded in 1923 in New York, Anchin is recognized as a top-tier firm nationwide in terms of its quality, management, scope of services and work environment. The firm provides privately-held businesses and high net-worth individuals with a wide range of traditional and traditional advisory services, which include accounting and audit; tax planning and compliance; tax credits and incentives; management and succession advisory; and litigation support, forensic accounting and valuation.
- What You Need to Know About the American Rescue Plan Act of 2021March 12, 2021
On March 11, 2021, the American Rescue Plan Act of 2021 (ARP) was signed into law by President Biden. The contents of the $1.9 trillion bill are mostly in line with the plan set forth by President Biden before he was inaugurated on January 20. The package is intended to provide additional economic relief related to the ongoing COVID-19 pandemic, and the majority of funds are allocated towards enhanced unemployment relief, expanded funding for COVID-19 relief programs, aid to state and local governments, and assistance to schools. From a taxpayer perspective, the bill included tax provisions that provide relief both to businesses and individuals through enhancements, and expansions of credits and programs that were put in place to keep families and small businesses afloat through the ongoing crisis. This includes an extension of payroll tax credits first instituted at the start of the pandemic for businesses.
- Do You Qualify for the Tax Benefit of Home Office Deductions?March 9, 2021
Are you one of the millions of people working from home during the COVID-19 pandemic? To contain the spread of the COVID-19 virus, many business owners and their employees were required to work from home. After incurring the costs to set up a workstation, you may have noticed that you are using more electricity and water, talking more on the phone, and relying on an extra cost super-fast internet connection to get your work done. How should you treat these extra costs? Have you been wondering whether you can claim a federal tax deduction for home office expenses? Here is what you need to know about qualifying for home office tax deductions.
- Anchin Opens Long Island Office to Accommodate Growing Team of Industry Experts March 4, 2021
Anchin is pleased to announce that it has opened an office on Long Island, in Uniondale, New York.
- When Should a Landlord Accrue Rents?February 26, 2021
As the COVID-19 pandemic affects every aspect of our lives, we continue to see how the outbreak has negatively affected our economy too. Every industry has been impacted by Coronavirus shutdowns. One of the hardest hit industries is the real estate rental market. Whether you are a landlord or a tenant, you are feeling the impact.
- QIP vs. Repair Regulations – Decisions, Decisions, Decisions…February 3, 2021
Has your business been hit hard by the COVID-19 pandemic? While many business’s operations have been greatly affected by the pandemic, the good news is that much needed relief is now accessible to many. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020, providing widespread economic relief, including some significant tax law changes. The new CARES Act provision on qualified improvement property (QIP) tax treatment is particularly noteworthy for taxpayers in the real estate, restaurant, retail, and hospitality industries as these businesses have been hit hard by the COVID-19 pandemic.
- What Does the New Stimulus Package Mean for Landlords? February 3, 2021
The highly anticipated second stimulus relief package, released shortly before the holidays, on December 22, 2020, has a provision that will finally provide benefits to property owners.
- Changes to Accounting Rules Provide Alternatives to Costly Performance Record VerificationsFebruary 3, 2021
Aspiring investment managers looking to raise capital often find a lack of a documented track record of past performance to be a roadblock. However, with recent changes to accounting rules, investment managers may have caught a break. The Statement on Standards for Attestation Engagements No. 19 - Agreed-Upon Procedures Engagements (“AUP” or “SSAE 19”), issued in December 2019 may provide alternatives to performance record verifications that have previously been accomplished through costly examinations or Global Investment Performance Standards (GIPS) verifications.
- Anchin’s Real Estate Group’s Robert Gilman and Marc Wieder Named to Crain’s New York’s 2021 Most Notable in Real EstateFebruary 2, 2021
NEW YORK--(BUSINESS WIRE)--Anchin, Block & Anchin LLP (“Anchin”), a leading accounting, tax and advisory firm, today announced Robert Gilman and Marc Wieder, co-leaders of the Real Estate Group, have been recognized on Crain’s New York’s Notables in Real Estate list for 2021. The award honors real estate executives who have significantly impacted the New York City real estate industry, and celebrates their professional, civic and philanthropic achievements.
- Anchin’s Olamide Ajibesin Named to 2021 Top 25 Most Influential Women in Mid-Market M&AFebruary 1, 2021
Mergers & Acquisitions names 2021 Top 25 Most Influential Women in Mid-Market M&A, including Anchin’s Olamide Ajibesin.
- Additional Relief For Businesses: First Draw PPP Loans and Changes to the Forgiveness RulesJanuary 12, 2021
The focus of this Alert is to summarize the rules and regulations for Borrowers who either will be applying for their First Draw PPP Loan or who want to amend their existing PPP loan by applying for additional funding. In addition, we will outline some changes to PPP loan forgiveness.
- Round 2 – What the Latest SBA Guidance on the Paycheck Protection Program (PPP) Means For You When It Comes to Drawing a Second LoanJanuary 11, 2021
The focus of this Alert is to summarize the rules and regulations for PPP Second Draw Loans regarding eligibility, applications, and forgiveness. This Alert will be followed with one that addresses rules and regulations for Borrowers who either will be applying for their First Draw PPP loan or for Borrowers who want to amend their existing PPP loan and apply for additional funding.
- New Stimulus: What You Need to Know about the Tax Provisions of the Consolidated Appropriations Act, 2021 (The Act) December 30, 2020
Additional relief is on the way for individuals and businesses. Here are the key provisions of the additional round of stimulus in The Act passed by Congress and signed by the President.
- How Class C Apartment Residents are Getting ByDecember 29, 2020
The pandemic’s impact on apartment dwellers hasn’t been uniform.
- Expenses Paid for with PPP Loan Funds are Now DeductibleDecember 28, 2020
After many months of debate and consternation, Congress has finally overridden the guidance issued by the IRS and Secretary Mnuchin regarding deducibility of expenses paid for with PPP loan funds.
- Paycheck Protection Program (PPP) – Round 2 December 28, 2020
On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021, (the “Relief Act”), which includes a relief package consisting of $900 billion in aid to small businesses and individuals impacted by COVID-19. The focus of this Alert is to address changes made to the Paycheck Protection Program (PPP) through Title III – Continuing the Paycheck Protection Program and Other Small Business Support (Section 301-348) of the Relief Act.
- The Nitty Gritty on Federal Rent ReliefDecember 22, 2020
As the multifamily sector welcomed the inclusion of $25 billion in rental assistance in the federal relief package, it rushed to decipher the 5,000-page bill.
- What IRS Guidance on Deductibility of PPP Expenses Means To YouNovember 30, 2020
The forgiveness of a Paycheck Protection Program (PPP) loan is excludible from taxable income. Earlier this year, the Treasury Department released Notice 2020-32 which states that expenses paid with the proceeds of a forgiven loan should not be deductible for tax purposes, as that would result in a double tax benefit. Many professional tax advisors thought the IRS reasoning behind Notice 2020-32 was not sound and did not match the original intent of Congress when they made forgiven PPP loan proceeds excludible from income. Indeed, the Congressional Budget Office had to “rescore” the cost of the legislation as they assumed the expenses would be allowed as a deduction. All are waiting for additional legislative guidance to clarify this matter. While certain members of Congress, on both sides of the aisle, have voiced opposition to the IRS position, no legislation has been forthcoming to date.
- Multifamily Beats the OddsNovember 18, 2020
While hotels, retail and offices sink, the multifamily sector is sailing along.
- The SBA Issues PPP Loan Necessity Questionnaires for Loans of $2 Million or Greater for CommentNovember 10, 2020
On October 26, 2020, the Small Business Administration (SBA) announced in the Federal Register two new forms: Form 3509, PPP Loan Necessity Questionnaire (For-Profit Borrowers), and Form 3510, Loan Necessity Questionnaire (Non-Profit Borrowers). Although these forms have not been widely distributed, the SBA is accepting public comment on them through November 25, 2020.
- Tax Basis Method Capital Reporting Requirement and What It Means to YouNovember 4, 2020
This reporting requirement is no small undertaking and may require a review of all prior year tax returns and Schedule K-1s starting from a partnership's inception.
- Key Accounting and Financial Reporting Disclosure Considerations for 2020 November 4, 2020
With so many changes and challenges, now is the time to start assessing the impact on your financial reporting. Addressing these issues early will save time later and give you adequate time to prepare.
- How the Loss of Additional $600 Weekly Unemployment Checks Affected the Real Estate MarketNovember 4, 2020
This additional $600 benefit expired on July 31, 2020. While tenants had collected enough for their August rents, without the additional benefits in August, landlords were bracing for a downturn when it came to September rent.
- Paycheck Protection Program (PPP) Loan Forgiveness – A Focus on Calculating FTEs September 29, 2020
Many Borrowers are still in the process of gathering payroll data, health and retirement costs, rent, utilities and mortgage interest costs so that they can file their PPP Loan Forgiveness Application. Although there may be many questions on various facets of how to calculate eligible payroll and non-payroll costs, the focus of this Alert is on the definition of average Full-Time Equivalent (“FTE”) Employees and how this is calculated.
- The NY Shield Act: It’s Time to Take Things SeriouslySeptember 16, 2020
Effective as of March 21, 2020, New York enacted one of the most aggressive state data breach notification laws in the United States, the “Stop Hacks and Improve Electronic Data Security" (SHIELD) Act. This law applies to any person or business (even those operating outside of New York) that collects and maintains New York residents’ “private information.”
- Social Security Tax Deferral Raises Questions and ConcernsSeptember 8, 2020
In our previous communication, we wrote about President Trump’s executive order allowing a deferral of the employee’s portion of FICA or social security tax (6.2% of wages). The Treasury just released Notice 2020-65 providing some additional guidance on the topic. Unfortunately, many questions remain unanswered.
- How the New Interim Final Rule May Impact Your PPP Loan ForgivenessAugust 26, 2020
This week, the SBA issued a new Interim Final Rule (IFR) on the Treatment of Owners and Certain Nonpayroll Costs that greatly impacts many PPP borrowers.
- How the Most Recent FAQs on PPP Loan Forgiveness May Impact YouAugust 10, 2020
On August 4, 2020, the Small Business Administration (the “SBA”), in consultation with the U.S. Department of the Treasury (the “Treasury”), issued guidance in the form of Frequently Asked Questions (“FAQs”) on PPP Loan Forgiveness. Some longstanding questions were answered (e.g., what is transportation under utilities? See below for the answer), other questions were not, and some FAQ answers raise new questions. The FAQs are structured in four categories: (i) General Loan Forgiveness FAQs (3 in this section), (ii) Loan Forgiveness Payroll Cost FAQs (8 in this section), (iii) Loan Forgiveness Nonpayroll Costs FAQs (7 in this section), and (iv) Loan Forgiveness Reductions FAQs (5 in this section). In this outline, we will revisit how we got here and address some of the key FAQs that resolve questions related to the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).
- City Landlords' Biggest Property Tax Hurdle Still to ComeAugust 6, 2020
Property owners have been pleading with city and state officials to offer tax relief ahead of the July 1 deadline amid waves of rent nonpayment from tenants and empty properties. Lawsuits between tenants and their landlords are clogging up the courts, and the future of retail remains murky. Still, landlords have been putting aside money for taxes for months and collecting enough rents over the course of the pandemic to foot their July 1 property tax bill, said Robert Gilman, head of accounting firm Anchin, Block & Anchin's real estate practice.
- Industry Executives Take Long View on COVID RecoveryJuly 17, 2020
The coronavirus pandemic is likely to infect the city’s real estate sector well into next year, according to a new survey of C-Suite executives.
- The Transition Away From LIBORJuly 15, 2020
The use of the London Interbank Offered Rate (LIBOR) as a benchmark rate has become ubiquitous over the last several decades. Yet LIBOR will cease to exist beyond 2021 without a single universal rate to replace it. The potential disruption has the financial markets worried and implications will be vast. Is your company prepared for this transition?
- Qualified Improvement Property (QIP)July 15, 2020
As many of you may recall, Congress made a technical error when drafting the Qualified Improvement Property (QIP) section of the CARES Act. Qualified Improvement Property (QIP) is defined as any improvement to an interior portion of a building which is nonresidential real property if the improvement is placed in service after the date the building was first placed in service by any taxpayer. This drafting error, referred to as the “retail glitch,” intended QIP to be defined as 15-year property eligible for bonus depreciation. However, the law was incorrectly written and QIP was defined as 39-year property, making it ineligible for bonus depreciation.
- Qualified Improvement Property (QIP) OpportunitiesJuly 15, 2020
The new QIP guidance issued by the CARES act provides a wide range of flexibility and options for building owners. See below for more information on the various QIP opportunities and helpful hints to maximizing your tax relief.
- 20 Things To Know About the New Tax DeadlineJuly 2, 2020
In response to the coronavirus pandemic, the Internal Revenue Service has extended the deadline to file and pay any taxes owed from the original date of April 15 to July 15. everything you need to know." data-reactid="18">If you’re planning on taking advantage of the new deadline, here’s everything you need to know.
- Paycheck Protection Program (PPP) Loan Forgiveness Interim Final Rules ReleasedJune 26, 2020
Additional guidance has been released on the PPP Loan Forgiveness process. This guidance is critical to converting PPP Loans into the “grants” that many businesses need to survive. Carefully following the guidelines will allow you to maximize loan forgiveness.
- Rebuilding Your Business in the Face of COVID-19 June 25, 2020
Rebuilding your business in the face of COVID-19
- Economic Injury Disaster Loans (EIDL) Portal Reopening Offers Additional Relief For BusinessesJune 23, 2020
Last week, the Small Business Administration (SBA) resumed accepting new online applications for EIDL and related emergency grants.
- New EZ and Revised PPP Forgiveness Applications for the Paycheck Protection Program (PPP) ReleasedJune 18, 2020
On June 17, 2020, the Small Business Association (SBA) in consultation with the Department of the Treasury, posted a revised PPP loan forgiveness application and instructions (Form 3508 - revised June 16, 2020), which implements the PPP Flexibility Act of 2020 that was signed into law on June 5, 2020. In addition, the SBA also published a new “EZ” version of the loan forgiveness application – Form 3508EZ.
- Owners Call On Cuomo to Scrap RGB After It Delivers Another Rent FreezeJune 18, 2020
The Real Estate Board of New York (REBNY) is calling on the State to scrap the city’s Rent Guidelines Board after it voted to freeze rents for one million New Yorkers.
- The Latest Updates on the Paycheck Protection Program Flexibility Act and the Main Street Lending ProgramJune 10, 2020
Late Monday, the SBA and Treasury issued a joint press release that was followed by a press release from the Federal Reserve (“The Fed”).
- PPP Flexibility Act Becomes LawJune 8, 2020
The U.S. government has enacted changes to the Paycheck Protection Program (“PPP”) including the relaxation of PPP Loan Forgiveness rules with the goal of making it easier for many businesses to qualify for loan forgiveness on a larger portion of their loans. These changes were signed into law on Friday, June 5, 2020 through the Paycheck Protection Program Flexibility Act of 2020 (PPPFA). This new legislation contains many important changes to the PPP.
- What You Need to Know about Additional Opportunity Zone Relief Available due to COVID-19 PandemicJune 5, 2020
Qualified Opportunity Funds (“QOF”) and their investors have been working diligently to try and meet certain time-sensitive deadlines in order to comply with various Opportunity Zone rules. Due to the COVID-19 pandemic and the quarantine restrictions instituted by local governments, meeting these deadlines has been challenging, if not impossible. The Internal Revenue Service has released Notice 2020-39 (“the Notice”) providing much-needed relief for QOFs and their investors. The Notice provides relief for the 180 day investment requirement for QOF Investors, the 90 percent investment standard for QOFs, and the 30 month substantial improvement period. The Notice also confirms the 24-month extension of the working capital safe harbor and the 12-month extension for QOFs to reinvest certain proceeds.
- Congress Provides Welcome Modifications to PPP In New BillJune 4, 2020
Congress has acted to change the Paycheck Protection Program (“PPP”) including to relax PPP Loan Forgiveness rules with the goal of making it easier for many businesses to qualify for loan forgiveness on a larger portion of their loans. The extended “shutdown” of many areas begged for an extension to the forgiveness period as well as an easing of other requirements of the program. The President’s approval is still required to enact this legislation.
- Anchin Eyes Impact of Lower Than Expected Rents on Valuations, ProfitabilityJune 4, 2020
Anchin, Block & Anchin is talking with its clients about the impact that potential declines in office rental rates could have on commercial real estate valuations and profitability. The question is an important one for real estate fund managers and other institutional-backed capital focus on the office market, which has traditionally been a core asset class fo real estate fund managers and other institutional-backed capital focus on he office market, which has traditionally been a core asset class for investment, noted Rob Gilman, partner.
- Federal Reserve Releases Further Guidance on $600 Billion Main Street Lending ProgramJune 1, 2020
On May 27, 2020, the Federal Reserve Bank of Boston released FAQs and form documents for the Main Street Lending Program, signaling that loans under this program will be made available soon. This Anchin Alert updates and supplements our previous Anchin Alert regarding the Main Street Lending Program issued on May 5, 2020.
- Coronavirus PPP Exclusion Puts Landlords in Financial JeopardyMay 20, 2020
While lawmakers provided aid to small businesses across the country through their multitrillion-dollar stimulus legislation, landlords have been unable to apply for funding – leaving some facing serious financial challenges.
- What You Need to Know About the Real Property Income and Expense (RPIE) Extension for Filing and the New RequirementsMay 19, 2020
In response to the COVID-19 pandemic, the NYC Department of Finance (DOF) has extended the deadline for the submission of 2019 Real Property Income and Expense (RPIE) statements and storefront registry (new for this year - see below) filings from June 1, 2020 to July 1, 2020. Submissions must be filed electronically, unless you have previously been granted a waiver allowing you to file by mail. New York City continues to expand the type of information real estate owners are required to disclose. Here is a brief reminder of certain filings required to avoid penalties and maintain your rights to challenge assessments.
- What the PPP Forgiveness Guidelines Mean For YouMay 18, 2020
The long awaited forgiveness procedures have been released after much delay and offer new details, yet leave many questions open. Here is an overview of what we know so far.
- What Partnerships and Seasonal Employers Need to Know About Requesting Additional PPP Loan AmountsMay 15, 2020
Anchin’s COVID-19 Resource Team continues to monitor ongoing updates to the PPP Program. Borrowers need to understand how these changes and clarifications may affect their application, loans and forgiveness. Here are new updates related to partnerships and seasonal employers.
- Important PPP Loan Update: FAQ #46 AND #47 Safe Harbor Guidance on Economic Uncertainty CertificationsMay 14, 2020
Additional guidance has been released related to how borrowers' certification of necessity for Paycheck Protection Program (PPP) loans will be evaluated by the Treasury. This topic has caused concern among borrowers since additional restrictions and conditions have been placed on PPP loans throughout the application and borrowing process. Here is some key information to assist you. The Department of the Treasury (the “Treasury”) has issued further guidance to borrowers who are required to make good-faith certifications concerning the necessity of their PPP loan requests. Since the passing of the CARES Act on March 27, 2020, the Treasury has issued 47 Frequently Asked Questions (FAQs) for PPP loans and responses. On May 13, 2020, the Treasury published FAQ #46: How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request? The Treasury’s answer separates PPP borrowers into two groups based on their loan size: borrowers with loans less than $2 million and more than $2 million. In addition, the Treasury published FAQ #47 which addresses the interim final rule posted on May 8, 2020. That rule provided that any borrower who applied for a PPP loan and repays the loan in full by May 14, 2020 will be deemed by SBA to have made the required certification concerning the necessity of the loan request in good faith.
- Important PPP Loan Update: FAQ #46 Safe Harbor Guidance on Economic Uncertainty CertificationsMay 13, 2020
Additional guidance has been released related to how borrowers' certification of necessity for Paycheck Protection Program (PPP) loans will be evaluated by the Treasury. This topic has caused concern among borrowers since additional restrictions and conditions have been placed on PPP loans throughout the application and borrowing process. Here is some key information to assist you.
- What You Need To Know About Updates to the PPP Loan ProgramMay 6, 2020
The Treasury and the Internal Revenue Service continue to issue guidance on the PPP Loan Program and other COVID-19 relief programs. The updates have included additional FAQs, program reports and statements from the Treasury.
- Additional Relief: Federal Reserve Releases Additional Guidance on $600 Billion Main Street Lending ProgramMay 5, 2020
On Thursday, April 30, 2020, the Treasury Department and the Federal Reserve (the “Fed”) released updated guidance on the Main Street Lending Program, which is comprised of the Main Street Expanded Loan Facility (the “Expanded Loan” or “MSELF”), the Main Street New Loan Facility (the “New Loan” or “MSNLF), and a newly added third option, the Main Street Priority Loan Facility (the “Priority Loan” or “MSPLF”). Together, these three facilities comprise $600 billion of funding for loans to small and mid-sized companies on favorable terms in order to provide additional COVID-19-related financial relief.
- Key Considerations for Real Estate Entities on PPP Loan IneligibilityMay 4, 2020
If a business applies for and receives a PPP loan that they are ineligible for, they will be subject to civil or criminal penalties. On April 23rd, the SBA and the treasury stated that if a borrower made a false certification and returns the funds by May 7th, the government will not take any action against the borrower. Many believe that May 7th is a catch-all date to return funds for any reason, including ineligibility, to avoid the government from assessing any penalties, although this has not been stated by the government and therefore we suggest you consult your attorney.
- IRS Update: Deductions Related to Forgiven PPP Loans Are Non-DeductibleMay 1, 2020
Late yesterday, the Internal Revenue Service (“IRS”) issued Notice 2020-32, relating to the deductibility, for Federal Income Tax purposes, of the expenses paid with the proceeds of a PPP loan that is subsequently forgiven.
- Important Changes From the CARES Act Provide Relief to the Real Estate IndustryApril 30, 2020
The recently passed CARES Act repealed provisions of The Tax Cuts and Jobs Act (TCJA) of 2017 that eliminated the ability to carryback Net Operating Losses (NOLs) and also limited the use of an NOL carryforward to 80% of taxable income. This important change now allows for NOLs incurred in tax years 2018, 2019 and 2020 to be carried back 5 years allowing for tax refund claims.
- Shared Work Programs Can Help Employers and Employees Navigate COVID-19 Business DisruptionApril 27, 2020
In the past few weeks, much attention has been focused on programs established as part of The CARES Act to assist employers and employees suffering from the business disruption caused by COVID-19. In addition to the new programs that have been created, existing unemployment programs can also benefit employers and employees in managing the current environment.
- Starting the Week with Critical Updates to the SBA Paycheck Protection ProgramApril 27, 2020
There have been additional developments over the last several days regarding the Paycheck Protection Program (PPP) and the only thing we can say with certainty is that more changes will come!
- PPP Application Commonly Asked QuestionsApril 24, 2020
The Federal government approved $349 Billion for the Paycheck Protection Program (PPP), all of which has been allocated to loan applicants. As we anxiously await additional funding for this program, we thought it would be helpful for those that have yet to apply to learn from the trials and tribulations of those that have filed their applications. Here are some of the frequently asked questions we have received from applicants.
- The CARES Act Provides New Refund Opportunities April 23, 2020
The Tax Cuts and Jobs Act (TCJA) of 2017 limited the amount of business losses that a non-corporate taxpayer can utilize to offset their non-business income.
- An Update on PPP Loan ForgivenessApril 20, 2020
The CARES Act provides that PPP loans can be forgiven, on a federally tax-free basis, up to 100% of the amount borrowed if the company meets certain criteria.
- Important Reminder – Update Your Calendar For New Tax DatesApril 14, 2020
The COVID-19 pandemic has changed so much about our personal and financial lives. One item to keep in mind is that the Internal Revenue Service, along with most states, have changed the due date for filing income tax returns and paying your balances for 2019, as well as your 1st and 2nd quarter estimated tax payments for 2020.
- Additional Business Relief: Federal Reserve Releases Guidance on $600 Billion Main Street Lending ProgramApril 13, 2020
On Thursday, April 9, 2020, the Treasury Department and the Federal Reserve (the “Fed”) released details of the Main Street Lending Program, which is comprised of the Main Street Expanded Loan Facility (the “Expanded Loan Facility”) and the Main Street New Loan Facility (the “New Loan Facility”). Together, these two facilities will make up to $600 billion of funding available for loans to small and mid-sized companies on favorable terms in order to provide additional COVID-19-related financial relief. The Main Street Lending Program should provide much-needed liquidity to businesses that may not have qualified for a PPP loan under the CARES Act by having a special purpose vehicle created by the Fed purchase 95% of each loan from eligible lenders made under this program through September 30, 2020.
- Important Guidance on Calculating PPP Loan Forgiveness and Related Documentation RequirementsApril 13, 2020
Now that many eligible companies have applied for a PPP loan, and some have started to receive their loan proceeds, it is time to turn our attention to the rules for loan forgiveness.
- PPP Clarifications from Treasury DepartmentApril 7, 2020
The Treasury Department has released FAQs providing further clarification of the PPP loan program. We suggest that you review this update carefully to determine how it may affect your application and the calculation of your loan amount.
- Are Real Estate Businesses Eligible to Participate in the Paycheck Protection Program (‘PPP Loans’)?April 6, 2020
There is a concern that several types of real estate businesses considered “passive” under the SBA rules may not qualify without further clarification from the Treasury. Real estate management companies are not considered passive and are therefore eligible for PPP.
- SBA Issues Interim Final Rule on PPP Loan ProgramApril 3, 2020
Last evening, the Treasury Department issued its first formal Rule related to the PPP Loan Program created by the CARES Act. In it, the SBA has waived the comment period and the normal 30-day delayed effective date, making this Rule effective immediately. The Interim Final Rule clarifies certain key components while other items remain unclear. Borrowers will need to carefully evaluate direction from the CARES Act, the Interim Final Rule and the Loan Application Instructions to determine the position that best fits their circumstances.
- PPP Loan Update – Urgent MatterApril 2, 2020
There are several areas of the PPP loan application process that are uncertain and that may require additional guidance. Until the Treasury and/or lenders provide additional clarification, business owners must evaluate whether they are able to file accurate applications which maximize benefits.
- A Message from Anchin's Real Estate GroupApril 1, 2020
The Real Estate Group at Anchin encourages you to work with professionals that have a deep understanding of the CARES act and how it will affect the Real Estate market.
- Treasury Provides Clarity on the Paycheck Protection Loan ProgramApril 1, 2020
Further clarity from the Treasury Department was released yesterday on the PPP Loan Process.
- Navigating Uncharted Waters: Responding to the Business Impact of COVID-19March 31, 2020
While all organizations are in uncharted waters in dealing with the resulting economic turmoil, professional firms such as ours have a responsibility to help clients navigate through the crisis. Many businesses have addressed the immediate needs created by the pandemic: implementing remote workplace regimens, revising paid-time-off and other policies to assist employees, enacting customer support programs, etc. Having addressed the most urgent needs, it is now time to focus on issues that pose an existential threat to long-term business continuity and viability. Here is some advice that we’re sharing with our firm’s clients.
- Understanding How the Paycheck Protection Loan Program Can Provide Support For Your BusinessMarch 31, 2020
On Friday, March 27, 2020, The Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), a $2 trillion stimulus bill, was signed into law. The CARES Act allocated approximately $350 billion to help small businesses keep workers employed and cover certain expenses while dealing with the impact the pandemic has had on the United States’ economy and its citizens’ health. The CARES Act established the Paycheck Protection Program (“PPP”) that enables qualifying small businesses to borrow up to $10 million. These loans are eligible to be forgiven, if the loan proceeds are used pursuant to criteria as defined in the CARES Act, and other requirements are met. Loans are available to eligible borrowers under this program through June 30, 2020. The CARES Act requires the Small Business Association (SBA) to draft regulations around implementation including a list of lenders regarding these loans. In addition, businesses who have taken out SBA Economic Injury Disaster Loans have further considerations as discussed here.
- Introducing Anchin’s COVID-19 Resource TeamMarch 30, 2020
To assist you with evaluating the broad range of programs now available, we have established the Anchin COVID-19 Resource Team, a coordinated group of experienced professionals that will work alongside your engagement teams, in claiming the benefits you need to meet your cash flow, maintain your workforce and handle other critical challenges.
- Senate Approves Over $2 Trillion in Relief to Ease Economic HardshipMarch 26, 2020
The Senate finally approved legislation providing over $2 trillion of relief designed to ease the hardship caused by the coronavirus outbreak. This legislation still requires approval from both the House and President. Approval from both is expected over the next few days.
- Is the Real Estate Industry Prepared for the Transition Away From LIBOR?March 9, 2020
The use of the London Interbank Offered Rate (LIBOR) as a benchmark rate has become ubiquitous over the last several decades. Yet LIBOR will cease to exist beyond 2021 without a single universal rate to replace it. The potential disruption has the financial markets worried and implications will be vast. Is your company prepared for this transition? Inaction is not an option.
- Qualified Opportunity Zones: Where Do We Stand?February 14, 2020
On December 19, 2019, the Internal Revenue Service (IRS) issued Final Regulations relating to Qualified Opportunity Zones.
- Anchin Discusses What’s Next in Real Estate and Construction With Distinguished Industry Leaders at Future Forward 2020February 4, 2020
Anchin hosted its 6th annual industry-leading forum, Future Forward 2020: What’s Next for New York Real Estate and Construction, on February 4 at the Sheraton New York Times Square Hotel. The half-day conference brought together leading real estate owners and developers, construction executives and other key business decision-makers to discuss the rapidly transforming New York City market.
- Lessees: A Stitch in Time Will Save Problems Down the LineDecember 30, 2019
On November 15, 2019, the Financial Accounting Standards Board (FASB) announced it had officially delayed implementing certain accounting standards for private companies, including the new lease accounting standard (ASC 842) for an additional year, from January 1, 2020 to January 1, 2021. But don’t breathe a sigh of relief yet. You will need this extra time to understand the process involved and to collect all the necessary data in order to comply by the deadline.
- Ultra-rich Americans are selling off luxury real estate faster than they're snapping it up, and it's not the only change they're making to their portfolios as recession fears lingerSeptember 19, 2019
Jared Feldman, Co-Leader of Anchin Private Client, says his clients are continuing to make such investments and taking advantage of discounted opportunities.
- Opportunity zone investments bring bigger tax breaks if finalized this yearAugust 7, 2019
Marc Wieder, Co-Leader of the Real Estate Group at Anchin, is hearing from clients about their interest in the tax break.
- Insights on the Second Set of Qualified Opportunity Zone Regulations April 25, 2019
The long awaited second set of proposed regulations to the Qualified Opportunity Zone (QOZ) program were released on April 17, 2019. Unfortunately, per the U.S. Treasury, certain sections of the regulations can be relied upon by the taxpayer and some cannot.
- How Can a Cost Segregation Study under the TCJA Benefit You? January 15, 2019
Cost Segregation Studies have been around since the Hospital Corp of America case back in 1997. Many developers and property owners have taken advantage of this study to accelerate their tax deductions through depreciation on both their developments and acquisitions.
- What Does a Landlord Need to Know About the New Accounting Rules For Leases? January 15, 2019
Accounting for leases has always been a complex area and has undergone significant changes with the release of the Financial Accounting Standard Board’s (FASB) new leasing standard back in April 2016, which will now require most operating leases of lessees to be placed on the balance sheet as a liability.
- What Should Businesses Know About Qualified Opportunity Zones? January 15, 2019
The Tax Cuts and Jobs Act (TCJA) passed last December to overhaul the federal tax code has had a significant impact on the real estate industry. The new law provided tax breaks, but lacked guidance from the IRS, which is hindering some tax planning. Yet amidst these changes, a significant program has been established designed to spur economic activity — and incentivize investors — in areas most in need.
- Cost Segregation Studies Save Real Estate Even More Taxes Than Before, Thanks to TCJADecember 17, 2018
Since their introduction in 1997, cost segregation studies have allowed developers and property owners to accelerate their tax deductions through depreciation on both developments and acquisitions. But with the implementation of the Tax Cuts and Jobs Act (TCJA) in 2017, these studies are even more valuable now than they were before. Originally published by Commercial Observer.
- Economic Opportunity Zones vs. 1031 ExchangesDecember 14, 2018
The new Economic Opportunity Zones (EOZ) approved as part of the larger Tax Cuts and Jobs Act (TCJA) has been established to spur economic activity — and incentivize investors — in areas most in need. The program expands businesses’ ability to utilize a portion of the estimated $2.3 trillion of unrealized capital gains. If utilized effectively, this EOZ program could return far-reaching benefits to capital flows and incentivize increased activity for the real estate industry.
- Finally Some Digestible Meal and Entertainment GuidanceOctober 3, 2018
On October 3rd, the Internal Revenue Service released Notice 2018-76 providing transitional guidance on how the Tax Cuts & Jobs Act changes to the deductibility of Entertainment expense affects the 50% deductibility of business Meals that taxpayers and professionals had been hungering for. While the guidance is transitional, it provides clarity on some of the issues we had previously provided comments on:
- Cybersecurity for Investment Partnerships, Private Equity and Real Estate Funds - Responding to a Growing ThreatJuly 30, 2018
Investment partnerships, private equity and real estate funds are tempting targets for cybercriminals thanks to their financial assets, sensitive customer information, and access to institutional counterparts. And the threat is growing quickly. Recent studies report that fifty five percent of limited partners in private equity funds expect a serious cyberattack on their firms within the next five years. How can you keep your fund safe? Let’s take a look at the current threats and latest recommendations from the SEC.
- Lost in Translation: Technical Issues Create Confusion Over New Depreciation RulesJuly 12, 2018
The new tax law makes significant changes to the way real estate improvements and other business assets are depreciated for tax purposes. Unfortunately, in the rush to pass tax reform before Christmas, critical provisions were omitted, creating a disconnect between what Congress intended and the language of the act.
- New Jersey grapples with new tax lawJuly 12, 2018
Anchin's Real Estate Group Co-Leader Robert Gilman is among those experts who expect an exodus from the Garden State because of the reforms.
- Defer tax with a Section 1031 exchange, but new limits apply this yearJuly 12, 2018
Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange. However, the Tax Cuts and Jobs Act (TCJA) reduces the types of property eligible for this favorable tax treatment.
- Is Being Highly Leveraged a Good Thing?July 12, 2018
The 2018 Tax Act limits the deduction of business interest, therefore impacting the potential strategic value of being highly leveraged. According to the Act, beginning in years after 12/31/17, businesses will only be able to deduct interest expense up to 30% of its adjusted taxable income, plus its business interest income.
- Governmentʼs New Tax Law Helps Contractors Catch a BreakMay 2, 2018
The TCJA contains some significant provisions affecting contractors, including a potentially substantial (temporary) deduction for owners of 'pass-through' entities. Anchin's Marc Newman shares more with Real Estate Weekly.
- Pre-April 17 Tax Pointers: The Quirks And QuestionsApril 12, 2018
Robert S. Gilman and Jeffrey Bowden were on a CREW (Commercial Real Estate Women) New York panel of tax experts explaining why the tax reform will not enable filing taxes on a postcard.
- A 1031 Post-Tax Reform UpdateApril 11, 2018
Real Estate Co-Leader, Marc Wieder, sat on The RealShare Lease Net Conference panel on 1031 Post-Tax Reform which provided pointers to consider with the new tax law.
- Q&A with Anchin’s Marc Wieder: Tax Reform’s CRE ImplicationsApril 2, 2018
The Tax Cut and Jobs Act signed into law by President Trump in December presents some new considerations that commercial real estate industry members will want to think through. Anchin’s Marc Wieder, who will give a special presentation on the tax law changes at Connect NY on April 17, offers insights here on the potential impact.
- Will you pay tax on 80% of your flow-through income? Maybe, Maybe NotApril 2, 2018
Many people who earn income from pass-through businesses think that under the 2018 Tax Act, they will only be paying tax on 80% of their flow-through income, since the Act provides for a deduction of 20% from this income. In fact, the least amount of the income you will pay tax on is 80% but you may in fact pay tax on 100%.
- Why Am I Paying Taxes If I Lost Money?April 2, 2018
Think about this concept: Based on tax reform, if you make money, you may pay less taxes, but if you lose money, you might pay more taxes. If your business is losing money, why would you pay more in taxes?
- New Tax Law May Encourage Home RentalsMarch 25, 2018
Robert Gilman, Co-Leader of Anchin's Real Estate Group, discusses the extent of the allowable mortgage interest deduction for a rental property.
- Maximizing Profits When Redeveloping BuildingsFebruary 26, 2018
At the Anchin Construction & Development Forum, real estate experts shared tips on getting the highest return on investment when repurposing old buildings.
- Anthony Mann Offers Insight During Panel Discussion On New York's Infrastructure NeedsFebruary 20, 2018
E-J Electric President & CEO Anthony E. Mann spoke at the 4th Annual Anchin Construction & Development Forum on Thursday, February 15, 2018.
- SL Green Realty CEO Says NYC’s Next Frontier Is VerticalFebruary 16, 2018
The Anchin Construction & Development Forum keynote speaker Marc Holliday emphasizes One Vanderbilt salutes the success of New York.
- Anchin Construction & Development Forum 2018February 15, 2018
The fourth annual Anchin Construction & Development Forum was held on February 15, 2018 at The New York Academy of Sciences.
- Tax Cuts and Jobs Act Substantially Limits Meals and Entertainment DeductionFebruary 14, 2018
The 2017 Tax Cuts and Jobs Act introduced some significant limitations to the meals and entertainment deduction. The new law makes two major changes to the meals and entertainment rules, which can impact your business.
- Amazon short list favors East Coast metrosJanuary 22, 2018
Robert Gilman and Marc Wieder, Co-Leaders of Anchin's Real Estate Group, remark upon Amazon’s widely anticipated short list of cities that made the cut for the next stage of its headquarters race.
- Tax Cuts and Jobs Act Offers Favorable Tax Breaks for Real Estate OwnersJanuary 3, 2018
The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, offers the real estate industry a treasure trove of tax breaks. Overall, most Real Estate companies and owners will come out ahead under the new tax law, but there are a number of tax breaks that were eliminated. Here are the most important changes in the new law that will impact the real estate industry.
- Tax Cuts and Jobs Act Offers Favorable Tax Breaks for BusinessesDecember 28, 2017
The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, contains a treasure trove of tax breaks for businesses. Overall, most companies and business owners will come out ahead under the new tax law, but there are a number of tax breaks that were eliminated or reduced to make room for other beneficial revisions. Here are the most important changes in the new law that will affect businesses and their owners.
- The Tax Reform: NY CRE Experts Weigh InDecember 27, 2017
Although obvious effects of the tax reform will be felt in filing 2019 returns, Marc Wieder and other real estate pros advise caution.
- Congress passes biggest tax bill since 1986December 21, 2017
On December 20, the House passed the reconciled tax reform bill, commonly called the “Tax Cuts and Jobs Act of 2017” (TCJA), which the Senate had passed the previous day. It’s the most sweeping tax legislation since the Tax Reform Act of 1986. The bill makes small reductions to income tax rates for most individual tax brackets, significantly reduces the income tax rate for corporations and eliminates the corporate alternative minimum tax (AMT).
- Federal tax bill boosts New York real estate, hurts home ownershipDecember 19, 2017
Anchin partner Marc Wieder discusses the federal tax bill, and how the cap of the State and Local Tax (SALT) deduction at $10,000, combined with a new mortgage interest rate deduction could have a deeply negative impact on the housing markets in New York City, Long Island and Westchester County suburbs.
- Partnership Agreements and LLC Operating Agreements Need to Be Amended Now!December 4, 2017
Marc Wieder, Co-Leader of Anchin's Real Estate Group, encourages revising agreements to reflect new legislation.
- New York City Takes a Step Towards Tax Relief for Small Businesses in ManhattanDecember 1, 2017
The New York City Council passed a bill that will relieve many businesses in Manhattan of a portion of their tax expense.
- Year-End Tax Planning for Businesses: Looming Tax Reform Creates Planning ChallengesOctober 30, 2017
As the end of 2017 approaches, the prospect of dramatic tax reform makes year-end tax planning especially challenging. In late September, the Trump administration and Republican congressional leaders unveiled their Unified Framework for Fixing Our Broken Tax Code. The framework proposes reduced tax rates for businesses as well as changes to a variety of business tax benefits. But there’s a great deal of uncertainty over when — and if — tax reform will be implemented and which proposals could make their way into possible new tax legislation.
- Major finance firms are now targeting Brooklyn, says Industry City leasing directorOctober 19, 2017
In a panel moderated by Anchin's Robert Gilman, real estate industry leaders spoke about Brooklyn's emergence as a new office market, and how the key to the borough's future will be attracting more traditional companies.
- Sales and Use Tax Exemptions Extended for Certain Property and Service Purchases for Leased Commercial Office Space in Lower ManhattanSeptember 19, 2017
Amendments have been made to the Tax Law that will extend tax incentive opportunities for businesses that locate or relocate offices in lower Manhattan.
- Maximizing Your Inheritance ValueAugust 21, 2017
Robert Gilman, Co-Practice Leader of Anchin's Real Estate Group, explains how to determine the best assets to transfer, the potential tax liability and the possibilities for discounts greater than what you might have otherwise expected to pay.
- 1031 'Like-Kind' Exchanges Are Under Fire AgainJune 29, 2017
Co-Leader of Anchin's Real Estate Industry Group, Robert Gilman, provides clear context as to why 1031 exchanges are valuable to real estate investors.
- Tax Developments Could Place Chill on Real Estate Deal FlowJune 19, 2017
Robert Gilman, Co-Practice Leader of Anchin's Real Estate Group, discusses the proposed changes to how carrried interest is taxed.
- Space exploration: The solutions to land scarcityJune 9, 2017
Marc Wieder, Co-Practice Leader of Anchin's Real Estate Group, explains some of the latest development trends designed to combat this issue.
- Key aspects of 421a remain foggyApril 12, 2017
Co-Leader of Anchin's Real Estate Industry Group, Robert Gilman, comments on the newly revived 421a developer tax exemption, now called “Affordable New York”
- Five Technology Innovations SharedFebruary 9, 2017
At the 2017 Anchin Construction & Development Forum, Mark Boekenheide of Hudson Yards, Jonathan Drescher of The Durst Organization, James Hannah of Bright Power, AJ Pires of Alloy, Peter Rosenthal of Savanna and Mitchel Simpler of Jaros, Baum & Bolles discussed the exciting and often risky topic of innovation as it relates to construction, design and development in and around NYC.
- Anchin Construction & Development ForumFebruary 9, 2017
The third annual Anchin Construction & Development Forum was held on February 9, 2017 at the TKP New York Conference Center. Hundreds of incredible, high-level professionals whose work greatly impacts the real estate, construction, architecture and engineering landscapes of the greater New York City area, came together to discuss trends, forecasts, ideas, innovations and other relevant topics.
- Rechler wonders: Maybe the dysfunctional Port Authority should be dismantled?February 9, 2017
Anchin Construction and Development Forum keynote speaker, RXR Realty CEO & Chairman Scott Rechler, on the state of the Port Authority
- No bills to build: The construction lending environment is tighter than everFebruary 9, 2017
Anchin Construction and Development Forum panelists on how unwelcoming the market is to newcomers
- 2016 Real Estate Year-End Tax Planning UpdateDecember 21, 2016
Along with the results of the 2016 presidential election comes a dramatic shift in the political priorities of those in power and a strong likelihood that drastic tax reform lies ahead in 2017. While many of the details are still unknown and may not be fully actualized and actionable until well into the next year, getting a head start on planning and understanding the impact of various potential scenarios as early as possible is essential.
- What You Need to Know About Sales and Use TaxDecember 13, 2016
An increasing amount of building owners and management companies are being audited by states for Sales and Use tax compliance. These audits are resulting in firms being assessed for thousands of dollars in taxes, interest, and, in some instances, penalties.
- Supply Glut, Luxury Boom Are Jeopardizing Brooklyn's Value PlayDecember 5, 2016
On December 2, 2016, Co-Practice Leader of Anchin's Real Estate Industry Group, Marc Wieder, moderated a panel on the Retail & Hospitality Boom at Bisnow's 5th Annual Brooklyn State of the Market.
- Joint ventures: Look before you leapOctober 7, 2016
Partnering up with another construction firm can be beneficial, if you understand the inherent risks with a joint venture. Anchin's Marc Newman tells Real Estate Weekly why it's important to look before you leap.
- Blame the Banks for All Those Boring Chain Stores Ruining Your City September 22, 2016
Marc Wieder, Co-Practice Leader of Anchin's Real Estate Group, explains that some landlords are more concerned with maintaining a high resale value than maintaining steady rent income at all costs.
- Should I invest in triple-net lease properties?August 10, 2016
Marc Wieder, Co-Practice Leader of Anchin's Real Estate Group, weighs the pros and cons of investing in a property with a triple-net lease.
- How to Buy Property With a Spouse, Friend or Business PartnerJuly 21, 2016
Marc Wieder, Co-Practice Leader of Anchin's Real Estate Group, points out that in the case of buying property with a spouse, it might be wise to place ownership in the name of the individual contributing the funds for purchase.
- Considerations for Starting a Real Estate Fund
As real estate funds continue to succeed and become more prevalent in the alternative investment industry, and with more institutional investors increasing allocations to real estate, more aspiring portfolio managers are joining the race to launch their own real estate funds. While today there are many successful and large real estate funds, the majority of the firms in this space are small to midsize organizations with employees ranging from just a few to several hundred.
- Top Accounting Firms in New Jersey Commercial Real Estate
Anchin has deep experience working alongside real estate firms and developers of all sizes including many top Real Estate organizations in the industry. Our Real Estate Group advises a broad range of clients including real estate owners, developers, fund managers, agents/brokers and property managers. Our clients operate across all real estate asset classes including commercial, residential (multi-family), industrial, and hospitality.
- COVID-19 Update Center
The Anchin COVID-19 Update Center is available to simplify your access to critical financial information. It is updated regularly to supplement your communications with your
- How Does Tax Reform Impact You?
6 Recent Tax Law Changes That Technology Companies Need to Know07/25/2019 Automatic Extension Available for Making Portability Election1/31/2019 What Should Businesses Know About Qualified Opportunity Zones?1/15/2019 How Can
- Tax Ideas for a Booming IndustryMarch 20, 2017
The construction industry is alive and well in 2017. As a major force in New York and the greater US economy, it employs more than
- What is a Capital Expenditure?January 1, 2015
IRS Changes Rules on Capital Expenditures Effective January 1, 2014! The IRS published important and long awaited temporary regulations on December 23, 2011, that provide guidance
- The ABCs of Real EstateJanuary 1, 2015
Acre: A parcel of land that measures 43,560 square feet. Ad Valorem Taxes: Property taxes on the assessed value of property. Adjustable Rate Mortgage (ARM):
- Cost Segregation GuideJanuary 1, 2014
What is Cost Segregation? As a result of a tax case, Hospital Corp. of America, et al. v. Commissioner, 109 TC 21, Code Sec. 168, significant
- Anchin Future Forward 2020February 4, 2020
Photo Gallery for the Anchin Future Forward 2020 Conference:What’s Next for New York Real Estate and ConstructionPhoto Credit: Aaron Adler Photography
- Real Estate of Times Square 2013January 31, 2013
Photo Gallery for The Real Estate of Times Square 2013 held at The Harvard Club NYC
- Marc Wieder and Rob Gilman, Co-Leaders of Anchin's Real Estate GroupMay 10, 2020
Marc Wieder and Rob Gilman discuss how Anchin can help individual owners, multi-generational families and more save on their real estate transactions.
- Anchin Webinar: Tax Reform Discussion - How will the Bill Affect You? Get the Answers; Not Just the FactsJanuary 12, 2018
In this recorded webinar, Anchin assembled a panel of top professionals from varying viewpoints, including Real Estate, Financial Services, Professional Services, Technology, and Private Client to have a Q&A session on the effects of the new tax reform.
- Things Real Estate Families Need to ConsiderJune 6, 2017
Anchin Partner and Real Estate Group Co-Practice Leader Robert Gilman discusses important considerations for families that have real estate businesses, including strategies for the transferring of assets and planning with family dynamics in mind.
- Top 4 Misconceptions about Condo InvestmentsApril 20, 2017
Anchin Partner and real estate practice co-leader Robert Gilman discusses capital gains versus ordinary tax rates, differences between the way condos and rental properties are
- Larry Silverstein's Career StoryFebruary 11, 2016
Larry Silverstein of Silverstein Properties was the keynote speaker for the 2016 Anchin Construction and Development Forum. He told the story of his career and
- Larry Silverstein on 2 World Trade February 11, 2016
Larry Silverstein of Silverstein Properties speaks about his initial and overall reactions to working with Bjarke Ingels on Two World Trade at the Anchin Construction
- Larry Silverstein on TAMI InterestsFebruary 11, 2016
Larry Silverstein of Silverstein Properties spoke about the atypical office environments of the Four World Trade Center TAMI (technology, advertising, media, and information) tenants at