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Michael Meehan

CPA, CGMA
Partner

Michael Meehan, CPA, CGMA, is an accounting and audit partner at Anchin. With more than 20 years of experience, Michael provides audit and review services for privately held middle market companies in a variety of industries, including real estate, import/export, apparel and electronics. He is known for being attentive to his clients’ needs and looking for new solutions to their business challenges.

Michael has been involved with a wide range of complex transactions, including restructurings and sophisticated tax free exchanges. He often assists his real estate clients with the tax and business aspects of changes in ownership, a common issue in the real estate industry.

Michael is a member of the Real Estate Board of New York (REBNY) and the New York State Society of Certified Public Accountants (NYSSCPA).

  • Accounting and Auditing
  • Cost Segregation
  • Real Estate

News

  • 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.

  • 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? 

  • 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.

  • 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.

  • 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.

  • 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.

  • 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. 

  • 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. 

  • 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. 

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