Robert S. Gilman
Partner, Co-Leader of Anchin's Real Estate Group
Robert 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 the commercial and residential spaces and advising them on day-to-day operations, tax saving opportunities, and transactional support that includes due diligence on the acquisition and disposition of real estate. His experience also 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. Rob also advises clients with 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 consults on compliance, accounting and tax issues that impact the real estate industry.
Rob is a member of the American Institute of Certified Public Accountants (AICPA), the New York State Society of Certified Public Accountants (NYSSCPA) and the Real Estate Board of New York (REBNY). He is involved with a number of Real Estate industry organizations and is actively involved with and was recently honored by the Long Island Chapter of the March of Dimes.
- Accounting and Auditing
- Cost Segregation
- Real Estate
- 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.
- 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.
- 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.
- 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.
- 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.
- 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?
- 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.
- 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.
- Bracing for More Job Losses, Looking Toward Better DaysJune 4, 2020
As tomorrow’s U.S. unemployment numbers are predicted to hit at least 20 percent due to the COVID-19 shutdowns, economists and commercial real estate experts say there will be post-pandemic changes on the commercial real estate landscape during the slow road to recovery.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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”
- 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.
- 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.
- Rising transaction complexity drives need for solid operating agreementsDecember 14, 2015
As the number of partners in commercial real estate transactions rises, having properly structured operating agreements is becoming increasingly important.
- After a Sweet Sale of Your Stake in a Real Estate Project, Beware a Big Tax TrapNovember 11, 2015
Selling one's stake in a building might come with a hidden tax.
- Anchin Future Forward 2021: How the Real Estate, Design and Construction Industries Have Adapted Through COVID And BeyondFebruary 10, 2021
The virtual conference will welcome New York’s leading real estate owners, developers, construction executives and other key business decision makers to explore the changing industry and trends.
- 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.
- 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