Tax Court Strikes a Blow to Medical Marijuana Industry, Although Dissents...
As more and more states are allowing legal use of marijuana, medical marijuana businesses are faced with large tax bills because of marijuana’s continued classification as a Schedule I controlled...
View ArticleTax Court Upholds Constitutionality of Rule Prohibiting Deductions for...
I recently wrote about the Tax Court decision in Northern California Small Business Assistants Inc. v. Commissioner, which addressed whether Section 280E’s denial of tax deductions to marijuana...
View ArticleTreasury Strips Away Obama Administration Earnings Stripping Rules
In 2016, the Obama administration issued a series of rules and regulations designed to stem the flow of corporate inversions – transactions where U.S. corporations moved offshore to avoid the high 35%...
View ArticleAct Before Year-End To Maximize Opportunity Zone Tax Benefits
As 2019 comes to a close, there is an important deadline approaching for opportunity zone investors. December 31, 2019 is the last day on which investors can make an investment in a qualified...
View ArticleImportant Year End Deadline for Opportunity Zones
Opportunity zones provide a powerful tool for taxpayers to defer recognizing their capital gains if they roll over their investment into a qualified opportunity zone fund, and offer investors the...
View ArticleIndustry News Briefs
Happy New Year! Did I Miss My Chance at Opportunity Zones? Opportunity zones were introduced in 2017 as part of President Trump’s tax reform bill. Taxpayers with capital gains can receive several tax...
View ArticleHave an Open Like-Kind Exchange? Don’t Fall Into This Trap
A common tax planning tool for real estate transactions is to engage in a like-kind exchange of real estate. If structured properly, a taxpayer can sell real property (the relinquished property) and...
View ArticleTreasury Department Extends Tax Payment Deadlines
On Tuesday, Treasury Secretary Steven Mnuchin announced that the Treasury Department will extend the April 15 tax payment deadline by 90 days with no penalties or interest....By: Amanda Wilson
View ArticleThe Check May Soon Be In the Mail: McConnell Introduces Tax Relief Legislation
On Thursday, Senate Majority Leader Mitch McConnell introduced tax relief legislation, which includes among other benefits, rebate checks to individuals and families....By: Amanda Wilson
View ArticleTax Day Moved From April 15 to July 15
Treasury Secretary Steven Mnuchin announced, via Twitter, that the Internal Revenue Service is officially moving the tax filing deadline from April 15 to July 15....By: Amanda Wilson
View ArticleSenate Reaches Agreement on $2 Trillion COVID-19 Stimulus Bill
Early this morning, Senate Majority Leader Mitch McConnell announced that after days of discussion, the Senate has reached a bipartisan agreement on a $2 trillion relief package for the coronavirus...
View ArticleCoronavirus Paid Leave Act Offers Tax Incentives for Employers
On Wednesday, March 18, President Trump signed the Families First Coronavirus Response Act (the “Act”) into law. This law required certain employers with less than 500 employees to provide paid-leave...
View ArticleHouse Approves $2.2 Trillion Stimulus Plan
Earlier today, the House of Representatives passed the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act. The CARES Act was previously passed by the Senate on Wednesday, and is expected to...
View Article$2.2 Trillion Stimulus Bill Includes Big Benefit For Real Estate Investors...
The Coronavirus Aid, Relief, and Economic Security Act (CARES) Act was passed by Congress and is expected to be signed into law by President Trump. This $2.2 trillion stimulus bill contains an...
View ArticleCARES Act Allows Employers to Defer Payroll Taxes
The Coronavirus Aid, Relief, and Economic Security Act (CARES) Act was signed into law by President Trump last week. In an attempt to address cash flow concerns of businesses, Section 2302 of the CARES...
View ArticleMade Any Improvements to Your Non-Residential Building Lately? CARES Act May...
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which was signed into law last week, contains an important fix to the 2017 Tax Cuts and Jobs Act that could provide a real financial...
View ArticleExecutive Order Provides PPP Loans Not Subject to Florida Doc Stamps Tax
The Paycheck Protection Program included in the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) allows businesses with 500 or fewer employees to receive federally-guaranteed loans...
View ArticlePartnerships Can File Amended Returns to Cash in on CARES Act Benefits
The Coronavirus Aid, Relief, and Economic Security Act (CARES) Act was signed into law by President Trump last month. As we have previously discussed, the CARES Act contains several tax law changes...
View ArticleCARES Act Provides Potential Cash Flow Opportunities for Businesses with NOLs
The Coronavirus Aid, Relief, and Economic Security Act (CARES) Act, signed into law by President Trump last month, makes several important changes to the Net Operating Loss (NOL) provisions....By:...
View ArticleReal Estate Businesses Can Revoke 163(j) Election and Cash in on Bonus...
The 2017 Tax Cuts and Jobs Act introduced a new Section 163(j) limitation on deducting business interest expense. Specifically, businesses could only deduct net business interest in any given year...
View ArticleIRS Extends Like-Kind and Qualified Opportunity Zone Deadlines
Section 1031 of the Internal Revenue Code allows a taxpayer to sell real property (the relinquished property) and replace it with real property of a like-kind (the replacement property) without...
View ArticleIRS Expands on Tax Extension Relief
Last month, the Internal Revenue Service (IRS) announced that the income tax filing deadline had been pushed to July 15, 2020, for income tax returns due on April 15, 2020. This relief was subsequently...
View ArticleCARES Act Eases Limitation on Deducting Business Interest Expenses
The 2017 Tax Cuts and Jobs Act introduced a new Section 163(j) limitation on taxpayers deducting business interest expense (our prior discussion of this tax law change can be found)....By: Amanda Wilson
View ArticleGovernor DeSantis Unveils Plan to Reopen Florida’s Economy
On Wednesday, April 29, Florida Governor Ron DeSantis unveiled a step-by-step plan to reopen Florida’s economy. DeSantis announced his plan just as the state’s stay-at-home order is set to expire...
View ArticleIRS Clarifies Non-Deductibility of Expenses Paid With Forgiven PPP Loan Proceeds
The Paycheck Protection Program (“PPP”) included in the CARES Act allows businesses with 500 or fewer employees to receive loans to pay payroll costs, rent and certain other expenses....By: Amanda Wilson
View ArticleGovernor DeSantis Announces Expansion of Phase One of Florida’s Reopening Plan
Late last week, Governor Ron DeSantis announced that gyms and fitness centers may reopen beginning on Monday, May 18. Additionally, restaurants and stores may now move from operating at 25% capacity to...
View ArticleIRS Provides Much-Needed Opportunity Zone Relief
On June 4, the IRS provided some much-needed relief to opportunity zone investors and qualified opportunity funds (QOFs) in response to the ongoing COVID-19 pandemic. Specifically, the IRS published...
View ArticleDon’t Forget the Tax Man: Many Tax Returns and Payments Due Next Week
Because of Covid-19, the IRS extended most federal tax filing and payment deadlines otherwise due from April 1, 2020 to July 14, 2020 until July 15, 2020....<BR />By: <a...
View ArticlePresident Trump Signs Executive Order Deferring Certain Payroll Tax...
On Saturday, August 8, President Trump enacted four executive orders after Democrats and the White House were unable to reach an agreement on a new stimulus bill last week. Among the four executive...
View ArticleIRS and Treasury Finalize Last Set of Bonus Depreciation Regulations
One of the key tax benefits for investors and owners of real estate such a senior living facilities is depreciation. The 2017 Tax Cuts and Jobs Act expanded on this benefit, allowing for 100% bonus...
View ArticleNew Treasury and IRS Regulations Bless SALT Deductions for Pass-through Entities
Monday, the U.S. Department of the Treasury and Internal Revenue Service (IRS) issued a press release and related notice regarding proposed regulations which clarify that the $10,000 cap on state and...
View ArticleIRS Doubles Down on Non-Deductibility of Expenses Paid with Forgivable PPP...
Back in May, I reported on the IRS’s issuance of Notice 2020-32, in which the IRS answered with a resounding "no" the question of whether businesses that used Paycheck Protection Program (“PPP”) loan...
View ArticleNew COVID-19 Relief Bill Allows Deductibility of Expenses Paid with Forgiven...
As I previously reported in an article published earlier this month, the IRS has repeatedly taken the position that businesses cannot deduct otherwise deductible expenses (such as payroll or rent) if...
View ArticleIRS Extends Much-Needed Opportunity Zone Relief
This week, the IRS issued Notice 2021-10, which extends the June 4, 2020 relief that the IRS previously granted to opportunity zone investors and qualified opportunity funds (QOFs) in response to the...
View ArticleIRS Extends Tax Day to May 17
The Internal Revenue Service provided individual taxpayers with a nice St. Patrick’s Day surprise by announcing that the tax deadline for individuals had automatically been extended from April 15, 2021...
View ArticleBiden Proposes Tax Hike on Businesses and High-Income Individuals
Over the last month, President Biden has discussed various tax proposals that will increase income taxes on businesses and high-income individuals. In the last week, we have learned more about what...
View ArticleQualified Opportunity Zones A Brief Primer
If you are planning to acquire or build a senior living facility that is located in an opportunity zone, there are many tax benefits that are available to you. One of these benefits is that 10% of the...
View ArticleAct Before Year End to Maximize Opportunity Zone Benefits
If you are planning to acquire or build a senior living facility that is located in an opportunity zone, there are many tax benefits that are available to you. One of these benefits is that 10% of the...
View ArticleAs Tax Filing Deadline Approaches, Avoid This Trap for the Unwary If You Have...
In the senior living area, a taxpayer that is selling a community may look to avoid recognizing gain on the sale by entering into a Section 1031 like-kind exchange with respect to the real estate. The...
View ArticleChoosing the Right Entity for Your Business
What is the right entity for your new business? The default answer is often considered to be a corporation, as it provides the owner with protection from business debts and has a lower 21 percent...
View ArticleRenewed Opportunities: Recent Bipartisan Proposal Seeks to Refine Opportunity...
In 2017, the Tax Cuts and Jobs Acts (TCJA) created a capital gains investing program aimed at revitalizing impoverished neighborhoods in the United States, known as “Qualified Opportunity Zones.” The...
View ArticleBipartisan Bill Proposes Changes to Opportunity Zone Benefits
If you acquired or built a senior living facility that is located in an opportunity zone, or are considering doing so, a recent bipartisan bill introduced in Congress proposes making changes to the...
View ArticleSolar Industry to See Historic Investment from Inflation Reduction Act
The Inflation Reduction Act of 2022, which Senate Democrats intend to move through their chamber using a budget reconciliation process allowing it to pass with 50 votes (plus Vice President Harris...
View ArticleGood News: IRS Grants $1.2 Billion in Penalty Relief for Taxpayers Impacted...
The senior living industry was hit hard by the Covid-19, and the IRS recently announced relief for people or businesses who filed their 2019 or 2020 tax returns late as a result. If your business was...
View ArticleHave a Partnership? March 15th Deadline Offers a Window of Opportunity
Many senior housing properties are owned by limited liability companies or other entities that are taxed as partnerships for federal income tax purposes. The March 15th deadline for filing federal...
View ArticleApplications for Low-Income Communities Bonus Tax Credits to Open in Early Fall
Last year’s Inflation Reduction Act created the Low-Income Communities Bonus Credit Program. This program provides additional energy tax credits on top of the existing 30% investment tax credit....
View ArticleToo Good To Be True? Be Wary of ERC Promoters
While not as well-known as the Paycheck Protection Program, the Employee Retention Credit (ERC) program was another form of Covid relief provided by the federal government to businesses in 2020 and...
View ArticleToo Good To Last? IRS Halts Processing of ERC Claims
While not as well-known as the Paycheck Protection Program, the Employee Retention Credit (“ERC”) program was another form of Covid relief provided by the federal government to businesses in 2020 and...
View ArticleWorried About Your ERC Refund Claim? IRS Announces Process to Withdraw...
If you listen to the TV or radio, you have probably heard advertisements about Employee Retention Credits (ERCs) and how employers may qualify for cash from the government. If you own a business, you...
View ArticleThe Corporate Transparency Act is Coming, But FinCEN Grants A Little More...
In a significant update to the upcoming implementation of the Corporate Transparency Act (CTA), the Financial Crimes Enforcement Network (FinCEN) has extended the filing deadline for reporting entities...
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