The 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...
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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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...
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