By: Amanda Wilson 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 …
Bipartisan Bill Proposes Changes to Opportunity Zone Benefits
By: Amanda Wilson 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 …
As Tax Filing Deadline Approaches, Avoid This Trap for the Unwary If You Have an Open 1031 Exchange
By: Amanda Wilson 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 …
2021 Property Tax Valuations Being Determined
By: Brendan Lynch All around Florida, the elected county Property Appraiser in each of our state’s 67 counties is starting to determine 2021 valuations for property tax assessment purposes. Property tax valuations are ultimately published …
IRS Extends Tax Day to May 17th
By: Amanda Wilson The Internal Revenue Service provided individual taxpayers a nice St. Patrick’s Day surprise by announcing that the tax deadline for individuals had automatically been extended from April 15, 2021 to May 17, …
Property-Tax Exemptions for Senior-Living Facilities: Application Deadline is March 1, 2021
By: Brendan Lynch As we have turned the calendar to 2021, now is again the time for senior living facilities around the state to evaluate whether the facility is eligible for any property tax exemptions …
IRS and Treasury Finalize Last Set of Bonus Depreciation Regulations
By: Amanda Wilson 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 …
Don’t Forget the Tax Man: Many Tax Returns and Payments Due Next Week
By: Amanda Wilson 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. The postponement is coming to …
Have an Open Like-Kind Exchange? Don’t Fall Into This Trap
By: Amanda Wilson 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 …
NIC Notes
By John Ruffier, Chair of the Lowndes Senior Housing Practice Group In case you are not one of the over 3,000 people attending the 2019 NIC Fall Conference in Chicago, we thought we’d share a …
