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, …

What will happen to my 2020 Property Taxes?

By Brendan Lynch:  As the pandemic continues to ravage many industries, senior living facilities continue to stand apart as specially impacted properties. From the outset of the COVID-19 crisis, these facilities have been in the …

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 …

IRS Finalizes Real Estate Safe Harbor for 20% QBI Deduction

  By: Amanda Wilson Section 199A introduced a 20% deduction for qualified business income (previously discussed here). To qualify for the deduction, income must be from a trade or business. Whether rental activity rises to …

Real Estate Safe Harbor for 20% QBI Deduction

By:  Amanda Wilson Section 199A introduced a new 20% deduction for qualified business income (previously discussed here).  To qualify for the deduction, income must be from a trade or business.  Many senior living communities hold …

Now Is The Time To Review Your Tax Provisions

By:  Amanda Wilson As tax season is underway, one important deadline is coming that should not be overlooked. Tax law allows for partnership and LLC agreements to be amended retroactively to the first day of the …