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 partnership tax returns is...more
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 some of those proposals...more
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 substance under federal law. ...more
10/29/2019
/ Business Expenses ,
Business Taxes ,
Dispensaries ,
Dissenting Opinions ,
Eighth Amendment ,
Excessive Fines Clause ,
IRC Section 280E ,
IRS ,
Marijuana ,
Marijuana Related Businesses ,
Medical Marijuana ,
Sixteenth Amendment ,
Tax Court ,
Tax Deductions ,
Tax Liability ,
Tax Penalties ,
Tax Planning
Section 199A introduced a new 20% deduction for qualified business income. To qualify for the deduction, income must be from a trade or business. Many senior living communities hold their real property in a separate entity,...more
As I previously discussed, the federal tax due date for partnership and corporate tax returns changed a few years ago. ...more
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 prior year, provided the...more
Do you have a tech business that you operate as a pass-through entity? If so, Section 199A of the recent tax reform legislation may apply to you or your business. This provision introduces a 20% deduction for qualified...more
Section 199A introduced a new 20% deduction for qualified business income. To qualify for the deduction, income must be from a trade or business. ...more
The Tax Cut and Jobs Act made several key changes to the expensing and depreciation rules, which will be a boon for Senior Living businesses that tend to be real estate heavy....more
The recent Tax Court decision, Alterman v. Commissioner, struck yet another tax blow against the growing medical marijuana industry.
...more
6/18/2018
/ Business Expenses ,
Business Taxes ,
Dispensaries ,
IRS ,
Marijuana ,
Marijuana Related Businesses ,
Medical Marijuana ,
Tax Court ,
Tax Deductions ,
Tax Liability ,
Tax Penalties ,
Tax Planning
After many years of being the target of Congress and the IRS, the Tax Cut and Jobs Act finally succeeded in limiting the beneficial tax treatment of carried interests, at least for some taxpayers. This change will be of...more
3/2/2018
/ Business Taxes ,
Carried Interest Tax Rates ,
Corporate Taxes ,
Future Tax Treatment ,
Income Taxes ,
Investment Funds ,
New Legislation ,
Real Estate Development ,
Real Estate Market ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
Tax Rates ,
Tax Reform ,
Trump Administration
The Tax Cut and Jobs Act introduced a new rule limiting a businesses ability to deduct interest expense, which can have a significant impact in the senior living area as facilities often are acquired or built using debt....more
Last month, President Trump signed into law the much publicized Tax Cut and Jobs Act. In part of our ongoing series discussing the changes made by the Act, the following answers six common questions regarding the new Section...more
Last month, President Trump signed into law the much publicized Tax Cut and Jobs Act. In part of our ongoing series discussing the changes made by the Act, the following discusses key changes made to the expensing and...more
1/19/2018
/ Bonus Depreciation ,
Business Taxes ,
Compensation & Benefits ,
Corporate Taxes ,
Income Taxes ,
MACRS ,
New Legislation ,
Section 179 Property ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
Tax Rates ,
Tax Reform ,
Trump Administration
Last month, President Trump signed into law the much publicized tax reform legislation, Public Law 115-97. One of the new provisions is Section 199A, which introduces a deduction for qualified business income. Here are the...more
Congress has passed the Tax Cuts and Jobs Act, and President Trump is expected to sign it almost immediately. ...more
12/21/2017
/ Alternative Minimum Tax ,
Business Taxes ,
Corporate Taxes ,
Estate Tax ,
Income Taxes ,
International Tax Issues ,
Legislative Agendas ,
Pass-Through Entities ,
Proposed Legislation ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Tax-Exempt Bonds ,
Trump Administration
This morning, Congress passed the Republican’s tax reform bill, the Tax Cuts and Jobs Act (the “Act”). President Trump is expected to sign the Act into law almost immediately. The Act will drastically change the Internal...more
12/20/2017
/ Alternative Minimum Tax ,
Business Taxes ,
Corporate Taxes ,
Estate Tax ,
Income Taxes ,
International Tax Issues ,
Legislative Agendas ,
Pass-Through Entities ,
Proposed Legislation ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Trump Administration
The House Republican’s tax reform bill – the Tax Cuts and Jobs Act – was released yesterday. This bill is 429 pages (this is simplifying?) and provides for extensive tax reform. ...more
11/3/2017
/ Adoption ,
Alternative Minimum Tax ,
Business Taxes ,
Child Tax Credit ,
Corporate Taxes ,
Energy Tax Incentives ,
Estate Tax ,
Generation-Skipping Transfer ,
Income Taxes ,
International Tax Issues ,
Local Taxes ,
Mortgage Interest ,
Pass-Through Entities ,
State and Local Government ,
State Taxes ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Transfer Taxes ,
Trump Administration
The House Republican’s tax reform bill – the Tax Cuts and Jobs Act – was released today. This bill is 429 pages (this is simplifying?) and provides for extensive tax reform....more
11/2/2017
/ Alternative Minimum Tax ,
Business Taxes ,
Charitable Donations ,
Corporate Taxes ,
Estate Tax ,
Excise Tax ,
Foreign Earned Income ,
Generation-Skipping Transfer ,
Income Taxes ,
International Tax Issues ,
Legislative Agendas ,
Net Operating Losses ,
Pass-Through Entities ,
Proposed Legislation ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Trump Administration
Today, House Ways and Means Committee Chairman Brady introduced the much anticipated House Tax Reform Bill – The Tax Cuts and Jobs Act. The bill is 429 pages, so it will take a little time to digest all the key provisions. ...more
11/2/2017
/ 401k ,
Alternative Minimum Tax ,
Business Taxes ,
Child Tax Credit ,
Congressional Committees ,
Corporate Taxes ,
Estate Tax ,
Income Taxes ,
International Tax Issues ,
LIHTC ,
Local Taxes ,
Pass-Through Entities ,
Property Tax ,
State and Local Government ,
State Taxes ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Trump Administration
House Ways and Means Committee Chairman Kevin Brady announced that the House’s tax reform bill will be released next week on November 1. ...more
10/30/2017
/ Alternative Minimum Tax ,
Business Taxes ,
Corporate Taxes ,
Estate Tax ,
Income Taxes ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Trump Administration ,
Ways and Means Committee ,
Wealth Management
Earlier this year, President Trump issued Executive Order 13789, which ordered the Treasury Department to review all significant tax regulations issued after December 31, 2015 and identify regulations that impose an undue...more
7/18/2017
/ Business Taxes ,
Corporate Taxes ,
Estate Tax ,
Foreign Corporations ,
Generation-Skipping Transfer ,
IRS ,
REIT ,
RICs ,
Section 103 ,
Section 337 ,
Section 385 ,
Tax Reform ,
Trump Administration ,
U.S. Treasury
Despite the political controversy swirling around the firing of James Comey and the appointment of a special prosecutor, the White House and Republicans are determined to push forward with tax reform. Later this week,...more
The White House announced that President Trump’s tax reform plan will be coming soon (around March 13th)....more
On Friday, House Speaker Ryan stated publicly that tax reform legislation will be included in one of two must pass budget resolutions this year, but it will be included in the fiscal 2018 budget resolution rather than in the...more