Paycheck Protection Program Corrections and Additional Funding Many industries were severely impacted by the COVID-19 pandemic, and real estate was no exception. Leases and loans were renegotiated, rents were deferred or reduced and some tenants went out of business. Congress passed the Paycheck Protection Program (PPP) as part of the CARES Act, and while good[ … ]
The opportunity zone fund provision that was included in the 2017 Tax Cuts and Jobs Act has created significant hype in the business community, especially within the real estate industry.
Through the years, vacation rentals in many locations including Tucson have been popular for people who desire a private vacation experience or prefer a convenient short-term rental. However, developments in the last year brought what some considered a rather disturbing possibility to the forefront. Property Taxes During 2015, the Pima County Assessor reclassified hundreds of[ … ]
Great news! The IRS has finally heard the cry of many taxpayers and CPAs regarding the ability to expense minor purchases of supplies & equipment. As part of the tangible repair regulations made mandatory beginning with tax years beginning on or after January 1, 2014, the IRS included a De Minimis Safe Harbor. This safe[ … ]
The tangible property regulations have added increased complexity for many taxpayers. Although the new regulations are favorable to taxpayers in many instances, it can often be a headache to determine the correct treatment. In an effort to mitigate disputes regarding the deductibility and capitalization of remodel and refresh costs between the Internal Revenue Service (IRS)[ … ]