Remove income tax Remove Real Estate Remove tax services
article thumbnail

The Tax Break Commercial Real Estate Investors Might Need After COVID-19

Withum

The COVID-19 pandemic has had a dramatic impact on commercial real estate values, and in some cases resulted in property no longer being able to support the debt with which it is encumbered. However, the resulting forgiveness of a portion of the debt does not automatically result in federal taxable income. Business Tax Services.

article thumbnail

2023 Year-End Tax Planning Strategies for the Real Estate and Construction Industry

Cherry Bekaert

Contributor: Chelsea Payne , Senior Manager, Tax Services As the end of the year approaches, strategic planning remains crucial for taxpayers looking to optimize their financial positions and set the stage for a strong start in the upcoming fiscal year. Each state has different eligibility requirements and PTE election regimes.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

Balancing Risks and Rewards of the Global Real Estate Market

Cherry Bekaert

Real Estate Market Trends The U.S. real estate market has been experiencing a significant increase in the demand for residential real estate due to a growing population of people looking to buy homes or invest in real estate properties. real estate market as a stable investment opportunity.

article thumbnail

What's new in state sales and use taxes

TaxConnex

The state extended its sales and use tax exemption for coal and aggregate exploration, mining, off-highway hauling, processing, maintenance and reclamation equipment to July 1, 2028. for how this will change sales tax filing and other taxpayer services?

Sales 246
article thumbnail

Take the BAIT – Why NJ Business Owners Should Reconsider the Business Alternative Income Tax

Withum

Governor Murphy signed into law a bipartisan bill (S4068) that enhances the state’s electable pass-through entity (PTE) tax, known as the New Jersey Business Alternative Income Tax (BAIT) on January 18, 2022. For more information on this topic, please contact a member of Withum’s Real Estate Services team.

article thumbnail

FAQs on Tax Treatment for COVID Relief Programs

Withum

Q8: Will PPP loan forgiveness be taxable on my state income tax return? A8: Most states conform to the federal income tax treatment of PPP loan forgiveness but some states either disallow the expenses or treat the loan forgiveness as taxable. Q3: Are expenses used to claim the ERC deductible on my state income tax return?

Tax 126
article thumbnail

Beyond tax season: creating revenue stability year-round

ThomsonReuters

Tax accountants who only need office space for a few months out of the year must spend a lot of time before tax season looking for good options. In a tight real estate market, that can be hard to find. Stay top-of-mind with tax and accounting clients all year. Filing quarterly employment taxes.

Tax 102