In this session, we’ll discuss tax reform and its impact on the real estate industry. It will focus on key tax provisions signed into law with the Tax Cuts and Jobs Act that impact businesses and individuals investing in real estate reform, with specific emphasis on what clients and tax practitioners should know going forward. Specific tax topics related to real estate will include:
In this session, we’ll discuss ASU 2016-02, Leases (Topic 842), cover the key terms, provide implementation examples and discuss the potential impact it may have on negotiating future leases. We’ll also comment on expanded disclosures required under the new standard.
In this session, we’ll discuss the structure, economics, risks and benefits of like-kind exchanges to build a working knowledge for those in corporate, business strategies, real estate, tax, estate planning and wealth management practices. We will use real-world examples to break down the regulations, mechanics and time frames and review the most common partnership/LLC issues and solutions and reverse and improvement/build-to-suit exchanges. As an advisor, you will gain an invaluable resource and be able to spot a 1031 situation, creating opportunities for you and your clients.
The Tax Cuts and Jobs Act (TCJA) and finalization of the tangible property regulations have created substantial tax planning opportunities for real estate owners along with an enormous amount of complexity. In this seminar, we’ll discuss the use of various tax strategies that can be implemented using the TCJA, cost segregation studies, the tangible property regulations, including the expanded de minimis election, bonus depreciation, like-kind exchanges, 179 expensing elections and more!
In this session, we’ll discuss accounting for real estate sales under the new framework resulting from the adoption of ASC 610-20 (the new derecognition of non-financial assets standard) and ASC 606 (the new revenue standard). We will compare and contrast that accounting with the accounting under the prior real estate sales model within ASC 360-20 (previously FAS 66), as well as the interplay with the FASB's definition of a business project. The discussion will span each of the four buckets in the new sales framework: 1) sales of real estate considered businesses; 2) sales to customers; 3) equity method investments; and 4) sales to non-customers, and what that means for partial sales.
Patricia Flowers is vice president with Investment Property Exchange Services, Inc. (IPX1031®), the largest and most secure Qualified Intermediary (QI) in the nation. In her role, she strategically guides tax and legal advisors through the process, structuring their client transactions to succeed within the parameters of the IRC Section 1031 Code. Her involvement spans the legal, financial, brokerage, tax and real estate industries, allowing her the distinct advantage of understanding multiple facets of the transaction. This background, coupled with her range of knowledge and experience in Tax Code Section 1031, has resulted in thousands of successful Tax Deferred Exchanges over the past 20 years, preserving millions of dollars in equity for investors.
Jeffrey Hiatt is director of New Business Development at MS Consultants, LLC. Since joining the firm in 1999, he has developed and fostered relationships with CPA firms, real estate professionals and accounting societies throughout the New England area helping to make MS Consultants the leading provider of Cost Segregation Studies in the Northeast.
Jenna is a Tax Senior Manager in the Northeast Region Private Client Services (PCS) group at EY. Jenna joined the firm in June 2006 and has experienced a variety of tax compliance work, including corporate provisions, corporate compliance, partnership compliance, and Fin48 implementation. Her more recent focus pertains to Private Client Services, serving the families of high net worth individuals with their tax compliance obligations, help with tax planning, trust compliance and planning, estate compliance and planning, wealth transfer planning, philanthropic planning, and exposure to private foundations. Other experiences include instructing for the firm and authoring a variety of training materials.
Jenna can be found at the Boston, MA office and helps to oversea her teams located in the Providence, RI office as well
Laura Lynch is an assurance senior manager at PwC LLP in Boston in the real estate and asset management practice. She has 11 years of public experience in serving clients mainly in the real estate industry, including institutional real estate advisors, public REITs, property management companies, hotels and private real estate developers/owners. Lynch has also spent a significant amount of time in working with real estate private equity advisors on closed-end real estate funds and has worked with structuring new funds and master/feeder funds.
Phil Mann is managing director at MS Consultants, LLC, where he is a leading national expert in the field of construction engineering services. He has participated in over 15,000 cost segregation studies since 1996 and has worked with numerous CPA firms across the country developing corporate alliances to grow and support their cost segregation practices. Mann’s areas of concentration include cost segregation studies, construction cost analysis, construction engineering, real estate appraisals and tax planning.
John Wayne is a senior manager currently on tour in PwC’s National Quality Organization in a dual role, sitting in the Accounting Services Group focusing on business combinations as well as within the SEC Services Group focused on SEC registrants in the asset management industry. His responsibilities within the Accounting Services Group include working on consultations with a variety of clients on accounting for acquisitions/dispositions, consolidation and equity method matters, segment reporting, as well as involvement in standard setting. In addition, his responsibilities within SEC Services Group include working on consultations with domestic and international clients, and also with engagement teams on a wide range of matters relating to security registration for initial public offerings and ongoing accounting and financial reporting requirements for public registrants.