6 Considerations for Cost-Effective Redesign in Multifamily
With multifamily development on the rise, many owners turn to renovations to pull ahead and remain competitive in a crowded market. David Nischwitz of Fogelman Properties explores some new redevelopment trends to consider.
Top 4 Multifamily Interior Design Trends
With the increase in home décor/renovation shows and influencers on social media, more people are being exposed to high-end design, which is what they are expecting in multifamily communities.
Understanding Healthcare Cloud Migration for Cost Benefits
Planning a healthcare cloud environment based on an organizations unique needs and resources is vital to achieving full cost benefits and advantages of the cloud.
Polk & Associates Expands Reach and Strengthens Team With Strategic Merger
New merger bolster expertise, experience and industry-specific knowledge in key core competencies Bingham Farms, MI – August 1, 2018 – Polk & Associates (POLK) announces today a strategic merger that bolsters core and expands practices such as Valuation Services, Audit and Assurance, Business Acquisition, Estate and Succession Planning and Tax Planning & Compliance services. Founded […]
Keep an eye out for extenders legislation
The pieces of tax legislation garnering the most attention these days are the Tax Cuts and Jobs Act signed into law last December and the possible “Tax Reform 2.0” that Congress might pass this fall. But what happens with “extenders” legislation is also important. It affects whether the above-the-line deduction for tuition and related expenses, the mortgage insurance premium deduction and the exclusion from gross income for mortgage loan forgiveness will be available for 2018. Contact us with questions about these breaks and whether you can benefit.
Choosing the right accounting method for tax purposes
The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method (which is simpler than the accrual method) available to more businesses. Now the IRS has provided procedures for obtaining automatic consent to change accounting method under the TCJA. If you’re eligible for both methods, consider whether switching would be beneficial. The cash method is typically preferable, but in some cases the accrual method is advantageous. We can help you make this decision and execute the change if appropriate.
Contemplating compensation increases and pay for performance
Once a business establishes its compensation structure, it must then contemplate the efficacy of linking pay raises to performance. Some believe you shouldn’t use compensation to motivate employees because workers might focus only on money, not quality. Nonetheless, the pay-for-performance model is still widely used. To help prevent employees from perceiving merit increases as an entitlement, communicate clearly about what contributes to pay increases and refine your performance review process so it’s transparent and understandable. Contact us for more info.
The TCJA prohibits undoing 2018 Roth IRA conversions, but 2017 conversions are still eligible
Converting a traditional IRA to a Roth IRA can provide tax-free growth and tax-free withdrawals in retirement. But conversions are subject to income tax. Before the TCJA, if you discovered a conversion would be too costly tax-wise, you could undo it using a “recharacterization” and avoid the tax hit. Effective with 2018 conversions, the TCJA prohibits recharacterizations. If, however, you converted to a Roth IRA in 2017, you have until Oct. 15, 2018, to undo it. We can help you assess whether to recharacterize a 2017 conversion or execute a 2018 conversion.
An FLP can save tax in a family business succession
A family limited partnership (FLP) can help you enjoy the tax benefits of transferring ownership in your business to the next generation yet allow you to retain control. The value of transferred interests is removed from your taxable estate. Discounts might reduce the value for tax purposes, and you can apply your $15,000 annual gift tax exclusion or $11.18 million lifetime gift tax exemption. There also may be income tax benefits. But to withstand IRS scrutiny, FLPs must, among other things, have a business purpose beyond tax savings. Contact us to learn more.