Living and working overseas presents many opportunities and challenges, including navigating the complexities of U.S. tax laws. The IRS Form 2555 is a critical tool that allows U.S. citizens or resident aliens (“green card” holders) living and earning income abroad to manage their tax obligations effectively. This form enables eligible taxpayers to claim the Foreign Read the full article…
It is helpful for taxpayers with rental properties to know the rules and regulations about deductible rental losses. Understanding the difference between active participation and material participation is crucial as these two terms play a big role in determining the deductibility of rental losses. In general, rental activity is considered a passive activity that creates Read the full article…
Recently, the Department of Treasury released the General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals. The proposals are built around the Build Back Better Act, passed by the House of Representatives on November 19, 2021, but were stalled in the Senate. If you are in the real estate space, it is important to Read the full article…
The real estate market can be volatile, full of risks and challenges. Real estate professionals should enlist an expert to ensure compliance and navigate the specifics of real estate tax and accounting. At KROST, we provide specialized real estate accounting services to a diverse range of clients in the real estate industry, including developers and Read the full article…
This is one of the articles in the new KROST Quarterly Real Estate Issue, titled “Going Green for the Green: Federal Tax Incentives for Energy Efficient Building” by So Sum Lee There are several tax incentives available to the real estate industry. Whether you invest in, build, design, or make significant renovations to real estate, a Read the full article…
This is a preview of one of the articles in the new KROST Quarterly Real Estate Issue, titled “Qualified Improvement Property (QIP) Technical Correction and Bonus Depreciation” by Elvira Frencillo and So Sum Lee The coronavirus has turned the world upside down. It has cost so many lives and caused agony to individuals and businesses. To Read the full article…
On December 27, 2020, Congress passed a $900 billion COVID-relief package, along with a $1.4 trillion spending package, that funds the government for the 2021 fiscal year. The spending bill includes several tax extenders; Section 45L tax credit for multifamily and residential developers, 179D tax deduction for commercial and government buildings, as well as 25C Read the full article…
Congress introduced the Bipartisan economic relief package on December 20, 2020. This relief bill provides stimulus to individuals and businesses. As an industry impacted by the pandemic, real estate businesses can benefit from several key tax provisions in the package. We have outlined these opportunities below. Business Meals Deduction Currently, the deductibility of business meals Read the full article…
The Consolidated Appropriations Act (the “Act”) passed by Congress and signed by the President on December 27, 2020, outlined several provisions to help individuals through this extended time of financial uncertainty. Most of these provisions are included in the Additional Coronavirus Response and Relief (“ACRR”) and the Taxpayer Certainty and Disaster Tax Relief Act of Read the full article…
The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act) as part of the Consolidated Appropriations Act, 2021 (the 2021 CAA) was signed into law on December 27, 2020. The CCA is a $2.3 trillion package that provides additional funding to the PPP program and includes several key provisions that Read the full article…
