Lots of careers are risky and frankly, no career is risk-free. But when it comes to a business that can fail seemingly at the tip of a hat, for any number of reasons, real estate contracting sits at the top of many people’s list. Some of the reasons behind such failures are obvious and others fester and grow over time, only revealing themselves once it’s too late. While the size and scope of the failings may vary, oftentimes, the reasons behind them fall into one of three broad categories.
Well-crafted and legally-binding buy-sell agreements can reduce the risk of unexpected circumstances for construction companies.
As we approach the summer months and the Tax Cuts and Jobs Acts is in full effect, we want to provide you with some additional information as it relates to rental real estate enterprises and the flow-through qualified business income deduction (QBID) for individuals.
The most significant change the Tax Cuts and Jobs Act (TCJA) brought to like-kind exchanges is that it is limited to only real property held for productive use in a trade or business or held for investment. Personal property is no longer eligible for gain deferral under Section 1031.
With tax season upon us, it is important to be up to date on new tax scams that affect taxpayers. Many current scams involve new twists on the same old scam. The most prevalent one to be aware of for 2018 is a pervasive new telephone scam. Individuals are using taxpayer information to file false returns, sending the refund directly to the taxpayer. The taxpayer then receives a telephone call from an individual pretending to be with the IRS or in another position of authority and demands that the taxpayer returns the refund to a specified address due to an error.