Shea Kracheck, CPA, Partner, Tax Services

With more than 14 years of professional accounting experience, Shea has proven her extensive knowledge within our tax department. With her extensive tax knowledge and experience, Shea has specialized her efforts within both the construction and real estate industries. Some of her current responsibilities include the preparation and review of individual, corporate, and partnership income tax returns, as well as state income and franchise tax returns. She also supervises and trains our current tax staff, along with working with her client to research any additional tax issues. Shea is currently serving as the President of the Commercial Real Estate for Women’s Dallas Chapter (“CREW Dallas”) not-for-profit organization.

Recent Posts

Families First Coronavirus Response Act Deadline Approaching

Posted by Shea Kracheck, CPA, Partner, Tax Services on Mar 31, 2020

While a lot of recent attention focused on the stimulus package contained in the Coronavirus Aid, Relief & Economic Security (CARES) Act signed into law late last week, remember that a significant deadline related to the new Families First Coronavirus Response Act (Families First) is rapidly approaching.  

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Topics: Tax, coronavirus, COVID-19, CARES Act, Families First Coronavirus Response Act, FFCRA

Lease Options

Posted by Shea Kracheck, CPA, Partner, Tax Services on Aug 22, 2019

A few years ago, I wrote an article regarding lease options, and it caused quite a bit of fanfare. Due to numerous hits, we feel it’s time for a refresher as well as to dive into a little more detail. The structuring of lease options needs to be scrutinized to ensure that the IRS does not arrive and re-characterize the lease option as a sale.

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Topics: Real Estate, Lease

New rules for partnership audits

Posted by Shea Kracheck, CPA, Partner, Tax Services on Nov 29, 2017

The new rules for partnership audits enacted by the Bipartisan Budget Act of 2015 ("BBA") will dramatically impact not only how tax adjustments are assessed, but who is responsible for them. These rules will go in effect for partnership tax years beginning after December 31, 2017. We advise you to discuss with your legal counsel, so that your agreements include the new elections and address the updated regulations summarized below.

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Topics: Accounting Tips, Tax, Audit, IRS

Lack of profit objective dooms deductions for real estate activities

Posted by Shea Kracheck, CPA, Partner, Tax Services on Jun 26, 2017

Some people are drawn into the real estate game largely for the potential tax benefits—done right, for example, you can leverage any real estate losses you sustain into some generous deductions for business expenses. There’s a catch, though: You can’t be engaged in your real estate activities just to generate losses. If the IRS finds that you lack a profit motive, it will limit and perhaps disallow your deductions altogether. One taxpayer recently learned that the hard way.

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Topics: Real Estate, Accounting Tips, Tax, Construction

Lease Option or Sale? It Matters to the IRS

Posted by Shea Kracheck, CPA, Partner, Tax Services on Feb 15, 2016

Lease options are often used in real estate transactions, especially when property owners run into difficulty finding a buyer. If you’re not careful, though, the IRS might recharacterize the arrangement as a sale in the form of a contract for deed.

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Topics: Real Estate

Tackle Tax Planning Challenges Head On

Posted by Shea Kracheck, CPA, Partner, Tax Services on Nov 17, 2015
Tax planning continues to be challenging for businesses. Several valuable tax breaks expired Dec. 31, 2014, and it's looking more and more likely that we'll have a repeat of last year, when Congress didn't extend expired tax breaks until December, giving business little time to implement tax-saving steps accordingly. In addition, some significant tax-related changes under the ACA require attention. Finally, with the economic recovery continuing to move forward at a snail’s pace in many sectors, you may not know which tax strategies will be appropriate this year. You can tackle these challenges head on by reviewing the information here and then discussing the relevant issues with a tax advisor at LGT.

If you own a business, it’s likely your biggest investment, so thinking about long-term considerations, such as your exit strategy, is critical as well. And if you’re an executive, you likely have to think about not only the company’s taxes, but also tax considerations related to compensation you receive beyond salary and bonuses, such as stock options. Planning for executive comp involves not only a variety of special rules but also several types of taxes — including ordinary income taxes, capital gains taxes, the NIIT and employment taxes.

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Topics: Accounting Tips, Wealth Management, Tax

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