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Tax Incentives for the Affordable Housing Industry
At KBKG, we know that Affordable Housing industry firms face many challenges. The ever-changing tax landscape can be burdensome and complicated. We recognize that Affordable Housing companies have an increased need for new cash flow sources through tax deductions and the effective use of tax credit programs.
We offer Cost Segregation / Fixed Asset, 45L Tax Deduction, 179D Tax Deduction, Employee Retention Tax Credit (ERTC), and Repair / Asset Retirement services to keep our clients up to date on what's affecting their industry.
Our experts are highly knowledgeable and have many years of experience helping Affordable Housing firms claim tax incentives.
Affordable Housing Industry Tax Saving Opportunities
Taxpayers often capitalize major building expenditures that could be claimed as current year deductions for repairs and maintenance such as HVAC units, roofs, parking lots and more.
Newly constructed or renovated apartments, condos, and tract home developments that meet certain criteria are eligible for a $2,000 credit per unit.
Federal deduction worth $1.80 per square foot of energy efficient buildings. Available to architects, engineers, design/build contractors and building owners.
Any building improvement over $750,000 should be reviewed for proper classification of the individual components for tax depreciation.
Evaluating a company's entire fixed asset schedule will identify assets that can depreciate over a shorter tax life. Taxpayers utilizing the book method of accounting for tax are not maximizing their available deductions.
The refundable credit is available from March 13, 2020 through September 30, 2021 and can be utilized even if companies received PPP loans. For 2021, there is a maximum credit of $7,000 per eligible employee, per quarter.
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Affordable Housing Industry Tax Insights
Attending the 2022 Tal Glenn Memorial Golf Tournament is our Principal, Eddie Price, and our Regional Director, Matthew Geltz, who will represent KBKG at the event, which takes place on October 24th in Tyler, Texas at The Cascades Golf & Country Club. About the Event The Tal Glenn Memorial Golf Tournament is an annual golf … Read More
KBKG Tax Insight: IRS To Target Abusive ERTC Claims. Analysis of Government Shutdown & Supply Chain Rules
As Featured in Accounting Today One of the biggest issues being discussed by the IRS, Congress, and the AICPA are the millions of businesses that are being targeted by tax credit companies looking to help them claim the Employment Retention Tax Credit (ERTC). While it’s true that many companies qualify, there is significant concern about … Read More
[PRESS RELEASE] KBKG Named One of the World’s Leading Transfer Pricing Practices by International Tax Review
Chicago – September 19, 2022 – For the second year in a row, KBKG, a nationally recognized tax specialty firm, was named one of the world’s leading transfer pricing firms by the International Tax Review for 2022-23. The International Tax Review, which surveys and analyzes more than 13,000 clients and 2,700 practitioners, identifies the most … Read More
Some taxpayers equate voluntary state tax amnesty programs with an episode of “The Sopranos” operating in New Jersey– volunteer to pay us now, or you pay much more when we visit later during an audit. State transfer pricing amnesty programs have become more popular recently as states including New Jersey, North Carolina, Indiana, and Louisiana … Read More
Inflation Reduction Act Signed by President Biden: Increases 179D Benefits for Architects, Engineers, Design Build Contractors, and More
President Biden signed the Inflation Reduction Act into law, minting a historic climate bill with aims to reduce carbon emissions by 40% by 2030 among many major economic initiatives. Within the 700+ page bill, the Inflation Reduction Act includes significant tax incentive opportunities which expand 179D Deductions for Architects, Engineers, Design Build Contractors, and other … Read More
Transfer Pricing may not have been a specific focus of the 700+ page Inflation Reduction Act. However, global tax strategies can be impacted by the new 15% alternative minimum tax (AMT). This AMT targets large companies to ensure these highly profitable enterprises pay their fair share of tax. A large corporation’s tax liability would be … Read More
How the Inflation Reduction Act of 2022 Expands Energy Efficiency Tax Incentives for the Real Estate Industry
As featured in Accounting Today On Tuesday, August 16, 2022, President Biden signed the Inflation Reduction Act. Both existing and expired energy efficiency tax incentives including 179D Deductions and 45L Credits have been expanded significantly. Who Benefits? Commercial Building Owners Multifamily Building Owners Investors Developers Homebuilders Architects Engineers Design/Build Contractors Other designers and builders Increase … Read More
The Inflation Reduction Act provides huge opportunities for the real estate industry as well as for architects and engineers. However, the expansion of “green” tax incentives 45L and 179D is not the only tax benefits getting a boost. The newly formed law will also improve upon the R&D Tax Credit. This change will have a … Read More
Senate Passes Groundbreaking Inflation Reduction Act, Expanding 179D Deduction for Architects, Engineers, and Designers
We recently posted a brief update on the Inflation Reduction Act. After negotiations between Senate Majority Leader Chuck Schumer and Senators Manchin and Sinema, an updated Inflation Reduction Act has passed the Senate and moves one step closer to being enacted through the House of Representatives and President Biden. With the Senate being the toughest … Read More
KBKG Tax Insight: IRS Releases Updated Practice Unit on 179D Deduction, Impacting Designers of Government Owned Buildings
As featured in Accounting Today On Friday, June 24, 2022, the IRS Large Business and International (LB&I) Division released an updated 53-page Practice Unit on the Section 179D Energy Efficient Commercial Building Deduction. The purpose of this Practice Unit is to serve as a job aid and as a training manual on 179D tax deductions … Read More