CARES Act Tax Relief for Real Estate Businesses and Property Owners

NOL Limitations, Business Expense Deductions, Accelerated AMT Credits, Rental Revenue Adjustments

A live 90-minute premium CLE webinar with interactive Q&A


Thursday, August 13, 2020

1:00pm-2:30pm EDT, 10:00am-11:30am PDT

Early Registration Discount Deadline, Friday, July 17, 2020

or call 1-800-926-7926

This CLE webinar will analyze the CARES Act and other new federal tax provisions that real estate businesses and investors should consider as they navigate through the current economic crisis.

Description

The CARES Act contains tax relief provisions that could benefit property owners and real estate-related businesses. The IRS has also delayed the due dates for certain tax filings and payments, and economic adjustments made to real estate ventures and entities may affect the application of other tax provisions. Counsel must understand these changes to advise real estate clients on operations and tax filings in 2020 and in amending previous returns.

The tax reform law passed in 2017 limited net operating loss (NOL) carryforwards, business expense deductions, corporate alternative minimum tax (AMT) credits, and excess business losses. The CARES Act makes adjustments to extend those benefits to real estate and individual investors. Some of these changes might permit real estate entities to claim tax refunds for 2018 and 2019 if such losses were not taken in those tax years.

Subject to certain limitations, the CARES Act also provides hotel and other real estate operators whose operations were suspended or who have experienced a significant loss of income during the pandemic with a refundable payroll tax credit of 50 percent of qualified wages paid to an employee, up to a maximum of $10,000 in wages through the end of 2020.

Listen as our authoritative panel discusses these and other tax changes impacting real estate businesses. The panel will also discuss how they might affect the structuring and restructuring of real estate finance transactions.

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Outline

  1. The CARES Act and tax reform
  2. Increased business interest expense deductions
  3. Suspension of limitation on excess business losses for noncorporate taxpayers
  4. Bonus depreciation for Qualified Improvement Property
  5. Suspension of NOL limitations
  6. Payroll tax relief
  7. Employer retention credit
  8. IRC Sec. 1031 Exchanges
  9. Qualified Opportunity Funds
  10. Other developments

Benefits

The panel will review these and other critical issues:

  • What provisions of the 2017 tax reform law were amended by the CARES Act?
  • What are rule changes regarding NOL carrybacks and business expense deductions, and for which tax years?
  • What other real estate related tax rules have been modified as a response to COVID-19 and which real estate operators might benefit most?

Faculty

Cruz, Bibiana
Bibiana A. Cruz, CPA

Attorney
Holland & Knight

Ms. Cruz is a tax attorney in Holland & Knight's Miami office and a member of the firm's Corporate Services...  |  Read More

Alan Schwartz
Alan Schwartz

Partner
Holland & Knight

Mr. Schwartz is a business attorney in Holland & Knight's New York office and a member of the firm's...  |  Read More

Tevel, Sean
Sean J. Tevel

Partner
Holland & Knight

Mr. Tevel is a Miami private wealth services attorney who focuses his practice primarily on tax planning for...  |  Read More

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