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The Benefits of Automated Cashflow Reporting

By Travis Miskowitz, Director, CFO Advisory Protecting data integrity while leveraging data for strategic insights and decision‐making Imagine that you’re the head of a real estate company that has 90 bank accounts. You want to know the details of your cashflow, so you request that someone from the accounting team update you on the activity and cash balances twice a day. The employee spends his entire week doing this manually — checking each of the 90 accounts and transferring...

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How Proposed Tax Law Changes Will Disrupt the Real Estate Industry

By Alexander J. Narcise, Partner-in-Charge, Real Estate & Construction Services The American Families Plan, which the White House describes as “once‐in‐a‐generation” legislation, is designed to help families cover basic expenses such as health care, education, and childcare. The plan, announced in March, includes about $1 trillion in investments and $800 billion in tax cuts over ten years, paid for in part by higher taxes on those making $400,000 or more per year. The...

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A New World in Real Estate: PropTech and Big Data

By Brian Burte, Manager To succeed in this digital era, companies of all kinds must be firmly grounded in technology. That’s as true for us at Wiss as it is for our clients in a range of industries, including real estate. And while real estate has traditionally been slow to adopt new technology, that is changing fast. Our real estate clients are using technology to automate many business functions, such as accounting, HR, and payroll. And they are using digital tools to...

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Do You Qualify for the New Jersey PILOT Program?

By Alexander J. Narcise and Michael Kroll Under New Jersey’s Payment In Lieu of Taxes (“PILOT”) program (N.J.S.A. 40A:20-1), many distressed areas of the state are seeing a resurgence. The PILOT program allows municipalities to exempt developers from full property taxes for a set period of time when making improvements to existing buildings or creating new projects in areas in need of redevelopment, aiming to encourage commercial, residential, and industrial development. Developers...

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Loan Modifications and Options

By Tricia Meola With the effects COVID-19 has created for the US, federal, state and local governments are working hard to respond to the growing public health threats – but what about the financial uncertainties? As unemployment rates rise and millions of Americans continue to file for unemployment benefits, many are faced with the inability to satisfy their mortgage obligations and are aware of their options. Know your mortgage The most important place to begin is to be acquainted...

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Anticipating COVID-19 Impact on Commercial Real Estate

By Russell L. Faye With the global pandemic caused by the COVID-19, the commercial office market has felt an immediate impact. For commercial real estate professionals,  please consider the following as you navigate through these challenging times: Be prepared for enhanced cleaning for an extended period. Government officials have suggested enhanced cleaning procedures and measures and building operators across the county have quickly implemented these enhanced measures. Consider...

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A Breakdown of the Opportunity Zones Program as the Deadline for Investment Nears

Interview with Alex Narcise and Stephanie Hughes The Opportunity Zones program, created by the 2017 Tax Cuts and Jobs Act, offers private equity firms, family offices, and asset managers the chance to make an investment with up to 100% exemption of capital gains taxes. The deadline, however, is fast approaching: December 31, 2019. In this post, we’ll provide a breakdown of the program, as well as lay out the possible advantages and disadvantages of investment. Let’s dive in. What...

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Finding Tax Advantages in Opportunity Zones

By Michael Kroll, CPA  The Tax Cuts and Jobs Acts has been a popular topic this year where the focus has been mainly on tax cuts. However, there is a lot more to the new tax law than just tax cuts.  There are new provisions providing significant tax benefits for investments in so-called Opportunity Zones and below are the details you need to know. Distressed Area Investment The idea behind the Opportunity Zones program is to create tax incentives for investments targeted at some...

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Tax Reform Manifesto for the Real Estate Industry – Part 3

This posting is a part of a 3-part series. The full article will be available in the coming weeks. Click here to read Part 1. By Alexander J. Narcise, CPA and contributions from the entire real estate accounting services team: Michael Kroll, CPA Steve Warholak, CPA Michael Bodrato, CPA Kyle Pennacchia, CPA James Jenco, CPA Ken Trainor, CPA Phil London, CPA Chris Gati, CPA Charlie Komack, CPA The Internal Revenue Code has historically provided many planning opportunities for real...

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Tax Reform Manifesto for the Real Estate Industry

This posting is a part of a 3-part series. The full article will be available in thecoming weeks.  By Alexander J. Narcise, CPA, with contributions from the entire Wiss Real Estate Team: Michael Kroll, CPA Steve Warholak, CPA Michael Bodrato, CPA Kyle Pennacchia, CPA James Jenco, CPA Ken Trainor, CPA Phil London, CPA Chris Gati, CPA Charlie Komack, CPA My take on this whole thing: The Internal Revenue Code has historically provided many planning opportunities for real estate investors...

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