Following their recent announcement regarding new partnership and global high wealth enforcement initiatives, the Internal Revenue Service (IRS) on Oct. 20 announced another enforcement initiative focusing on foreign corporations and the

Continue Reading IRS Ramps Up Enforcement Efforts; Focuses on Foreign-Owned and ‘Mega’ Corporations

Since 2004, New York has provided tax credits to encourage film and television productions located in the state. The credit is 30% of “qualified costs” incurred in the production. Legislation

Continue Reading Proposed Amendments to NY Film Production Tax Credit Would Disallow Costs for Artificial Intelligence

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced $5 billion in New Markets Tax Credit (NMTC) awards on Sept. 22, with the goal of

Continue Reading U.S. Treasury Announces $5 Billion Allocation of New Markets Tax Credit Awards

On Sept. 14, 2023, the IRS announced an immediate moratorium on the processing of amended returns claiming Employee Retention Credits (ERC). The moratorium, which is set to run through the

Continue Reading IRS Halts Processing of Employee Retention Credit Claims, Announces Initiatives for ERC Claims Filed by Ineligible Businesses

A new Internal Revenue Service (IRS) Private Letter Ruling says that transferable development rights (TDRs) are of “like kind” with tangible real property and eligible for 1031 tax deferred treatment

Continue Reading IRS Rules Transferable Development Rights Are Real Property for Section 1031 Purposes

This past legislative session, the Florida legislature passed the Live Local Act, a comprehensive affordable housing law incentivizing private developers to build multifamily residential projects and to rent apartments at

Continue Reading Guidance Published on Florida’s Live Local Act Property Tax Exemption for Middle Market Multifamily Projects