Beware of the “Reciprocal Trust” Doctrine
Having spouses’ trusts that are too similar isn’t simpatico with the IRS and may trigger unintended tax consequences.
Real Estate
Commercial, industrial, and residential real estate businesses are affected by swings in the lending environment, interest rates, material costs, and advancements in technology that create greater efficiencies. Depending on these factors and more, you need to keep close watch on your expenditures, property valuations, and costs associated with development and construction. You also want to make certain you are taking advantage of every tax credit and incentive available so that you can reinvest in your business.
Rich in Industry Experience
Lumsden McCormick has been serving real estate operators, developers, and investors for more than 30 years. We understand that the needs of the industry are multifaceted with complex reporting and transaction requirements. We collaborate with you to assess your needs and devise innovative approaches to financing and management that align with your long-term goals.
Our certified public accountants well versed in real estate proactively consider every detail to properly guide clients through all types of transactions, from assisting with tax-deferred property swaps to performing cost segregation studies and maximizing development incentive credits.
Our real estate services include:
Audit and Assurance Services
- Audits, reviews, and compilations of financial statements
- Accounting systems, policies, and procedures
- Agreed-upon procedures
- Common area charge audits
- Employee benefit plans
- Forecasts and projections
- Internal audits
- Operations and internal control audits
- U.S. Department of Housing and Urban Development (HUD) audits
- Corporate taxation
- Cost segregation studies and depreciation techniques
- Federal and state tax audits
- Individual taxation
- International taxation
- Multistate nexus and taxation
- Sales tax reporting and compliance
- State and local tax issues
- Tax credits and incentives
- Tax planning
- Business valuations
- Cash flow analysis
- Commercial real estate
- Like-kind exchanges (tax-deferred property swaps)
- Development and redevelopment
- Brownfields development
- Forensic accounting and investigations
- General ledger consulting
- Lease vs. buy
- Mergers and acquisitions
- Residential real estate
- Multifamily apartment buildings
- Rental units
- Low-income housing
Firm Resources
- American Institute of Certified Public Accountants (AICPA)
- BDO Alliance USA
- Estate Analysts of Western New York
- Financial Planning Counselors of Western New York
- Institute of Internal Auditors (IIA)
- International Foundation of Employee Benefit Plans
- New York State Society of Certified Public Accountants (NYSSCPA)
- Public Company Accounting Oversight Board (PCAOB)
- Small Enterprise Association of Western New York
For more information about our accounting and consulting services for real estate businesses contact Brian Kern or complete the form below.
