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Category: Real Estate

December 28, 2019

Affordable Care Act Compliance: IRS Forms and Important Due Dates

CBM has published guidance for businesses that receive a notice from the IRS (Letter 226J) relating to penalties associated with compliance with the Affordable Care Act. Click here to read our guidance. Please also keep in mind the important deadlines below. Don’t Miss Early 2020 Due Dates February 28, 2020 – Paper copies of Forms 1094-C and 1095-C must be filed with the IRS by this date. Employers with less than 250 employees can paper file. March 2, 2020 –… Read more ›

December 28, 2019

Affordable Care Act Compliance: What Do I Do If I Get IRS Letter 226J?

The IRS is currently issuing the Letter 226J proposed employer-shared responsibility payment (ESRP) notice to businesses they suspect of having not complied with the 2017 tax-year Affordable Care Act requirements. The Letter identifies the amount of the proposed penalty that the business would be responsible for paying— an amount which can be steep. CBM has seen penalty amounts ranging from $3,160 to over a million dollars. CBM advises businesses that receive such a letter to respond promptly, especially since Letter… Read more ›

October 6, 2019

IRS Issues Final QBI Real Estate Safe Harbor Rules

  Earlier this year, the IRS published a proposed safe harbor giving owners of certain rental real estate interests the opportunity to take advantage of the qualified business income (QBI) deduction. The QBI write-off was created by the Tax Cuts and Jobs Act (TCJA) for pass-through entities. The IRS has now released final guidance (Revenue Procedure 2019-38) on the safe harbor that clearly lays out the requirements that taxpayers must satisfy to benefit. QBI in a nutshell The TCJA added… Read more ›