Presented By: Anchin, Block & Anchin LLP
Meet the Real Estate Leaders: Anchin’s Marc Wieder and Rob Gilman
“Did you know that, when you have a New York state mortgage, there is a fee you pay that can be refunded?” “Did you know that a fee contributed as capital to procure a building can be tax-free?” “Did you know that it’s possible to get capital gains treatment when developing condominiums?” “Did you know that you can receive a large, lump-sum prepayment on a long-term lease, but yet, report the income over the life of the lease?”
These are questions that every real estate business should consider, but may not, if it doesn’t focus on its tax and accounting strategy. Founded in 1923 in New York City, Anchin, Block & Anchin LLP is consistently recognized as a top public accounting firm in North America, and prides itself on being one of the first firms to carve out a specialty real estate practice 90 years ago.
“When managing your real estate portfolio, you need an outside-of-the-box approach when it comes to your tax strategy,” said Robert S. Gilman, a partner at Anchin. “Our team knows the ins and outs of the industry and works to guide our clients with an individualized approach for their specific needs.”
Gilman and Marc Wieder, another partner at the firm, have provided tax and accounting consultation specialized for real estate businesses for more than 70 years combined at Anchin. Both lead Anchin’s Real Estate Group, and work with the region’s leading private ownership groups, syndicators, multigenerational family offices, real estate funds and other businesses in the broader industry. Anchin’s Real Estate Group is comprised of industry veterans with expertise in structuring complex, tax-efficient, real estate transactions to ensure clients are maximizing portfolio value and optimizing savings and benefits in each transaction.
“Reflecting on all of the tax code changes that have been made in the past 20 years, the industry has been highly impacted,” said Wieder. “To navigate these fluctuating policies, real estate businesses need expert consultation and a comprehensive strategy.”
A well-designed and properly executed tax strategy works twofold: to maximize returns to investors, while also allowing for the allocation of funds for additional acquisitions. Anchin prides itself on its highly skilled team of tax professionals, who work diligently to fully leverage any available tax advantages specifically for real estate, and utilize their expertise to each client’s benefit, resulting in tactical strategies that add value for both the client and their business.
The potential for the Democratic Party to take control of the White House and/or the U.S. Senate in January 2021, proposals to change 1031 exchanges nationally and apply a pied-a-terre tax in New York, and the possible long-term impact of COVID-19 to the region’s business and residential landscape are key considerations for stakeholders in the real estate industry.