Taxing Topic for CRE Industry
Coming off the heels of a new presidential inauguration and with tax season in full swing, CREW-St. Louis hosted a timely members-only virtual event on Feb. 9. Teri Samples, Partner and Director of Real Estate and Construction Services, and Lori Givens, Senior Manager, Tax Services, of Mueller Prost: CPAs + Business Advisors, covered a variety of tax topics.
While still early in the new administration, several significant changes are under discussion. The program focused on “big impact” changes for the CRE industry, including the proposed elimination of some tax benefits like the 1031 exchange and stepped-up basis. Using examples, they illustrated how these changes might play out for an investor to help the audience understand the potential impact.
High earners also may face higher tax rates and Social Security taxes, Samples and Givens said. They also discussed several current tax-saving opportunities and steps to consider lessening the impact of any potential changes.
A CPA herself, Allison Jasper found the webinar timely and important. “Tax rates will be going up; therefore, it’s so important for businesses and individuals to be proactive and strategic regarding their real estate assets and investments to help reduce their overall tax bills,” Allison says.
Kristy Hess, a commercial lender, praised the event saying, “CREW’s programs such as the Tax Update help me stay up to speed with relevant information so that I can continue to be a trusted advisor and bring relevant ideas to my CRE clients.”
Nearly 50 members across all disciplines joined the presentation to learn more about tax implications for their business and clients. As an architect, Colleen Nigro found it interesting to learn that the designer/architect can take a deduction for working on an energy-efficient government project since the government client cannot take the tax deduction. She says, “I will definitely be sharing this with our CFO to get his take on it!”
A taxing topic but even in the virtual landscape, CREW-St. Louis members are enjoying relevant and timely program content!