Capitol Connection: Battle ready for affordable housing

Bob Moss delivers an update in his latest Capitol Connection, discussing the passage of the sweeping and contentious budget deal on February 9 and several tax provisions known as extenders, which retroactively extended about 30 tax breaks that expired at the end of 2016. Bob also helps explain the massive $1.3 trillion omnibus spending bill proposed by Congress, which will lay out detailed spending levels for government programs for the rest of the fiscal year, and possibly include the Cantwell/Hatch Affordable Housing Credit Improvement Act.

Accountant’s Perspective: Impact of tax reform on affordable housing

Discussing the impact of tax reform on affordable housing deals, Beth Mullen shares her perspectives in the February issue of Tax Credit Advisor. Significant grass roots advocacy helped avoid the possible elimination of numerous advantageous provisions for affordable housing deals, but there is impact from H.R. 1, the Tax Cuts and Jobs Act. Interest limitation, historic credits, and syndicated funds are covered in Beth’s overview. 

Revenue recognition and contractors

The long-anticipated changes stemming from revenue recognition are upon us. As it relates to contractors, implementation is starting to occur that will better tell a construction firm’s financial picture. Jack Callahan, CohnReznick’s Construction Industry Practice Leader, weighs in on these changes for contractors in a recent article by ENR.com. In the piece, Jack discusses the recording and documenting of change orders, wasted materials or labor, job disclosures, and other dynamics. Access the ENR.com article.