Affordable Housing News & Views - January 2020

Affordable Housing - street scene
CohnReznick Insights

Two-part series: Recognizing revenue under Topic 606

With the effective date of FASB Topic 606, Revenue from Contracts with Customers, real estate industry-specific guidance previously applied is now superseded. Within the affordable housing industry, application of the new standard particularly impacts syndicators and developer entities. A new publication from the CohnReznick Assurance practice presents information to help syndicators navigate the five-step process for recognizing revenue, and to address considerations unique to them. The second publication in this two-part series will be a guide for affordable housing developers. That is expected to be released in our February newsletter.

Treasury releases final opportunity zone regulations

In case you missed it while you were getting ready for the holidays, the Treasury has released final regulations for opportunity zones, marking the end of the beginning of this critical process, which establishes a foundation for the OZ marketplace. We will continue to review this material in the days, weeks, and months ahead, and we already are digging into the technical nuance and practical outcomes. Click to read what we consider the highlights from the new regulations.

Spending act repeals UBTI increase for certain transportation fringe benefits

If you’re among the tax-exempt employers who have had to increase their UBTI by amounts paid or incurred in providing qualified transportation fringe benefits for employees, including parking and public transportation benefits, you might be in luck. A recent federal spending act has repealed IRC Section 512(a)(7), created by the 2017 Tax Cuts and Jobs Act (TCJA), and we’re encouraging not-for-profit leaders to explore filing amended returns to potentially recoup tax they paid on UBTI under it.

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Subject matter expertise

  • beth mullen
    Contact Beth Beth+Mullen
    Beth Mullen

    CPA, Partner, Affordable Housing Industry Leader

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Any advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues. Nor is it sufficient to avoid tax-related penalties. This has been prepared for information purposes and general guidance only and does not constitute legal or professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice specific to, among other things, your individual facts, circumstances and jurisdiction. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its partners, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.