Starting for audits of financial statements in 2019, restricted cash and restricted cash equivalents such as tenant security deposits and self-restricted reserves will be presented differently. While minor, the result will change the beginning and ending cash and cash equivalents balances that previously were reconciled in the statement of cash flows. Read more about ASU 2016-18 here.
AROUND THE COMMUNITY
InsightAffordable Housing News & Views - January 2020Beth MullenThe latest industry insights, news, and events
InsightRecognizing revenue under Topic 606: Syndicators of qualified affordable housing fundsGordon ChattertonWith the effective date of Financial Accounting Standards Board (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Topic 606, Revenue from Contracts with Customers, real estate industry-specific guidance previously applied is now superseded.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.
InsightAffordable Housing News & Views - December 2019Beth MullenThe latest industry insight, news, and events.
Insight2019 year-end tax planning considerations for developersLast year at this time we were all scrambling to fully understand the impact of the Tax Cuts and Jobs Act on Low Income Housing Tax Credit (LIHTC) deals. The most important decision to be made with respect to the 2018 tax return was to make the real property trade or business (RPTOB) election or not.
TopicHousing tax credit data analysis and reportSince 2012, CohnReznick’s Tax Credit Investment Services group is responsible for the nation’s most comprehensive analysis of its kind on the housing tax credit program. By tracking and analyzing the performance of more than 21,000 housing credit properties, CohnReznick’s reports help developers, investors, and other industry participants to establish best practices for acquiring, underwriting and managing tax credit investments, benchmark portfolios, examine operating expenses, and gain insight into the housing tax credits industry.