02/09/2018

Affordable Housing News & Views - February 2018

    Affordable Housing - street scene

    CohnReznick Insights 

    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.

    Subject matter expertise

    • beth mullen
      Contact Beth Beth+Mullen Beth.Mullen@CohnReznick.com
      Beth Mullen

      CPA, Partner, Affordable Housing Industry Leader

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    Tax Reform: The Tax Cuts and Jobs Act – What you need to know, now

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    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. 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.