TITLE: Partner, Construction and Real Estate Team Leader
Jennifer French specializes in tax planning and structuring of complex transactions for partnerships, limited liability companies and individuals in construction and real estate, including construction contractors, land developers and real estate and rental property owners. She also provides knowledgeable, insightful accounting and business advisory services for all types of closely held businesses. Her hands-on approach enables her to effectively and creatively advise clients on a wide range of business matters.
In her work with not-for-profit clients, Jennifer is a resource for both Form 990 and Form 990PF including planning opportunities regarding unrelated business income. She has assisted a number of clients in their application for tax-exempt status (Form 1023), as well as clients who have lost their exempt status.
The CHIPS Act was signed into law on August 9, marking a multi-year, $280 billion investment in advanced manufacturing and technology. The construction industry – and Virginia – stand to benefit in more ways than one.
Private company adoption of the new lease accounting update, ASC 842, is well underway. The impact will be felt in areas other than the balance sheet, especially for businesses in commercial real estate and construction.
An executive order could require federal construction contractors to implement a vaccine mandate on all federal jobs; however, recent court challenges make following the standard tricky, especially from one contract to another.
Construction contractors can use the temporary 100 percent business meals deduction for per diem expenses. Rate changes are in effect as of October 1, 2021. Contractors may want to review their expense reimbursement policies.
Several potential changes to partnership taxation may be coming for real estate partnerships in the federal budget reconciliation. If passed, partnerships may need to invest in real estate tax technology to stay in compliance.
In 2022, QuickBooks Desktop is migrating two of its products, Pro and Premier, to a subscription-only software. Small businesses and other organizations have a few options, but limited time to decide their next steps.
Construction contractors are in the business of documentation: contracts, reports, schedules, the list goes on. And that’s not including tax and financial records. Though most if not all this documentation is done digitally now, there are still questions about how long to keep certain records.
Half of all real estate companies report being unprepared for a cyber attack. Understanding where risk comes from and how to prevent and mitigate data breaches can help companies avoid the costly effects of cybercrimes.
One in six construction companies fall victim to ransomware every year. They are at high risk for cyberattacks, yet most do not have a cybersecurity strategy. Understanding where risk comes from is a good start; proactively mitigating it takes teamwork.
Throughout 2021, Virginia has enacted several new labor and wage laws that increase employer liability. Construction firms and other employers should look closely at their contracts and other agreements to stay ahead of compliance.
A bipartisan infrastructure plan passed in the Senate has substantial implications for the construction industry. Project Labor Agreements remain a hot topic in negotiations, especially among construction stakeholders.
Certain types of residential rental property placed in service prior to 2018 can claim a shorter depreciation recovery period, potentially generating significant tax benefits. Affected taxpayers have until April 15, 2022 to file an amended return.
Given the ongoing pandemic, a new presidential administration, and uncertainties over economic recovery, real estate investors and other stakeholders have been watching the housing market for signs of a possible bubble or downturn
COVID-19, materials prices, and supply chain disruptions are impacting economic recovery in construction and real estate. Understand how to protect your business in a turbulent market and what to expect in the months ahead.
President Biden recently unveiled his new $2.3 trillion infrastructure package, the American Jobs Plan. The construction industry will benefit in several ways, but there are mixed reactions on different aspects of the legislation.
Even in a post-coronavirus economy, the potential for another public health crisis or national emergency remains elevated. What can construction companies do to protect their assets and plan for another site shutdown?
Since the Tax Cuts and Jobs Act, the treatment of 1031 exchanges has been more complex, nuanced, and limited according to varying definitions of real property. Now with final regulations, real estate investors can make more informed decisions about which properties qualify.
The construction industry has been up and down the past few months. What seemed like a rebound in August going into September turned around by December. Early in 2021, backlogs are down, prices are up, and contractor optimism remains.
A new but perhaps little-known law in the State of Virginia requires that all employers, labor organizations, and hiring halls report information about newly hired independent contractors to the state’s New Hire Center.
Commercial real estate leases are changing. And according to the New York Times, banks currently hold about $2.38 trillion of commercial real estate loans. As tenants renegotiate their leases, building owners and landlords will likely be asking banks to restructure their loans, too.
Before the coronavirus hit, the outlook for commercial real estate was strong. Many experts were predicting another year of record growth. Others, at the end of 2019, couldn’t even pinpoint a near-term recession.
The familiar saying “failing to plan is a plan for failure” is spot on, especially for construction companies facing a transition in leadership. Without enough time to plan for the owner’s exit, any of the following scenarios can easily lead to a construction company in chaos.
Within the multi-billion-dollar CARES Act legislation, there are numerous other provisions aimed at supporting different aspects of the economy, in addition to the well-known Paycheck Protection Program.
Energy-efficient building design has been gaining more traction in recent years. When sourcing renewable materials or designing for sustainability, there are more ways than ever for building owners and designers to save money on taxes and offset construction costs.
Springtime normally signals the start of the busy season for country clubs. Golfers eager to take advantage of nicer weather and club members who enjoy other facility amenities will have to wait longer.
The language in real estate contracts has always been important. In normal circumstances, poorly worded contracts or contracts that don’t address the specifics of the project or lessor/tenant relationship can end up costing parties time, money, and frustration.
Construction worksites are responsible for about one out of every five workplace-related fatalities in the U.S. each year. Safety practices have drastically improved over the past two decades, but even one fatality is a failure.
One recently overlooked item of the Tax Cuts and Jobs Act for companies involved with a syndicate or tax shelter is business interest expense limitation. Don’t be caught off guard. Proper planning and reporting can help preserve your current year deduction.
Not-for-profits have to report all donations they receive throughout the year. But not all donations are created equal. It can be difficult to determine if the funds are a charitable donation or an exchange transaction. Read on and learn what factors can help determine how the funds should be reported.
Are membership dues paid to nonprofits considered a donation or program revenue? It comes down to whether the member receives a significant benefit or an insignificant one. Understanding the difference ensures nonprofits report these contributions correctly on Form 990.
Guidance issued from the IRS on December 10, 2018 provides examples of ways to identify and calculate non-deductible parking expenses including a four-step process when taxpayers and tax-exempt organizations own or lease parking facilities. This guidance allows for any reasonable method in calculating the non-deductible expenses.