taxstrategy investmentincome: Key 2024 Changes for Real Estate Professionals: FinCEN, NIIT, and Rental Property Tax Insights - 12/13/23 12:59 PM
Key 2024 Changes for Real Estate Professionals: FinCEN, NIIT, and Rental Property Tax Insights
By Allan J Rolnick
Attention, real estate professionals! As we step into 2024, it's crucial to be aware of the new regulations and tax changes that could impact your business. The Corporate Transparency Act (CTA) and the Net Investment Income Tax (NIIT) are set to bring significant shifts. Here’s a rundown of what you need to know.
FinCEN's New Reporting Requirements
Starting January 1, 2024, the CTA mandates new filing requirements for corporations, LLCs, and limited partnerships, including many real estate businesses. Non-exempt entities must file a Beneficial Owner Information (BOI) … (2 comments)