Industries
Overview
Anita Wescott has been with ORBA since 2011 and has more than 25 years of experience working in both private and public accounting. Anita specializes in working with closely-held businesses in the real estate, construction, and manufacturing and distribution industries. She has an eye toward tax planning and compliance, both federal and state, as well as consulting for owners and key executives. Anita also helps high net worth individuals with tax planning.
Anita is a member of ORBA’s Real Estate Group and has worked with clients in both commercial and residential real estate, as well as construction and development. She has experience in entity planning including partnerships, S-Corps and C-Corps. She is a regular contributor to the ORBA Real Estate Group Blog.
Industries
Overview
Anita Wescott has been with ORBA since 2011 and has more than 25 years of experience working in both private and public accounting. Anita specializes in working with closely-held businesses in the real estate, construction, and manufacturing and distribution industries. She has an eye toward tax planning and compliance, both federal and state, as well as consulting for owners and key executives. Anita also helps high net worth individuals with tax planning.
Anita is a member of ORBA’s Real Estate Group and has worked with clients in both commercial and residential real estate, as well as construction and development. She has experience in entity planning including partnerships, S-Corps and C-Corps. She is a regular contributor to the ORBA Real Estate Group Blog.
Proactive
Anita enjoys finding creative ways to help her clients. With previous experience running a small firm, she understands the operations of a business and uses that experience when advising clients. She prides herself on being proactive, being able to provide planning opportunities and offer suggestions that target her clients’ goals.
Outside of the Office
Anita enjoys being involved with her church and spending time with friends and family.
Seminars & Events
- Making the Affordable Care Act Affordable for Your Company, Northbrook, IL, September 26, 2013
Certifications & Licenses
- Certified Public Accountant
Memberships & Affiliations
- American Institute of Certified Public Accountants
- Illinois CPA Society
Education
- B.S., Accounting, Eastern Illinois University
Blogs
A Cost Segregation Study Is One Way To Boost Cash Flow
If your business is planning to buy, build or substantially improve real property, a cost segregation study can help you accelerate depreciation deductions, reduce your taxes and boost your cash flow. Even if you have invested in real property in previous years, you may have an opportunity to do a lookback study and catch up […]
The U.S. Tax Court regularly hears cases regarding the proper tax treatment of property sales. Recently, though, the court addressed a real estate-related situation in Simonsen v. Commissioner that it described as a “conundrum only tax lawyers could love.”
Don’t Delay – What You Need to Know About Delay Damages
It is bound to happen occasionally. A perfectly timed construction project hits an unexpected snag, leading to major financial repercussions. When an owner causes the delay, the parties may wind up in court to determine how to allocate damages — no easy task when a contractor’s costs span multiple projects. This article reviews two ways to determine overhead allocations and discusses other damages contractors may seek.
The Real Estate Professional Exception
The passive activity loss rules can become a huge roadblock for taxpayers involved in rental activities. This article discusses a case that demonstrates how work done as an employee can help qualify a taxpayer for the benefits of the real estate professional exception.
Exploring IRA Investments in Commercial Real Estate
Investors have used self-directed IRAs to invest in residential real estate for some time now. Savvy investors can also direct those funds toward commercial real estate, which typically provides higher returns and attractive tax benefits. However, a real estate purchase made through an IRA has some important differences from a regular real estate transaction. This article explores both the advantages and the risks of these investments.
IRS Provides Relief for Mezzanine Financing Workouts
The IRS has issued new guidance that will, in certain circumstances, exclude from gross income any discharged debt that is secured by the ownership interest in a disregarded entity. Revenue Procedure 2014-20 should help taxpayers with mezzanine financing in workouts and similar arrangements. This blog takes a look at how the issue arises and how to qualify for the exclusion.
Is a Reverse Exchange Right for Me?
Real estate investors interested in enjoying the tax benefits of a like-kind exchange may consider a “reverse exchange.” In a reverse exchange, the replacement property is acquired before the investor transfers the relinquished property. While the tax code does not allow an exchanger to exchange into a property already owned, a reverse exchange allows an exchanger to secure the replacement property prior to the sale of the original property. These transactions are more complex than a standard 1031 exchange and come with certain advantages and disadvantages.
In December, 2011, the IRS issued temporary regulations intended to set new standards for capitalizing or deducting dollars spent on tangible property. These regulations were originally effective for years beginning on or after January 1, 2012, but the effective date has been postponed to tax years beginning on or after January 1, 2014. Taxpayers have the option to apply the temporary regulations to tax years beginning on or after January 1, 2012.
Pass Through to Greater Tax Savings
An initial challenge facing a real estate investor or developer is deciding which type of entity will best meet his/her objectives. While there are numerous entity types available, two “pass-through” entities – an S corporation and an LLC – are popular choices. Although both are “pass-through” entities for tax purposes, there are significant differences that can strongly favor one type over the other.
Developer to Investor: The Benefits
In today’s real estate environment, it is not hard to imagine a scenario in which a builder or developer may be unable to sell or lease a building he has constructed. If, due to unforeseen circumstances, a developer or builder is unable to sell a piece of property, there is merit in considering whether the individual traditionally considered a dealer has become an investor in a rental property.
Newsletters
Real Estate Group Newsletter – Fall 2024
ORBA’s Real Estate Group’s Fall Newsletter weighs the pros and cons of short-term rentals (STRs), which are typically more profitable than a standard 12-month lease. However, they involve complex tax rules.
Real Estate Group Newsletter – Fall 2023
ORBA’s Real Estate Group’s Newsletter covers the changes to the Alternative Cost Method (ACM) and urges real estate professionals to document their material participation in business operations.
Real Estate Group Newsletter – Spring 2023
ORBA’s Real Estate Group’s Newsletter covers the tax incentives for keeping properties energy efficient and discusses the benefits of being a real estate professional as well as a few lesser-known methods to becoming one.
Real Estate Group Newsletter – Summer 2022
ORBA’s Real Estate Group’s Newsletter covers the basics of offering free lodging to property managers and provides guidance on the Internal Revenue Code Section 163(j).
Real Estate Group Newsletter – Summer 2021
ORBA’s Real Estate Group’s Newsletter highlights the Consolidated Appropriations Act’s critical provisions relevant to real estate businesses and summarizes the Homeowner Assistance Fund, created by the latest COVID-19 relief package.
Real Estate Group Newsletter – Winter 2021
ORBA’s Real Estate Group’s Winter newsletter reviews coverage audits and their impact on a project’s profitability and covers the Consolidated Appropriations Act (CAA) tax-related provisions for the real estate world.
Real Estate Group Newsletter – Summer 2020
ORBA’s Real Estate Group’s Summer newsletter offers insight into property valuations and illustrates how COVID-19 is transforming commercial real estate.
Real Estate Group Newsletter – Fall 2019
Our Real Estate Group’s fall newsletter highlights a new tax deduction for qualified business income under the Tax Cuts and Jobs Act and also offers the latest Tax Tips for Real Estate.
Real Estate Group Newsletter – Summer 2018
How to opt out of the new partnership audit rules ANITA WESCOTT, CPA Many real estate businesses are formed as partnerships. Beginning this year, the IRS is applying new procedures to its partnership audits. Under the procedures, any adjustments and penalties after an audit generally will be assessed against the partnership itself, rather than against […]
Real Estate Group Newsletter – Fall 2017
Is it Time to Revisit Captive Insurance? JEFF NEWMAN, CPA, JD Many businesses use captive insurance companies to meet their risk management needs, control costs and reduce taxes. Recent developments have created new opportunities to take advantage of captives. At the same time, new restrictions designed to curb perceived abuses of micro-captives may require some […]
Real Estate Group Newsletter – Winter 2017
ORBA’s Real Estate Group Newsletter is a quarterly publication focused on effective real estate practice management. The Winter 2017 issue includes two articles: “Passive Activity Self-Rental Rule Applies to S Corporations ” and “The Tax Court Weighs In: Lessee’s “Project Costs” Payment is Rental Income for Lessor.”
Real Estate Group Newsletter – Fall 2013
The Fall 2013 Real Estate Newsletter features “Buyer Beware” by Michael Kovacs and Christie Gricius. They forewarn prospective buyers of the unexpected costs that can come with purchasing investment property and strategies to avoid them.
Real Estate Group Newsletter – Summer 2013
Welcome to ORBA’s Real Estate Group Newsletter, a quarterly publication focused on effective businesses management for the real estate industry.
Client Alerts
Chicago Minimum Wage Increases as of July 1, 2015
As of July 1, 2015, the minimum wage in Chicago increases to $10.00 per hour. The minimum wage for tipped workers in the city also increases to $5.45 per hour. These increases are part of an ordinance that will see the minimum wage increase gradually to $13.00 per hour by July 1, 2019. All employers […]
