04.11.23
Walking Away from a Real Estate Contract: How Is a Forfeited Deposit Treated for Tax Purposes?
Often, when a real estate deal falls through, the buyer forfeits the down payment or deposit. When this happens, what are the tax implications for the buyer and seller? The answer, as with many tax questions, is “it depends.” In this case, it depends on whether the property is considered a “capital asset.” Internal Revenue […]

02.17.23
Growing Cybersecurity Vulnerability in Real Estate and Construction Industries
In the last few years, real estate and construction leaders have made great strides to implement modern technologies into their regular practices. While these advances have uncovered additional efficiencies in the chain supply, performance, progress, logistics and safety, their adoption has created a critical vulnerability: Data security. Different studies confirmed that more that 75% of […]

12.30.22
Restructuring Mortgage Debt? Watch Out for COD Income
In tough economic times, real estate owners and investors often work with their lenders to restructure mortgage debt. Lenders may be willing to reduce the interest rate, extend the repayment term or even forgive a portion of the debt. These modifications can provide welcome financial relief, but it is important to understand the tax implications. […]

05.04.23
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.

12.27.22
Real Estate Group Newsletter – Fall 2022
ORBA's Real Estate Group's Newsletter covers the non-financial factors that investors use as part of their analysis to screen potential investments and the recent legislation regarding like-kind exchanges.

09.09.22
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).

05.18.22
The Financial Reporting Framework for Small- and Medium-Sized Entities: The GAAP Alternative for the Back Bone of America
As a banking professional, you’ve undoubtedly noticed that accounting principles generally accepted in the United States of America (US GAAP) has become increasingly complex in recent years, especially for the middle market companies who comprise the back bone of the US economy. With limited resources available to devote to the accounting function, software that does […]

11.04.21
Real Estate Tax Planning in an Uncertain Tax Environment
The economic effects of the COVID-19 pandemic, coupled with proposed tax legislation, have laid an unstable foundation for professionals in the real estate industry. Join members of ORBA’s Real Estate Group for a complimentary webinar, moderated by Jeffrey Newman, as they discuss the unique tax challenges that are currently top of mind for many professionals in the industry.

11.05.20
Legal, Financial and Tax Issues Affecting Real Estate in a COVID-19 Environment
Join ORBA’s Michael Kovacs, Jeffrey Newman, Thomas Kosinski, Tamara Partridge, Thomas Vance, Justin Sylvan, and guest speakers, John Morse, partner at Patzik Frank & Samotny, Ltd., and Alan Weel, senior vice president at Wintrust Commercial Real Estate, for a complimentary webinar discussing the legal, financial and tax implications of the pandemic on the real estate industry.

05.24.23
ORBA Welcomes New Hires to Tax, Audit and Cloud CFO Services Groups
CHICAGO — ORBA, one of Chicago’s largest public accounting firms, is pleased to announce that Georgia Smeu, Taylor Sterling, Jillian Heston and Florencio Vera have joined the firm's Tax, Audit and Cloud CFO Services Groups.   

04.18.23
ORBA Awarded Gold Horizon Interactive Award for 2022 Holiday E-Card
Ostrow Reisin Berk & Abrams, Ltd. (ORBA), one of Chicago’s largest public accounting firms, is pleased to announce that it is the recipient of a Gold Horizon Interactive Award for its 2022 holiday e-card. This is the seventh consecutive year that ORBA has received this award.

12.15.22
ORBA Named on America’s Best Tax and Accounting Firms 2023 List by Forbes
ORBA, one of Chicago’s largest public accounting firms, has been named on the Forbes list of America’s Best Tax and Accounting Firms 2023. This award is presented by Forbes and Statista Inc., the world-leading statistics portal and industry ranking provider.

05.22.23
Social Security’s Looming Crisis: Understanding the Problem and the Proposed Solutions
The future of Social Security is a topic of concern due to the program's impending insolvency. There are several proposals to address the issue, including increasing the payroll tax rate, raising the taxable wage base, adjusting the cost-of-living adjustments (COLAs) and increasing the retirement age. While each proposal has its pros and cons, it is crucial for policymakers to find a solution that ensures the sustainability of Social Security for current and future generations.

05.12.23
Proposed Regulations Regarding the IRA’s Clean Vehicle Credit
The Inflation Reduction Act (IRA) extended and expanded the Section 30D New Clean Vehicle (CV) Credit, previously known as the Electric Vehicle (EV) Credit. The IRS explained that the purpose of these amendments is to promote the purchase and use of “clean vehicles” by lower and middle-income Americans, to promote resilient supply chains and domestic manufacturing, to strengthen supply chains with trusted trading partners, to protect against improper credit claims and to achieve significant carbon emissions reductions.

04.13.23
Noncompliance with Unclaimed Property Reporting Requirements Can Prove Costly
Every state has an unclaimed property (UCP) law that requires businesses to regularly report their UCP holdings. Some states, including Illinois, even require “negative reporting” by businesses that believe they do not hold any UCP. Noncompliance can lead to costly state audits, and nearly every business is at risk.

04.08.19
Various Media – ORBA Appoints Chief Financial Officer
ORBA is mentioned in the media for announcing the appointment of Cara Sample, CPA, as Chief Financial Officer of the firm. Reporting media include Yahoo! Finance, Spoke, The Daily Herald, NewsBlaze, Star Tribune and ABC 7. View the official press release.

04.04.19
Various Media – ORBA Ranked Among 2019 ‘Top Firms to Watch’ by Accounting Today
ORBA is mentioned in the media for being ranked among the “Beyond the Top 100: Firms to Watch” list for 2019, as well being listed among the top 20 firms in the Great Lakes Region.

01.10.19
Various Media – ORBA Launches ORBA Wealth Advisors
ORBA was mentioned in the media for its announcement of the launch of ORBA Wealth Advisors, LLC. Reporting media include Wealth Adviser, Verdict, Yahoo! Finance, the Daily Herald and Merril Edge. View the official press release.

05.24.23
ORBA Welcomes New Hires to Tax, Audit and Cloud CFO Services Groups
CHICAGO — ORBA, one of Chicago’s largest public accounting firms, is pleased to announce that Georgia Smeu, Taylor Sterling, Jillian Heston and Florencio Vera have joined the firm's Tax, Audit and Cloud CFO Services Groups.   

04.18.23
ORBA Awarded Gold Horizon Interactive Award for 2022 Holiday E-Card
Ostrow Reisin Berk & Abrams, Ltd. (ORBA), one of Chicago’s largest public accounting firms, is pleased to announce that it is the recipient of a Gold Horizon Interactive Award for its 2022 holiday e-card. This is the seventh consecutive year that ORBA has received this award.

12.15.22
ORBA Named on America’s Best Tax and Accounting Firms 2023 List by Forbes
ORBA, one of Chicago’s largest public accounting firms, has been named on the Forbes list of America’s Best Tax and Accounting Firms 2023. This award is presented by Forbes and Statista Inc., the world-leading statistics portal and industry ranking provider.