Industries
Overview
Justin Sylvan is a member of ORBA’s Tax Group. Justin’s experience includes preparing individual, partnership and corporate federal and state tax returns, and advising clients on tax planning for numerous professional corporations.
Industries
Overview
Justin Sylvan is a member of ORBA’s Tax Group. Justin’s experience includes preparing individual, partnership and corporate federal and state tax returns, and advising clients on tax planning for numerous professional corporations.
Proactive
Justin always takes advantage of all the resources available to him to provide his clients with the most accurate and up-to-date tax information. He considers all possible solutions to the issue at hand, responds to inquiries in a timely manner and is always available to answer client questions.
Outside of the Office
Justin enjoys spending time on the water during Midwestern summers. He likes to hang out with friends and family at his family’s lake house, where the days are spent swimming, wakeboarding and boating. Justin also has many travels plans and hopes to visit China, Japan and parts of South America in the near future.
Seminars & Events
- Tax Planning Trends and Tips for the Real Estate Industry, Chicago, IL, November 15, 2018
Certifications & Licenses
- Certified Public Accountant
Education
- B.S., Accounting, Indiana University
- M.S., Taxation, DePaul University
Blogs
Pass-Through Entity Taxes Can Pay Off For Real Estate Firms
The Tax Cuts and Jobs Act of 2017’s (TCJA’s) limit on the federal income tax deduction for state and local taxes (SALT) has proven costly for many owners of real estate businesses. However, more than 30 states1 have now enacted a workaround for pass-through entities (PTEs) that could provide some welcomed tax relief. The Impact […]
High Mortgage Rates Hamper Housing Market Outlook
The U.S. home market has struggled throughout 2023, burdened with 30-year fixed mortgage rates that passed 8% for the first time since 2000. The high rates have been one of the reasons that buyers have faced a historically unaffordable market. Rates have retreated a bit since that peak, but what does the future hold for […]
It is Time to Review Your Client Trust Account Practices
Handling client money happens daily in every law firm. State ethics rules require most attorneys to use trust funds to segregate client funds from firm funds. Maintaining these client trust accounts (CTAs) while meeting your state’s ethics rules can be onerous, but following the rules is better than sanctions or potential disbarment. CTA rules vary […]
Teaching Your Kids the Basics of Money Management
Kids are never too young to learn about money and how to manage it responsibly. This blog advocates customizing money messages to children’s ages and interests and will give you some suggestions for teaching young children, grade schoolers, tweens and adolescents about managing money. For example, four-year-olds usually can understand the difference between needs and […]
Communication Is Key to Timely Client Payment
How regularly do you communicate with clients? Failure to do so might cause a client to become disgruntled and slow down — or stop — payments. Being in touch with your clients regularly will help you gauge a client’s level of satisfaction with your firm’s work. And satisfied clients generally pay their bills. Related Read: How […]
Greening Your Projects Can Bring In More Green
Whether you are developing commercial or residential projects, tenants and future owners are increasingly prioritizing environmentally-friendly features. Businesses with a strong focus on corporate social responsibility are increasingly expecting a better indoor environment, lower operating costs and enhanced market value for their spaces. To avoid falling behind the competition, you need to stay on top […]
Thinking About Adding Nonequity Partners?
Pros and Cons of Adding Another Partner Level Smaller law firms that are reluctant to add more equity partners may consider creating nonequity partnerships to reward and retain high-performing associates and lure in laterals. However, this approach can come with both advantages and disadvantages so it requires significant forethought. Alluring advantages The traditional partnership model […]
State of the Midsize Market: Resilience Is Key
Despite daunting challenges, midsize law firms flexed their creativity and agility to prove themselves surprisingly resilient in 2020. The 2021 Report on the State of the Midsize Legal Market from the Thomson Reuters Institute (TRI) looks at how midsize firms weathered the challenges of 2020 and the opportunities that may lie ahead. Related Read: 2021 Legal […]
What COVID-19 Might Mean for the Multifamily Sector
The COVID-19 pandemic has had a dramatic impact on almost every industry, including real estate. Owners, investors and developers are already seeing ripple effects across sectors. It is important to learn how the virus might bring changes to multifamily housing that could endure or, at least heavily influence, the future. Related Read: Consider a Turnaround Strategy […]
2021 Legal Market: Why This Year Could Mark an Inflection Point
It is safe to say that the legal industry has never seen a year like 2020. But, a recent study of the legal market suggests that disruptions to law firm operations could end up being the impetus that the industry needs to finally adapt to the market’s competitive realities. The 2021 Report on the State […]
Study Digs Into Changes and Challenges for Small Firms
Few areas of life are going unaffected by the COVID-19 pandemic and its economic fallout. But according to research from Thomson Reuters, one thing has remained nearly constant: The challenges confronting small law firms and firms’ response, or lack thereof. Although these top-line findings may seem discouraging, the 2020 Report on the State of U.S. […]
Year-End Tax Planning for Challenging Times
The public health, social, political and financial upheaval of 2020 has given taxpayers plenty of reasons to focus on things outside of their taxes. Our “new normal” has given many taxpayers reasons to worry about their futures, not only regarding health and employment but also retirement savings and future tax rates. However, it is important […]
What You Need to Know About the CARES Act and Qualified Improvement Property
Earlier this year, the Coronavirus Aid, Relief, and Economic Security (CARES) Act corrected a drafting error related to real estate qualified improvement property (QIP). This retroactive correction, which accelerates the tax depreciation deduction for certain improvements to real estate, is of particular benefit to: Landlords and tenants who make improvements to leased space; restaurant, hotel […]
How to Plan for a Tax-Efficient Retirement
People today are living longer than ever. These longer life expectancies mean that your retirement savings may have to stretch for more years than you anticipated. Effective tax planning strategies will ensure that your retirement goals are met. Review Your Income Sources The first step is to estimate your cash needs in retirement and evaluate […]
Real Estate Activities Versus Investments: Why it Matters
The characterization of a real estate entity’s activities as a business or an investment makes a big difference to the bottom line when it comes to taxation. In Conner v. Commissioner, a developer whose plans were derailed by the Great Recession recently learned this lesson the hard way.
New Landscape for Real Estate Investment Trusts
The Protecting Americans from Tax Hikes (PATH) Act made substantial changes to certain areas of the Real Estate Investment Trust (REIT) rules. Many of the provisions provide REITs with additional flexibility regarding the nature of their assets and income, which make REITs an appealing investment vehicle for foreign taxpayers (see Sidebar). Prohibited Transaction Safe Harbors […]
Placed in Service: When Tax Breaks May Apply to Retail Properties
A big question we see in the tax realm is: “When can I start depreciating my building?” Conventional wisdom says to start depreciating your retail property once it is open for business. However, a recent court ruling sheds new light on the issue. In this article, we examine the meaning behind the term “placed in service” and analyze the tax court case Stine LLC v. U.S., No. 2:2013cv03224, Jan. 27, 2015 (W.D. La.). In the case, the IRS ruled that a taxpayer’s building could not be considered “placed in service,” as its retail properties were not yet in operation. However, the tax court disagreed with the IRS and had their own interpretation on what “placed in service” means. Read further as we examine this case in greater detail, as it provides additional guidance on when a real estate property can start being depreciated.
Newsletters
Real Estate Group Newsletter – Winter 2022
ORBA’s Real Estate Group’s Newsletter provides a brief overview of the Sec. 199A deduction and covers the importance of performing routine building inspections and maintenance.
Law Firm Group Newsletter – Winter 2022
ORBA’s Law Firm Group’s Winter 2022 Newsletter examines how electronic payments can often improve collections and discusses why a risk-based approach may help firms reduce the odds of falling prey to complex money laundering schemes. A short sidebar highlights a “practical” approach to identifying and assessing money laundering risk for smaller firms and solo practitioners.
Wealth Management Group Newsletter – Winter 2020
Our Wealth Management Group’s Winter 2020 Newsletter covers paying off your mortgage before retiring and investing early for retirement.
Real Estate Group Newsletter – Summer 2019
Our Real Estate Group’s summer newsletter highlights a recent case involving a real estate developer that illustrates how the IRS — and the U.S. Tax Court — generally see through business tactics that have stretched the definition of “marketing” to claim some questionable federal income tax deductions related to their boating hobby. This newsletter also offers a Qualified Opportunity Zones (QOZs) update and touches on the IRS’s proposed regulations.
Real Estate Group Newsletter – Spring 2018
Is a General Partner Fund Right for Your Deal? JUSTIN SYLVAN, CPA The process to launch a private real estate fund involves navigating a variety of structural complexities and business challenges. As the real estate boom reaches new heights, real estate private equity sponsors are becoming increasingly constrained and looking for new ways to fund […]
Real Estate Group Newsletter – Spring 2017
ORBA’s Real Estate Group Newsletter is a quarterly publication focused on effective real estate practice management. The Spring 2017 issue includes two articles: “IRS Updates Tangible Property Regulations for Small Taxpayers for 2016 Tax Year” and “New Tax Law Offers PATH to Savings.”
Real Estate Group Newsletter — Winter 2016
ORBA’s Real Estate Group Newsletter is a quarterly publication focused on effective real estate practice management. The Winter 2016 issue includes two articles: “Triple Net Leases: Advantages and Disadvantages for Landlords” and “The IRS is Watching Real Estate Donated to Charity.”
News
CHICAGO – Ostrow Reisin Berk & Abrams, Ltd. (ORBA), one of Chicago’s largest accounting firms, is pleased to welcome Anna G. Williamson, CPA to its Audit Department and Justin L. Sylvan to its Tax Department.