Industries
Overview
Jeff Newman joined ORBA in 1983 and became a Director in 1988. Jeff is head of the Tax Group and specializes in tax and litigation support. Jeff helps many family enterprises address a variety of complex financial issues. With a proactive and value-based style, he frequently advises owners and family shareholders on tax and estate planning issues, and provides financial and tax planning for individual family members across multiple generations. Jeff works across many industries with extensive experience in the real estate, service, collection agencies and transportation sectors.
Beyond his tax expertise, Jeff performs business valuations for purposes of merger or sale, divorce and estate planning. He has completed hundreds of valuations of closely-held businesses and pension accounts. He also provides expert witness testimony to support complex family and business disputes. Jeff has spoken and written on tax, valuation and business consulting topics.
Industries
Overview
Jeff Newman joined ORBA in 1983 and became a Director in 1988. Jeff is head of the Tax Group and specializes in tax and litigation support. Jeff helps many family enterprises address a variety of complex financial issues. With a proactive and value-based style, he frequently advises owners and family shareholders on tax and estate planning issues, and provides financial and tax planning for individual family members across multiple generations. Jeff works across many industries with extensive experience in the real estate, service, collection agencies and transportation sectors.
Beyond his tax expertise, Jeff performs business valuations for purposes of merger or sale, divorce and estate planning. He has completed hundreds of valuations of closely-held businesses and pension accounts. He also provides expert witness testimony to support complex family and business disputes. Jeff has spoken and written on tax, valuation and business consulting topics.
Proactive
Jeff is focused on building close, proactive relationships with his clients and understanding the very core of their businesses. Knowing his clients’ situations and their financial foundations enables Jeff to advise on the financial, business and personal pitfalls that may lie ahead, as well as seeing unique and beneficial opportunities. Similarly, he is often called on to help clients have foresight into their world after a significant financial event, such as a divorce or business sale.
Outside of the Office
Jeff and his family live in Buffalo Grove during the week and Lake Geneva on the weekends. They share many of the same interests, including golf. Jeff is very proud of the professional aspirations of his wife and two sons. His wife, Cathy, is a financial analyst for clients going through divorce and they have collaborated on a number of cases. Jeff’s two sons have both followed in their father’s footsteps, one an attorney and the other an accountant. The accountant has taken it a step further and has followed his father right though ORBA’s doors, where he has started a career performing financial audits and tax work.
Civic Activities
- President (Fifth Elected Term) and Former Vice-President, Secretary and Treasurer, Aptakisic Tripp School District #102 Board of Education
Seminars & Events
- Tax Planning Strategies and Emerging Opportunities for Real Estate Professionals, Chicago, IL, November 13, 2019
- Tax Planning Trends and Tips for the Real Estate Industry, Chicago, IL, November 15, 2018
- Leases: Breaches, Taxes and Damages, ORBA and The Patterson Law Firm, Chicago, IL, September 30, 2015
Certifications & Licenses
- AICPA Certificate of Educational Achievement (CEA) for Taxation of Closely-Held Businesses
- Certified Public Accountant
- Illinois Life and Health Insurance License
- Previously Licensed for Securities Series 7
- Previously Licensed for Securities Series 66
Memberships & Affiliations
- American Bar Association
- American Institute of Certified Public Accountants
- Chicago Bar Association Former member, Federal Tax Planning, Estate Planning, and Real Estate Committees
- Expert Witness, Valuation, Damages and Complex Transactions, Cook, Lake, DuPage, Kane, McHenry, LaSalle and Kankakee Counties
- Illinois Bar Association
- Illinois CPA Society
- National Association of Certified Valuation Analysts
Education
- B.A., Economics, University of Illinois
- J.D., University of Illinois College of Law
Blogs
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. […]
Intelligent Use of Artificial Intelligence Can Benefit Real Estate Businesses
Artificial intelligence (AI) is bringing significant change to a wide variety of industries and commercial real estate (CRE) is no exception for use of this technology. From marketing to property management, AI could expedite processes and cut costs in a range of ways. But what exactly is AI? Here is a quick lesson. AI 101 […]
The Extended COVID-19 Qualified Opportunity Zone Relief Deadlines are Coming Due
The COVID-19 pandemic led the IRS to loosen a range of tax laws and regulations, including many deadlines. In June, the IRS issued guidance that provided relief from some qualified opportunity zone (QOZ) requirements — good news for investors with capital gains. With the end of the year approaching, many of those extended deadlines are […]
Captive Insurance Strategies Can Pay Off for Real Estate Operators
Federal tax law has permitted U.S. businesses to form so-called “captive” insurance companies for many years, and numerous large companies have done so. It is only relatively recently that the arrangement has gained traction with smaller public and privately owned companies. Could your real estate business benefit from pursuing captive insurance strategies? To find the […]
Investing 101: Tips for What to Look for Before Buying
In any real estate portfolio, the goal is to be profitable. While the commercial real estate market has improved significantly since the lows seen during the Great Recession, investing still involves understanding the market. Let’s take a look at steps you can take to help bolster your investment portfolio.
Appraisers are increasingly incorporating trend analysis when valuing real estate. Property owners, as well as potential buyers, need to understand the role trend analysis, also known as market analysis, can play when determining value. As always, one needs to consider the income, cost and market approaches when trying to assess fair market value.
How to Use Less-than-Perfect Comparables to Estimate Value
In today’s volatile real estate market, it is often difficult to obtain a meaningful estimate of what a parcel of commercial real estate is currently worth. This article discusses how taxpayers can deal with distressed sales and rely on comparables to arrive at the best estimate.
IRS Tackles Interaction of Gain Exclusion and PAL Treatment
It is not unusual for someone to convert a personal home into a rental property. But such conversions can raise some complex tax questions when the home is subsequently sold. This blog looks at a recent Chief Counsel Advice memo that makes it clear that the gain excluded under Internal Revenue Code Section 121 is not treated as passive gain.
What You Should Know About Forms of Joint Ownership
What is the best way to hold a title to real estate? The wrong form of ownership can increase legal liability, enlarge your tax burden and subject an estate to probate. In contrast, choosing the right form of ownership can reduce red tape while improving a property’s profitability. This blog discusses the different options and who might benefit the most in each case.
How to Analyze a Deal: Looking Beyond the Numbers
As the real estate market has continued to improve, there has been a proliferation of real estate “deals” from syndicators and developers looking to provide benefits for themselves and to their investors. It is important to know what to look for when reviewing a new deal.
Turning a Vacation Home Into a Tax Benefit
With proper tax structuring, it is possible to turn a vacation home into a tax benefit. If you own a second residence located in a resort location, a knowledgeable tax professional may be able to help improve the overall economic performance of the property.
One + One ≠ Two? The Sum of the Parts Does Not Always Equal the Whole
Under current estate and gift tax rules, every taxpayer has the ability to give away $5 million of property during lifetime or at death. With the Bush administration tax cuts set to sunset at the end of 2012, the $5 million exemption could be reduced to as low as $1 million. Thus, any method of maximizing current gifts could prove to be very beneficial.
Debtor Solutions Lie with Solvency
Banks are becoming more willing to restructure troubled loans both for personal residences and for business property. Unfortunately, when mortgages are restructured, the debtor can end up with phantom taxable income from the cancellation of debt, resulting in a tax liability with no cash to pay the taxes. There are, however, exceptions to these rules.
Four Major Considerations When Buying a Foreclosed Property
Attempting to buy a foreclosed property for the first time can be a test of your time and patience. To assist in mitigating any future emotional meltdowns, I have put together a list of the four major things one should consider when buying a foreclosed property.
Okay, so maybe my title goes against our Green values. Save the planet. Contribute to the greater good. But hey, we are all trying to find ways to assist in saving the planet. From energy efficient cars to recycling our trash, taking part in the Green movement feels good. So is there really anything wrong in getting a little monetary kudos for our Green efforts??
Newsletters
Real Estate Group Newsletter – Fall 2021
ORBA’s Real Estate Group’s Newsletter details Section 179D’s eligibility and qualifications and summarizes the requirements you should meet to be considered a real estate professional.
Real Estate Group Newsletter – Spring 2021
ORBA’s Real Estate Group’s Newsletter provides a checklist to measure what stage your organization is at in preparing for the workplace of the future and details the financial and non-financial information that lenders consider when evaluating loan applications.
Real Estate Group Newsletter – Winter 2020
ORBA’s Real Estate Group’s winter newsletter offers insight into IRR waterfalls and provides information on commercial gross-up provisions.
Real Estate Group Newsletter – Winter 2018
Sitting Pretty – Real Estate Industry Among the Big Winners on New Tax Law JEFFREY NEWMAN, CPA, JD By passing the Tax Cuts and Jobs Act (TCJA) in late December 2017, Congress granted the holiday wishes of many involved in real estate. While the TCJA brought good cheer for the business community in general, the […]
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 – Fall 2016
ORBA’s Real Estate Group Newsletter is a quarterly publication focused on effective real estate practice management. The Fall 2016 issue includes two articles: “Limited Liability Companies May Have Some Liability Limitations” and “IRC Section 1231: It’s the Best of Both Worlds ”
Real Estate Group Newsletter – Summer 2015
The ORBA Real Estate Newsletter is a quarterly publication focused on effective business management. The Summer 2014 issue includes two articles, Investor vs. Dealer: The Difference is Not Always Black or White and Tax Court Disallows Property Owner’s Bad Debt Deduction.
Real Estate Group Newsletter – Summer 2014
ORBA’s Summer 2014 Real Estate Group Newsletter includes two articles: Leader Certification Program Green Lease is Ready to Roll and What to Expect When You Are Expecting Construction Litigation.
Real Estate Group Newsletter – Spring 2014
Review Your Real Estate Business Structure for Ease and Flexibility TOM KOSINSKI, CPA, MST Choosing the right business structure for your real estate venture requires careful thought and analysis. A corporation is still an alternative that can provide many tax and legal benefits, but there are also many non-corporate alternatives, which generally are subject to […]
Wealth Management Group Newsletter – Fall 2012
A Newsletter Focused on Your Financial Needs. August 2012 Issue:
The Changes to Federal Estate and Gift Tax Law Around the Corner by Steve Lewis and Alan Witt; and It’s Time for Your Financial Review by Steve Lewis and Jeff Newman
Client Alerts
Providing Employees With Tax-Free COVID-19 Assistance: What Employers Need to Know
Are your employees struggling with unexpected medical, work-from-home, childcare or other expenses as a result of the COVID-19 pandemic? If so, a little-known tax law allows you to make tax-free payments to employees to help them cover these expenses.
IRS Updates Rules for Personal Use of Employer-Provided Vehicles
The IRS recently announced the inflation-adjusted maximum value of an employer-provided vehicle under the vehicle cents-per-mile rule and the fleet-average value rule. Employers can use the rules to value an employee’s personal use of such a vehicle for income and employment tax purposes.
2014 Changes to Capitalization of Tangible Property Costs Will Impact Many Taxpayers
During 2014, final rules and regulations became effective for handling the acquisition, repair, improvement and disposition of real estate and tangible personal property. Many types of expenditures are covered in the final regulations, and they will likely affect all taxpayers that acquire, produce or improve tangible property.
News
Jeff Newman Named Head of ORBA’s Tax Group
ORBA, one of Chicago’s largest public accounting firms, is pleased to announce that Jeffrey Newman CPA, JD has been named as Head of the firm’s Tax Group.