Real Estate

Real estate audit, tax and accounting expertise

Guidance in planning, development, financing, management and operations

We invest in your success.

The complexity of the real estate industry requires in-depth knowledge and strategic thinking. Our clients depend on us for reliable and straightforward advice on tax credits, incentives and deductions, partnership issues, HUD and other regulatory compliance requirements, and audit guidelines. You can rely on Boyum Barenscheer to help you navigate the ever-changing landscape of the real estate industry and stay ahead of the curve.

Our real estate accounting clients

We work with a variety of privately held and nonprofit real estate professionals including:

  • Developers
  • Investors and Investment Companies
  • Property Management Companies
  • Affordable Housing properties
  • Multi-Family Housing
  • Senior Cooperative Housing
  • Student Cooperative Housing
  • Family and Estate Enterprises

Our real estate accounting services

Boyum Barenscheer’s team of seasoned professionals work collaboratively with our real estate clients to address their key needs including:

Real Estate Audits

  • HUD
  • MHFA
  • USDA – Rural Development
  • Tax credit properties
  • Other regulatory agencies

Real Estate Tax Consulting

Outsourced Accounting Services

Strategy and Management

Performance and Profitability

  • Budgeting and forecasting
  • Cash flow analysis
  • Lease vs. Purchase analysis
  • Deal structuring including 1031 exchange



How do prior audit findings get resolved with regulatory agencies such as HUD?

All initial audit findings are required include with a management response at the time of filing of the financial statements – work with your auditors to craft the correct responses to the findings. There should be a plan in place for correcting any kind of finding. As long as the finding is not repeated in the following years, there should not by any issues.

What are the compliance requirements regarding mortgages?

Each mortgage issued by HUD will have a regulatory agreement that is required to be followed. Any type of mortgage issued by a regulatory agency will have some compliance requirements listed within the mortgage agreement. Further review of the mortgage documents will reveal all compliance requirements, or work with your representative at the applicable regulatory agency.

How do I handle distributions, income or expense allocation among partners?

All distributions, income and expense allocations should be defined within the partnership agreement that was signed when the partnership was established. Work with your income tax preparer to determine the proper accounting for tax purposes.

What are the taxable amounts on the sale of real estate?

If there is a gain on the sale of the real estate, it will be taxed as capital property. If the gain is deferred, (1031 Exchange), then any gain on the sale of the property will be added to the basis of any like-kind property purchased in the required time frame. (See 1031 exchange requirements.) Consult with your tax advisor or CPA to assist with implementing the requirements for a 1031 exchange.

Contact Tiffany for more information

Tiffany Shermak, CPA

Tiffany Shermak joined Boyum Barenscheer in 2014.  Her background includes public accounting at a Big Four global firm, local firms and accounting and controller roles in industry.  Tiffany’s primary focus is servicing real estate and nonprofit clients, particularly in the regulatory environments including HUD and Rural Development.