Automobile & Truck Dealerships

Our dedicated team serves the unique needs of small- to medium-sized, privately-held automobile and truck dealerships.

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Auto Dealership

Professional Services

We have the experience and expertise needed to help address many of the operational and financial challenges faced by professional service firms. We also partner with attorneys to provide a range of value added services designed to help them serve their clients.

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Professional Services

Manufacturing & Distribution

We assist a broad range of manufacturing and distribution entities with their unique financial requirements. We maintain the highest quality standards in our compliance work and focus on bottom line results, strategic planning, and asset protection.

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Manufacturing & Distribution

International Services

Our team of international consultants, tax professionals, and accountants have helped clients from over 30 countries expand into the US. We have also helped numerous US businesses expand outside our borders.

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International Services
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Tax Planning & Consulting, State & Local Tax, Estates, Gifts, and Trusts, and more...

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Audits, Reviews, Compilations, Bookkeeping & Payroll, and more...

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Business Advisory Services, Mergers & Acquistions, Commercial Lease Negotiation, and more...

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Learn More about Michael Silver & Company CPA's business valuation services.

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Real Estate & Construction

A Solid Foundation in Real Estate and Construction

In one way or another, elements of the “bricks and mortar” industries touch nearly every one of our clients. Whether you own a single-income property, are a real estate developer or subdivider, structure multi-tiered real estate investment partnerships, or you are a large public works construction contractor, our accounting, tax, and consulting practice specialists have the industry knowledge you need to help you achieve your financial and operational goals.

The real estate and construction industries present unique challenges and opportunities, and they have complex financial and regulatory requirements layered on top. Michael Silver & Company CPAs has an experienced team of professionals with the depth of experience and the expertise to help you navigate the issues and avoid set-backs.

Real Estate

Real estate investment properties (residential, retail, commercial, and industrial) are at the core of this industry. Whether the investments are for speculation, development, or held as income producing property, our team understands the complex accounting and tax issues associated with each, and can provide guidance and assistance from acquisition through ultimate sale.

We also serve other related industries that are not part of the ownership of real estate, but are components of the industry. These include:

  • Construction
  • Real estate brokers
  • Property management companies and homeowners associations

Our full range of services includes:

Tax Strategies and Compliance

From structuring the deal, to maximizing profits or the utilization of tax losses, to taking advantage of all applicable credits, the complexity and inter-relationship of tax code provisions are often complex and confusing. Our team, supported by 20+ tax professionals, has the experience and insights that can help ensure that your venture achieves its goals. We can advise on:

  • Selection of appropriate business entities
  • Optimal ownership structure
  • Appropriate debt structure to ensure loss utilization by investors
  • Tax projections
  • Allocation (profit & loss) and distribution issues
  • Accounting for and allocation of project costs on subdivided real estate
  • Planning for Section 1031 tax-deferred exchanges, including reverse swaps
  • Installment sales
  • Cost segregation studies
  • Review of applicable asset acquisition purchase agreements to ensure optimal asset classifications
  • Involuntary conversions
  • Partnership buy-outs
  • Benefit analysis and calculations related to Section 754 basis step-up elections
  • Tax planning for owners and investors
  • Wealth transition and estate planning

We have extensive experience in all areas of tax compliance, including individuals, partnerships and LLC’s, corporations, S corporations, and homeowners associations.

In addition, we understand that your projects could be local or anywhere across the U.S. No matter where your investment is situated, we can advise on the varying tax laws that are specific and unique to any geographic region. We also have extensive experience in State & Local Tax — our experts include two tax partners, supported by a full tax team, all deeply experienced with state and local filing requirements in all 50 states.

Accounting and Audit Services

No matter the size of the project, accurate and timely financial data is critical to understanding and managing real estate. We have the expertise to provide quarterly and year-end financial statements tailored to the real estate industry, providing the knowledge you need and complying with lender and debt covenant requirements. We can provide:

Consulting and Other Value-Added Services & Solutions

Few other industries offer the array of sophisticated planning opportunities as those available within the real estate industry. Our consultants have a finely-honed understanding of the real estate environment, including its nuanced challenges and risks, and can leverage that information into practical strategies designed to uncover impediments to the success of your project. We can counsel on:

Steve Handler

Steven Handler, CPA, CMC, CGMA — Partner

Steve Handler has extensive real estate experience, including over ten years as Vice President of Planning for a major Chicago area real estate developer, and as a CFO for a 28-office real estate brokerage firm. Steve has provided tax, accounting, and consulting services to over 40 real estate companies. His consulting services include the development of an integrated financial model for a well-known national real estate company, and he has designed many commission plans for companies and conducted a seminar on the same subject. His master’s thesis focused on real estate development. Steve’s real estate experience includes development, residential and commercial brokerage, property management, condo conversion and homeowners’ associations. He also has extensive expertise negotiating commercial leases.

Success Stories

The Challenge

A landlord wanted to lease vacant space to our client, while our client wanted to lease more space than was currently available and also wanted to purchase the entire property that was not for sale. There was very little space available in the targeted geographic area. In addition, the village was considering passing a new zoning law that would restrict new tenants in the future, while grandfathering all existing tenants.

Our Solution

We came up with a creative solution that worked for both parties. Our client leased the then current space available with an option to lease all contiguous space as other tenants’ leases expired. This gave our client grandfathered occupancy rights before passage of the new zoning law change. Our client wanted to buy the entire property, which the landlord clearly did not want to sell. We negotiated an option price on the entire property that was $400,000 above market and would escalate at $25,000 per year. This was advantageous to our client, as the market value grew so quickly that, in five years, the option price was below market. Our client exercised his option to buy the building and the landlord unhappily complied with the contract. Lesson Learned: almost everything is negotiable, but it’s important to understand what to ask for.

Our Real Estate and Construction Team Experts

Many of our partners have over twenty years of experience reviewing and structuring transactions, providing operational analysis, and advising on tax planning strategies. Our team covers a cross-section of tax, accounting, and consulting practices, ensuring that we focus on and support your success in every area. From helping you get started to closing the deal, our experts can guide you through the life-cycle of any project.

Larry Isaacson

Larry Isaacson, CPA— Managing Partner

In addition to leading the Firm’s tax consulting and compliance practice, Larry has over 30 years of experience working with real estate owner/management companies in addressing their unique tax challenges. Specifically, he has assisted clients with purchasing, selling, renting, and managing real estate, and managing complex transactions such as like kind exchanges, as well as basis step up elections and calculations for real estate partnerships. Larry has also provided industry-specific estate and tax planning and consulting services for his real estate clients that were customized to help maximize current as well as future tax advantages.

Phil Kent

Phil Kent, CPA — Partner

Phil has served a broad range of clients within the real estate industry for over thirty years. Phil provides advice and guidance on accounting design, assistance with the implementation of Section 1031 deferred exchanges, implementation of cost segregation studies, as well as traditional accounting and tax compliance. His client list has included large multi-state residential rental lessors as well as captive real estate and business entities. Phil’s client service approach is entirely collaborative and hands-on, with a focus on delivering the highest level of personal service while still keeping pace with the tight timeframes that real estate transactions often experience.

Susan Waterloo

Susan Waterloo, CPA — Manager

With over 25 years of experience within many sectors of the real estate industry, Susan advises clients on matters related to the complete life-cycle of real estate deals, from partner contributions of property and services, to property acquisitions and sales, and through partner buy-out structures and sales of partnership interests. She is well-versed in basis step-up elections and the complex calculations related to both property contributions and transfers of partner interests. Working closely with clients to determine their ultimate objectives, she analyzes agreements and transactions for both their tax consequences and their operational implications. Susan has extensive experience reviewing cost segregation and asset disposition studies that maximize current tax savings. She is a leading resource within the firm on complex partnership taxation matters, as well as the firm’s expert on tax basis and at-risk issues.

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