As an investor or property manager, you know that there are a lot of moving parts to real estate accounting, financial reporting, and auditing – including a myriad of transactions and state regulations. Rubino is here to help.
Rubino has extensive experience in auditing multi-family housing properties owned by both for-profit and nonprofit organizations. We also have experience in performing audits in accordance with the Government Auditing Standards issued by the Comptroller General of the United States, the Consolidated Audit Guide for Audits of HUD Programs issued by the U.S. Department of Housing and Urban Development, the requirements of Virginia Housing Development Authority (VHDA), and various state agency audit guides.
Our firm currently audits an excess of 125 real estate entities owned by for-profit and nonprofit organizations. We are familiar with auditing projects receiving an allocation of Low-Income Housing Tax Credits (LIHTC) under Section 42 of the Internal Revenue Code.
The Rubino team has experience serving agencies that have multiple tax credit projects and we are familiar with the structures of these entities and understand the issues that arise for all parties involved. Our team is adept at navigating affordable housing tax credit issues, ranging from bond and conventional financing to HUD compliance and reporting.
In addition to our typical financial statement audit clients, those that have tax credit projects that require additional reporting, we also serve other entities only for cost certifications. Members of our team have performed a significant number of LIHTC Cost Certifications both as part of larger audits and as stand-alone engagements. These engagements have included not only LIHTC Cost Certifications, but also other mixed finance reporting as required by state housing agencies and banks.
This is a procedure that allows the owner of an investment property to avoid paying capital gains taxes when it is sold and allows them to reinvest the proceeds from the sale within certain time limits in a property of a like/kind value. Investors utilize 1031 exchanges when they are seeking a property with better return, want to consolidate several properties into one, or to divide a single property into several assets.
At Rubino, our clients always come first. We are unified in our mission to have a positive effect on our clients, our company, and the community.
With Rubino, there truly is strength in numbers. We are a nationally recognized leader in public accounting, financial services, tax advisory services, and regulatory consulting.