With a long history of serving clients in the real estate industry, DZH Phillips brings extensive knowledge and experience to companies in the construction, commercial, and affordable housing sectors. We provide the accounting and assurance services that help your business achieve long-term, sustainable growth.
In working with clients in the construction industry, DZH Phillips emphasizes the importance of recordkeeping and accounting. We’ll help you design an effective work-in-process accounting system that facilitates proper handling of percentage completion; create and execute processes and procedures to analyze jobs, handle change orders, and track job profitability; keep consistent and accurate books; and examine your taxes to find overlooked or underutilized credits and incentives. We are knowledgeable about the various insurance risks inherent in this industry, as well as strategies to help safeguard against them. Our relationship with your bonding agent and banker is critical, and we focus on meeting your needs in both areas.
Real estate developers bring vision from concept to reality. From start to finish, you negotiate the purchase, structure the deal, create the plans, navigate the local political environment, manage the construction, and market the end product—all at a tremendous pace. At DZH Phillips, our knowledge of the real estate development process contributes to our ability to serve you far beyond your tax and audit compliance needs. We assist developers with deal design and structure, offering strategies to minimize and/or defer tax and take advantage of valuation opportunities. Many clients contract with us to perform a pre-development cost audit, an ideal way to gain an accurate idea of what you’re getting into with a project before any costs are incurred. Developers also appreciate our attention to joint venture documents, financial and cash flow modeling, and cost segregation analysis to maximize depreciation deductions.
Acquiring, owning, and managing real estate is one of the best methods for building wealth. DZH Phillips serves clients ranging from those who own a single rental property to those who own and manage properties as a full-time occupation. We have specialized experience with like-kind (1031) exchanges, partnerships and LLCs, and tenants-in-common. Turn to us for tax planning and compliance, as well as long-term strategic planning. Our uncommon perspective works to your benefit: We understand the rules and regulations to help you avoid or minimize tax on your real estate transactions, but we also understand the tremendous potential of creative strategies such as using like-kind exchanges to reposition assets and mitigate risk; holding real estate in a partnership or LLC to transfer wealth at a discount through gifts of your estate; transferring your partnership or LLC in an “Up” transaction to defer tax similar to a like-kind exchange; and using the tenants-in-common structure as a planning tool when dealing with a property held by multiple owners.
The assurance professionals at DZH Phillips have significant experience working with clients in the affordable housing sector, and have performed numerous HUD audits for public housing, Section 8 housing, and insured multi-family housing programs. The annual financial reports required by the U.S. Department of Housing and Urban Development are complex, and only a specially trained CPA is qualified to perform these audits. When you partner with us to serve your audit and compliance needs, you’ll find an industry leader with expert knowledge of HUD regulations, state financial reporting requirements, and low income housing tax credit compliance.