Mary Selvanadin, senior manager of partnership tax solutions at Grant Thornton Advisors LLC , sat down for a video interview during Nareit’s REITwise: 2025 Law, Accounting & Finance Conference in San Antonio on March 25-27.
Selvanadin offered valuable insights on how REITs can maintain compliance with complex IRS regulations. She emphasized the importance of early planning and internal coordination, advising that even annual requirements like the income test be monitored more frequently.
“Let’s just do it quarterly,” she said. “Let’s make sure that at yearend we don’t have any surprises.”
She highlighted how evolving market demands complicate the classification of income, especially in the multifamily REIT space. What was once considered a “customary” tenant service may now need to be provided through taxable REIT subsidiaries (TRS) or third parties. Selvanadin noted that understanding the full scope of income—especially ambiguous entries like “miscellaneous income”—is essential to compliance.
Selvanadin also offered guidance on building a strong in-house tax function, urging companies to align internal strengths with external support. Equally vital is fostering transparent and timely communication with advisors.
“If something's going on, you're thinking of making a change—just pick up the phone [and] call us,” she said, stressing the value of open dialogue.