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Jim Wittmer, national managing partner of tax growth at Grant Thornton, participated in a video interview during Nareit’s REITwise: 2024 Law, Accounting & Finance Conference held March 19-21 in Hollywood, Fla.

Wittmer highlighted the pressing tax challenges facing the industry, particularly focusing on redemption issues, competitive pressures, and the importance of proactive governance.

Reflecting on the current market dynamics, Wittmer highlighted how the market slowdown has put pressure on investors. The slowdown has led to increased redemptions, impacting the treatment of shareholder distributions, he said.

Wittmer also addressed concerns regarding impermissible services and the need for clarity in regulatory guidance. He warned that significant services could jeopardize REIT status, urging caution in property-level operations.

In terms of technology, Wittmer underscored the importance of embracing change, noting its role in streamlining tax processes. He emphasized the necessity of reliable information for effective technological integration, underscoring the risks associated with applying technology to flawed data.