Seno Companies

From Development to Simplification: A Long-Term Partnership with SVA

Seno Companies has developed more than 700 apartments throughout Wisconsin, each project involving complex federal housing tax credits, intricate partnership structures, and rigorous compliance with both state and federal regulations. At every stage of these developments, Seno turned to SVA for trusted guidance.

SVA's Impact

SVA provided strategic support across all phases of their projects, including feasibility analyses, tax credit application consulting, tax return preparation, audits, and cost certifications. SVA’s insight helped the company navigate the ever-changing housing development landscape with confidence.

When the President of Seno Companies, William Seno, transitioned into retirement, he believed maintaining his S corporation was necessary due to its ongoing role as the managing member of one remaining property. That’s when SVA stepped in once again, this time with a plan to simplify.

A Thoughtful Exit Strategy

SVA proposed a proactive approach: close the corporation without incurring negative tax consequences. Their solution involved reallocating rental income among the limited partners and restructuring the mortgage debt, thus turning a complex situation into a manageable one.

The Result

William was able to close his corporation and eliminate the burdens of corporate accounting and tax filings, and he no longer needs to file a partnership return.