14 February 2024 | 8 replies
Any other cost seg software recommendations which doesnt cost thousands of dollars and provide audit guarantees?
16 February 2024 | 16 replies
I pay the extra 80 bucks or whatever it is for audit representation if it ever happens.
4 March 2024 | 13 replies
Just make sure it's a reputable company and that their documentation will hold up in the event of an audit.
29 February 2024 | 7 replies
Keep in mind if you do get audited, your receipts from grocery stores, local entertainment, etc could substantiate your claim.
19 April 2024 | 15 replies
This cost is often justified by the value added through their expert advice, ensuring compliance, optimizing your tax return, and potentially saving you from costly mistakes.Audit Support: Another significant advantage of a CPA is their ability to represent you in the event of an IRS audit.
8 January 2024 | 12 replies
The accountant said my business (real estate)and the number of properties I have is just growing too fast to be handled in the fashion I was and to protect myself in the potential case of an audit I needed to take that step going forward.
2 January 2024 | 0 replies
Be prepared for a time commitment.IRS Scrutiny and Audits: Brace yourself; the IRS might start paying more attention to you.
4 February 2024 | 3 replies
You don't want to make a big mistake and have to unwind it years later or worse face an audit.
7 February 2024 | 7 replies
- assuming 500hrs each, we have spent enough time this year to get to that but wondering if thats a red flag for IRS with high chance of getting audited (we travelled 7 times over the past year to work on the unit and spend at least a week each time excluding the time we spent managing the guests)- Lastly, our understanding is that each can take 50% of the final offset to our W2 assuming we prove material participation eligibility.
29 August 2024 | 23 replies
Quote from @Michael Plaks: Quote from @Kory Reynolds: For my clients real estate businesses they pay between $4,000 and $650k purely for tax prep and tax consulting, Tell'm I can do it for $645k ;) Do you want the audit work too?