Generally the IRS has 3 years from the date you filed your return or the date the return was due to assess any additional tax. However if you timely file your tax return interest and certain penalties will be suspended if the IRS does not...
Preparing for college often means applying for student loans to pay for it as well. Every year students struggle and stress while trying to complete the Free Application for Federal Student Aid (FAFSA). Completing your student financial aid application is now easier than ever. Department of...
If you do not agree with the proposed changes of your assigned examiner, you tell this to the examiner by saying or writing 'I do not agree with your changes.'. The first thing the examiner must do is explain to you your appeal rights. If...
Your tax return may be examined for any one of a number of reasons, and the exam can take place in any one of a variety of ways, in a variety of locations, and quite frankly without you even knowing about it. It really is...
The Internal Revenue Service today released final guidance for small employers eligible to claim the new small business health care tax credit for the 2010 tax year. Today’s release includes a one-page form and instructions small employers will use to claim the credit for the...
If you decide you want to present your dispute to IRS Appeals, you will need to prepare a request for Appeals and mail it to the office that sent you the decision letter. There are essentially 2 types of requests For Appealing an Examination 1. Small...
A 'Short Term Rental' usually involves Condos, B&B’s, Hotels, Etc. These 'short term rentals' fall outside of the definition for tax purposes of rental real estate. As such these investments are treated as a business and the owner must materially participate in order to recognize...
Attorney specializing in real estate CPA’s specializing in real estate Banker or mortgagor Investment advisor Financial planner or consultant Interior ...
A real estate professional must spend more than one half his/her time on ‘real property business.’ Unless the real estate professional ‘materially participates’ in rental activity losses are passive. A real estate dealer of real property sells and buys properties on a frequent and substantial basis...
A qualifying real estate professional may deduct rental real estate losses for each rental in which he/she materially participates provided 3 tests are passed: More than one half of the taxpayer’s personal services must be in real property ...
