IRS Increase Audits Targeting Landlords
It’s been coming….
A report from December 2010 has been circulating throughout our network of property professionals that the IRS – The US version of the Inland Revenue for tax collection is going to be targeting property investors and landlords.
Report available here (it’s a bit long and boring!)
One of the CPA’s had this to say on the subject:
“The IRS has increased their Audit Staff and we are going to be seeing increased audit activity in a lot of areas. The do pick “projects” where they target certain return types or activities. Once they feel like they have us whipped into shape they will move on to another area. I have seen this through the years. They are currently targeting Non-Profits too. I have spent the last three days in a non-profit audit and still have more to do on it.”
As clients of ours and landlords from all over the world that own property in the USA, now is the time to make sure your 2012 accounts have all t’s crossed, and i’s dotted.
Make sure you keep the IRS out of your life!