The IRS has Real Estate Professionals in Their Sights
I have really been keeping my eyes and ears to the ground regarding the tax changes associated with the change in the U.S. presidency I have been educating myself about the pending laws and have been keeping up with the tax professional rumor mill. You can gain a lot from a classroom but even more from networking with others.
One recent educational event included members of the IRS, state tax authorities and tax professionals. Items of common concern are normally discussed, yet the topic of the real estate professional status in wake of the mortgage melt down was of great interest to many tax professionals, as were the housing crisis, Wall Street's instability and all the other items that come into play with the real estate industry.
What I have recently learned is astounding; we heard in the past the IRS was going after real estate professionals in record numbers as part of its new audit program. However, we recently discovered this will be one of the main focuses of the new administration to help compensate for the billion dollar bailout package that became law in October 2008. This is not good news, but we promise to do everything possible to keep the IRS off your back and to fight for your real estate professional status.
This recent seminar gave me intimate knowledge about what will happen and has also given me a game plan to assist my clients, known triggers to avoid to ensure your return is not flagged for audit. If it is flagged, you should call a tax professional immediately. Do not be caught off guard by some of the unscrupulous IRS agents who use their authority to scare taxpayers into talking directly to them. Once they have the information they want, they make taxpayers aware of their right to representation. Cohesive can and will represent you before the IRS, and you will NEVER have to speak with any IRS agent, regardless of how persistent they may be.
We are offering the opportunity to schedule a consultation with us so we can guarantee you have dotted all the I's and crossed all the T's. Let us make sure there is no stone unturned. We want to give you updated information before December 31 so you know exactly what you need to do. If you call our office before December 1, we will provide this consultation at 20 percent below our normal hourly rate.
Sincerely,
Karla K. Dennis
P.S. Please do not wait until you receive an audit letter in the mail. Call before December 1 to take advantage of our lower-fee offer and put your mind at ease.
Listen to our recent podcast about this subject.
Turn to a solid company that has been there and thoroughly understands the tax implications of your transactions. At COHESIVE™ we are not lawyers or realtors; we are tax professionals that understand the tax laws and how they affect you. We have several hundred clients in positions like yours. Please contact us today so we can help you.
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