Income,tax,audits,landlords,an business, insurance Income tax audits of landlords and developers in Chicagoland
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https://accountingsolutionsltd.com/accounting-articles/landlords-developers-income-tax-audits/Landlord Developer Income Tax Audit It seems as if Federal and State Income Tax Audits of Landlords and Developers are on the rise.Numbers published by the Internal Revenue Service, showing the results of their enforcement activities, prove that not only the number of audits performed nationally but also the amount of money received by the IRS as a result of the audits have increased substantially in the past five years.We feel that this trend will continue to increase in the coming years due to the record deficits being generated by our federal and state governments. Please remember that the main functions of the Internal Revenue Service and the Illinois Department of Revenue are to collect taxes. They do this through enforcing the laws passed by Congress and the State of Illinois. If you are currently involved in an audit, the best thing that you can do is to get adequate representation. The job of The IRS and The IDOR is to enforce the law, and to collect as much tax as is legally allowable by law. They are very good at their job. Representing yourself in an Income Tax Audit simply makes it much easier for them to collect. If you are a landlord or developer in Chicago, then here are many things to be concerned about in an Income Tax Audit. Probably the largest concern is the possibility of a charge of Tax Evasion. If it can be proven that your business took in more money than was reported on your income tax return, then there is the possibility of both criminal and civil penalties. In other words there is the possibility that you will not only have to pay additional tax, interest and penalty, but also that you will go to jail. Representing yourself substantially increases your risks. Another common mistake is simply not knowing what you are doing. Just because you think that you should get a deduction for something does not mean that it is legal for you to do so. No one with half of a brain cell has ever said that tax law was fair. It isn’t. It is neither reasonable nor easy to understand. I just saw the results of an examination where the taxpayer tried to write off mileage for travel to and from his place of business. Uncle Sam does not give anyone a deduction for going to work. Its simply not deductible. In the taxpayers mind, it was an ordinary and necessary business expense that should have been deductible. He didn’t even have a mileage log. We see this sort of thing every day on examinations that we don’t handle. If you are having problems with your Landlord Developer Income Tax Audit or have issues with your accounting in general, we would love to help. I enjoy hearing from my readers, and can be contacted at [email protected] Additional Accounting Articles and information on my firm can be found at www.AccountingSolutionsLtd.com
Income,tax,audits,landlords,an