Spencer Accounting Group, LLC - Tax Planning and Preparation Services - West Allis, Milwaukee, Brookfield, Waukesha, United States and Saudi Arabia
  • Home
  • Pricing
    • Rush & Cancellation Policy
  • Let's Chat
  • Home
  • Pricing
    • Rush & Cancellation Policy
  • Let's Chat

FREE Tax Tips and Updates

Browse our blog for helpful tax planning and preparation information.

Won Another IRS Audit

7/25/2021

0 Comments

 
 The IRS was looking to receive $102,000 from a husband and wife regarding their rental property!

A husband and wife had a dreadful encounter with the IRS.  The auditor looked over their rental properties, denied their losses, and informed them that they would be hit with a $102,000 tax liability. 

Based on that, The IRS is expecting to receive $102,000 from the clients. 

The IRS was in agreement that one of the spouses was a real estate professional.  However, based on their documentation, the IRS, didn't believe that material participation has been met and disallowed the tax credit.
​
They had several rental properties with zero personal use.  The case for the hours we deemed irrelevant based on IRS own regulations.
Picture

Please contact us if you need help with your rental properties.

They had several rental properties with zero personal use.  The case for the hours we deemed irrelevant based on IRS own regulations. 

As a starting point, we looked at another case, where the taxpayer had to count only the time that front-desk workers spent on their unit this particular court case., not the entire time they spent.  Our client passed that test.  

At this point we have successfully shutdown the IRS claims for disallowance.  We went on to disprove the remaining of their claims using our proven strategies.  The audit was resolved in favor of the client and they received a no change letter.  They won!


Please consider making a contribution today from as little as $3.

RSS Feed

0 Comments



Leave a Reply.

    We're Here to Help

    Get advice from our experienced network of financial managers. 
    ​

    If you Value our Blog, We have an ask.

    We spend hours researching data to help you understand your finances and taxes, including historical context, issues, and solutions. Our goal is to empower people to improve  their relationship with money. ​Please consider a $3 donation today.

    Tax Plan Video

    Important Disclosures


    Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.

    ​
    To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
    ​
    These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

    GET STARTED

    Author

    Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion.  Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.

    Keana founded this website and decided and created this blog page to offer a space for those seeking knowledge to understand, however not to be confused with advice or planning strategies.

    RSS Feed

    Accounting Services
    Tax Preparation
    Picture
    Picture
Home
Net30 Account Info
Privacy Policy
Contact Us

Picture
Picture
Picture
Copyright 2021 ALL RIGHTS RESERVED.
Photo used under Creative Commons from verchmarco