Prior to that we had several recommended by our attorney's at the time & that was another disaster, an audit & 2 years of extensions because they couldn't get a handle on our REI & Corporations etc.

Only upside is audit risks on partnerships are much lower- because there's so much more info you give the IRS up front. 

Oddly, until just 3 months ago, the IRS could call you to inform you that you were under audit, but a letter would always be sent subsequently.  

That's where they nailed me in my audit yet it was fully documented.

I read the accusation and it basically found them to be in violation based on audit findings of $35,000 of funds in trust unaccounted for.

Unlike a laundromat, they can use recycled water and are therefore very difficult to audit.

Send an email to [email protected] with your name, your real estate experience, your favorite book name, and the url for the Member Blog post.Yes, this is an audition.

I audited many different types of companies, banks, hospitals, a restaurant group, a timber management organization, manufacturers, etc.

The audit results are only sent to the tenant (Since tenant pays utilities) My question is this: After the audit, can the tenant hold that audit results against me to leverage new window installation, or somethiing major?

It can be very taxing to find out in an audit that you have expenses that are disallowed.