Felix Stone
LLC rental account or personal rental acct for general expenses
Hi All - Unfortunately I have lost trust in my CPA after reviewing my latest tax returns(they missed major expenses that I had to call out) so resorting to this community for learning and knowledge while I also look f...
Byron W.
Can I use check copies & credit card statements for expenses?
I'm living in a tri-plex house hack. Renting out 2 units and living in one. This is currently the only property I own. I've had work done on the building itself (roof repairs) and remodeling work in one of my previous...
Joe Robinson
I got audited by the IRS and survived - my story!!!
Hello fellow investors,In 2016 I got audited by the IRS, and it got started due to my real estate investing activities. This was a full-blown FIELD AUDIT, where they went through everything of mine. I have lots of bus...
Daniel Murphy
PTIN vs self prepared tax return, any red flags?
I've used a CPA in the past, but I've learned that I can handle most of my personal returns by myself. With the IRS adding tons of money to audit enforcement, will a self employed tax return with various real estate ...
Michael Archard
Self Performed Cost Segregation Study
I have been thinking about self-performing a cost segregation study to tap into accelerated depreciation on one of my smaller rental properties. I have seen companies offering the service for a few thousand dollars. H...
Mike Nelson
IRS Penalty for late file on S corp, didt file extension
So I recieved a notice today for a $1560 fine for an LLC taxed as S corp that I started beginning of this year. I didnt file the extension, as the SCORP didnt make a dime ( im an idiot). I realized after it was too ...
Bryan Hancock
Audited Financial Statements - Cost As a Function Of X
For the tax wizards on the forum...For the moment suspend any sense of rationality and assume that there is a gov-mint mandate on startups that require them to do audited financial statements. They really don't have ...
Ashley C.
Audits and taxes for LLCs choosing s-corp election
I recently attended a bootcamp where one of the speakers was a tax guy. He was apoplectic when he talked about CPAs who set up clients in LLCs with an S-corp tax election in part to save on self-employment taxes. Swea...
Matthew McNeil
Partnership LLCs Required to Adopt New Tax Audit Agreement
I came upon this recently and wanted to share it because I'm not seeing it in other posts. The Bipartisan Budget Act of 2015 effective January 1, 2018 requires all LLC partnerships to adopt a Tax Audit Agreement. Bu...
Ashley G.
Is it possible to get HOA Financed? Also how to get board to buy into the idea of getting a Certified (or forensic) Audit?
Hello. I'm new here. I've lurked minimally, but have read some of the material produced by BP beginners. To make a long story short, I am the Treasurer of an owner managed HOA. I took the position in April of this yea...