Monthly Archives: December 2019
What You Should Know About IRS Audits
Although the IRS enforces the federal tax code in a variety of ways, its primary method of doing so involves examining the returns of taxpayers who are identified as being the most at risk of noncompliance. Being audited by the IRS can be time consuming and stressful and could result in unexpected penalties, so… Read More »
IRS Institutes Safe Harbor for Taxpayers Whose Rental Properties Could Qualify for the Business Income Deduction
Among the many changes made by the Tax Cuts and Jobs Act (TCJA) was an amendment to the tax code regarding the qualified business income deduction. Under a recently published regulation, the IRS added to these changes by instituting a safe harbor during which taxpayers who own interests in rental property can treat these… Read More »