Category Archives: Audits

Knowing What Tax Records to Keep

The following YouTube video is from the IRS. Having your financial life organized is important, especially when it comes to your taxes. It not only makes tax preparation much easier, it also positions you better to respond to any IRS … Continue reading

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Understanding Condo Finances

Prospective condo purchasers should look carefully into the financial health of a condo association prior to buying. The status certificate can help provide answers to important questions, such as: Is there a lien against the particular unit, or any fees still … Continue reading

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Audits By Mail – What to Do

The IRS conducts many types of audits each year to verify income and expenses claimed on tax returns. Many of these audits are conducted by mail. If you receive a letter saying that the IRS is auditing your tax return, … Continue reading

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Co-op & Condo Fraud: The Management Report

Being vigilant toward a management company revolves around one very critical tool: the monthly management report. This becomes the key information transfer tool that allows the board to keep track of what the management company is doing, and helps to … Continue reading

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Taxpayer Advocate Service Advises on IRS Audits

IRS audits don’t have to be intimidating. The Taxpayer Advocate Service wants to demystify the process. If the IRS audits your tax return, it does not mean you made a mistake or were dishonest. It just means they’re trying to … Continue reading

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Appealing a Tax Dispute

Did you know that many decisions by the IRS can be appealed to the IRS’ Office of Appeals? The role of this office, an independent division of the IRS, is to resolve tax disputes in a fair and impartial way. … Continue reading

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Five Ways Co-op & Condo Boards Get Defrauded

Fraud is an equal opportunity crime. It goes up when the economy is good and it goes up when the economy is bad. Here are five things to know about fraud: 1) Phony vendors and the work they do – … Continue reading

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