Record retention needed to avoid tax redeterminations

Article Abstract:

Companies that properly keep their records find it easier to claim deductions and contest IRS challenges than those that do not. Entities interested in developing a record-maintenance policy may use recordkeeping requirements included in Sec. 6001 and IRS publications as guide. These provisions require contemporaneous documentation and retention of documentation for future inspection by IRS representatives. IRS Publication 552, entitled 'Recordkeeping for Individuals,' lists sales slips, Forms W-2 and W-2P, Forms 1099, invoices, cancelled checks, tax return copies, receipts and stock brokerage forms as general records that should be kept. For specialized situations, companies may consult the different Regulations or 'The Guide to Record Retention Requirements,' which discusses which records must be kept, how long they must be kept, and who must keep them. Provisions related to recordkeeping are discussed.

Methods, Tax administration and procedure, Tax administration, Tax planning, Records management

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Emerging audit issues in the application of the passive loss provisions to real estate

Article Abstract:

Changes in laws governing real estate-related passive losses have created additional audit issues which must be considered. A threshold of material participation must be met to qualify for active loss deductions. Other changes affect portfolio passive loss deductibility. Special rules governing rental property are also discussed.

Rental Income of Persons, Accounting and auditing, Real estate investment, Real estate investments, Tax auditing, Tax audits, Rents (Property), Passive activity (Taxation)

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The expanded home office deduction

Article Abstract:

The author discusses the law and its application in the area of the home office tax deduction with a focus on the beneficial changes made to the definition of 'principle place of business' under IRC section 280A by the Tax Reform Act of 1997.

United States, Public Finance Activities, Tax Deductions & Exemptions, Home offices

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