audit flag

Three years ago the Real Estate Professional status was one of the best loopholes available. Now, it’s a red flag for an IRS audit. Learn about the new climate for real estate loopholes in this week’s Online Workshop, available exclusively for First Class Lounge members.

If you needed another reason to think about converting your sole proprietorship into a business structure, a recent announcement by the GAO (Government Accounting Office) suggesting that the IRS pay particular attention to sole proprietor tax returns should help.