2023 Hidden Tax Breaks: Upcoming Opportunities for Realtors
The IRS may randomly select businesses, including real estate firms, for audit regardless of size or industry, aiming for a representative sample. After reviewing tax returns and documentation, an IRS Agent verifies accuracy, requests supporting documents, and asks questions about operations, finances, and tax compliance. They issue deficiency notices for underreported income or improper deductions, assist with compliance, and impose fines if necessary.
