Case Study: $1 Million Dollar IRS Audit

The $1M IRS Audit

I had a client come to me who was being audited by IRS. They owned several properties and a non-real estate business. Their CPA was out of state and wasn't available to properly assist them with the audit. Client claimed unlimited real estate losses due to taking the position of being a real estate professional. IRS disallowed the losses and assessed a tax liability of $1.2M They engaged my services based on my extensive knowledge of real estate and business taxation.

Outcome: Successfully represented the clients by producing documentation, time line, and separation of business involvement between the client and spouse to establish facts and circumstances allowing them to claim the losses as a real estate professional. Client's tax bill was reduced to $1,100.
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