APRIL TAX PLANNING Newsletter APRIL 2011

CONSIDERATIONS FOR APRIL

15, 2011 TAX DEADLINE
If you hold rental real estate or know someone
who hold rental real estate. this is a must
read. IRS has decided to target returns with
rental real estate for audit in 2011.

The IRS recently released a report indicating

their intent to perform more examinations of
individual tax returns that report losses
fromrental real estate activity. The increased
scrutiny was triggered by a 2008 report that
found at least 53% of individual taxpayers
with rental real estate activity for tax year 2001
misreported their rental real estate
activity. The report appears to direct the IRS
focus on those taxpayers claiming real estate
professional status
How safe is your nest egg? Ebere can help you find out.
Thus, similar to documenting expenses,
documenting your time devoted to real estate
Know your tax laws, know your rights, &
related activities is extremely important given don’t fear the IRS!
the IRS's intent to look more closely at real
estate activities. Knowing the tax laws as it affects you and your
business will help you take advantage of all available
opportunities while avoiding unlawful acts. If you
To read the full Treasury Inspector's Audit report all taxable income and you are legally and
Report, go to discretely aggressive with your deductions, you are
http://www.treasury.gov/tigta/auditreports/2011reports/201 unlikely to get into trouble with the IRS. (see IRS
130005fr.pdf publication #1 and others).
Also, know your rights! Taxpayer rights were
What's the difference between a significantly expanded under The IRS Restructuring
mosquito and an IRS agent? and Reform Act of 1998. Taxpayers can sue the IRS.
One is a bloodsucking parasite, Tax Tip: Knowing your rights from the outset
the other is an insect and knowing how the system works can have an
impact on your taxes before you are ever
audited, if at all.
MARCH TAX PLANNING PAGE 2

EBERE OKOYE’S WEALTH BUILDING PLAN

The Wealth Building Program is a 12-

month program that takes you step-by-
step through the steps required to run a
successful and efficient real estate
business.

TESTIMONIAL: Real Estate Investor:

Ebere represents client at IRS Audit
and reduces his tax liability from
$22,000 to $1,365 "I attempted to fight
it initially on my own and decided that
this is something I definitely need to get
my CPA in on ... which is you Ebere "

ABOUT EBERE OKOYE

Ebere Okoye, CPA and Associates is a tax and financial
management company that can manage all your financial
service needs… leaving you safe, secure…and with more
time for your family, and your real estate business.

We offer :
Preparation of individual and business tax returns
Personalized Tax Reduction Strategies
Does your CPA always
Newsletter of hot tax facts remembers YOU are the
Business valuation and appraisal employer and,
Asset protection and Tax Planning
Restructure and business financing consulting Returns all calls promptly
Complete outsourced business accounting and Meets promised deadlines
bookkeeping
Complete outsourced retirement planning
Thoroughly understands your
business
Call us now…301-559-0126…and Willingly researches your odd
ball questions
ask for a free consultation with
Assists with contracts that fully
me personally. I promise protect you
…you’ll be glad you did. And never “surprises” you with
an unexpected bill?

Ebere Okoye, CPA

Phone – (301)559-0126 We’re on the Web!
eokoye@acetaxes.com www.wealthbuildingcpa.com