by mariettacp | Aug 3, 2011 | Accounting News, Money Tips, Tax Tips
Late last year, the IRS issued final regulations under which an understated amount of gross income reported on a return resulting from an overstatement of unrecovered cost or other basis is an omission of gross income for purposes of the 6-year period for assessing...
by mariettacp | Aug 1, 2011 | Accounting News, Money Tips, Tax Tips
The IRS has provided guidance that allows certain real estate professionals to make a late election under the regulations to treat all interests in rental real estate as a single rental real estate activity for purposes of the passive activity loss (PAL) rules. This...
