Property Managers – Landlords New IRS Targets?

Property Managers - IRS promises to increase audits of tax returns of rental property owners. Treasury released a report urging increase of audits as their study discovered that more than half of all landlords who own rental properties misreport their income. Acting on this report, the IRS could be targeting your client – the landlord and examining their tax return more thoroughly than before, leading to possible tax assessment and a tax penalty.

Audits may occur for under reporting rental property income, claiming unentitled deductions or simply misunderstanding reporting requirements. Property managers can help landlords maintain all rental property information in a systematic way to be organized for tax day. Property management software makes tracking of all property related expenses and income easy and help in getting property finances organized for taxes.

For example, SimplifyEm Property Management Software even offers one click tax reports and a comprehensive list of deductions. You can provide your clients peace of mind by providing them with a filled out Schedule E at the end of the year. Besides sending your client a 1099, you can send them a Schedule E and deliver even greater value to them.

For additional  tools, try TReXGlobal.com's Pay Rent online, property management Forms and get a free listing in our Property Management Companies directory.