Fremont, CA (PressExposure) May 08, 2011 -- The Government Accountability Office (GAO) stated recently that 50% of all individual tax payers with rental real estate activity had misreported their income, resulting in a tax gap. The GAO has recommended for the IRS to increase audits of tax returns with rental real estate activity in order to generate more tax revenue.
IRS agreed to increase the number of audits of tax returns of landlords and rental property owners. An IRS audit of the tax return may result in tax assessment as landlords and rental property owners may be misunderstanding the reporting requirements. Besides the tax assessment a landlord or rental property owner could be assessed a tax penalty for misreporting.
Landlords and Rental Property owners can survive the audit by using SimplifyEm.com Property Management Software to get organized for taxes. TReXGlobal.com has 40,000+ customers that enjoy the following benefits:
User friendly: Easy to use software makes data management easy and hassle free.
Multiple features: Enables fast and easy income and expense tracking, tenant management, billing history and online rent payment.
One Click Tax Reports and other reports: Quick generation of Schedule E and 1099 tax reports and a comprehensive list of deductions to avoid year end confusion.
SimplifyEm Property Management Software makes yearend taxes easy, saves time and money and will help avoid a possible tax audit for failing to comply.