San Francisco Tax Preparation / CPA: IRS Updates Audit Technique Guides on Real Property Foreclosures and the Construction Industry
The IRS has updated its real property foreclosure and construction industry Audit Technique Guides. An Audit Technique Guide focuses on developing highly trained examiners for particular market segments by presenting examination techniques, common and unique industry issues, business practices, industry terminology, and other information.
Real Property Foreclosures
The IRS has updated its Audit Technique Guide that provides guidance on tax consequences (primarily to individuals) for real estate property that is disposed of through foreclosure, short sale, deed in lieu of foreclosure, and abandonments. A discussion is also devoted to cancellation of debt income exclusions that are most commonly applicable to these types of dispositions and community property considerations.
The Real Estate Property Foreclosure and Cancellation of Debt Audit Technique Guide is available on the IRS website at https://www.irs.gov/pub/irs-pdf/p5550.pdf.
The IRS has updated its Audit Technique Guide that provides guidance for examiners conducting audits in the construction industry, and information for taxpayers and practitioners associated with the construction industry. The Construction Industry Audit Technique Guide is available on the IRS website under the Businesses, Small Business/Self Employed category, at https://www.irs.gov/pub/irs-pdf/p5522.pdf.