Archive for Long Island, New York Real Estate News
IRS Audit / TAX ALERT BULLETIN
TAX ALERT BULLETIN
April 2012
Five Must Know’s
On Your IRS Audit
Say you are faced with an IRS Audit where the agent or his manager just won’t quit or maybe they’ve asked for everything under the sun and it’s not humanly possible to come up with enough paper and ink to give them what they want. And after three weeks of banging your head against the wall, two things seem very clear. First, IRS isn’t planning to go away anytime soon, at least if you leave things to chance. Second, your head will continue to hurt if you continue to bang it against the wall.
Meanwhile, you are at that point where the words are beginning to seem a bit unkind with “summons” and “deficiency” leading the pack and “penalties” or “willful misconduct” not far behind. Chants of taxes-taxes-taxes are all around. Preparer liability maybe. Penalties. Though you tried to nail down gross revenues with every penny being ticked and tied to the nearest decimal, you are now hearing that nothing short of an outright contact with a customer will get them to say “sure, fine – let’s move on”.
So … should you lock the doors and send them a few blank checks along with a “please-please-please” note, hoping and praying for a change of heart? Or what about a punchy threat from your attorney about the latest in civil rights and how they crossed that fine line as provided in a little known section so and so, the cite that always gets them in trouble.
Well, hold a sec and let’s keep hope alive. Here we go, our top five must know’s on how to handle your IRS Audit and what to do, when things get a bit sticky:
1. Engage a Qualified Representative and Identify the Issues and Areas of Exposure – It’s a guarantee that every case will have a theme and any number of issues, big or small – no matter how clean or messy the books and records may seem. You may not like the issues, but you’ll have to sort them out in order to strategize and defend. If it’s a simple correspondence audit where IRS just wants the back up for travel and entertainment on a self employed taxpayer to make sure that everything was paid during the tax year, then hey, maybe no big deal if you can send them credit card slips or paid receipts. One or two mailings and you’re done. But what if they get into the limits on how much you can deduct and what’s business or personal, almost like a Leona Helmsley thing where you can’t take write offs for renovations to your personal residence? What if the taxpayer didn’t keep a diary or he can’t recall who he met and how it relates to his business? What if it’s a cash basis taxpayer and one can argue, the amounts were really paid in a different year? Can a correspondence audit lead to something more? Perhaps they’ll call it a recurring item and look to another year.
And what about that field audit where IRS has made a written demand for the books of original entry together with back up doc’s for everything from interest expense to the sourcing of income on a foreign tax credit for income taxes paid in Japan, West Beirut or wherever.
Often on a correspondence audit, it’s quickest and easiest for the tax preparer to take the lead by reaching into his file and pulling out the source doc’s that he used when he did the return. Either the doc’s are there or they aren’t, but you have to respond no matter what. When it comes to field audits however, it’s almost always advisable to have a qualified representative appear on behalf of a taxpayer and act as a buffer since that can help keep the process structured in terms of information requests and responses, and allow you to keep your head straight as issues come up. At least initially, it’s most efficient to have the tax preparer act as taxpayer representative as long as he has the background and experience and there are no conflicts of interest due to preparer negligence or otherwise. Should any issues require an administrative appeal within IRS or a petition to Tax Court, then it’s best to hire a qualified professional that normally deals with all the research, drafting and courtroom skills that may become necessary on legal type matters.
2. Define the Scope of the Examination, Reduce all Demands to Writing and Respond Fully and Truthfully – Don’t even think about telling the IRS what they can or can’t do since the laws give them all kinds of authority to dictate the course of destiny on what they’d like to look at. Think of Darth Vader, power of the universe. The key will often lie in confirming all demands in writing and doing your best to build credibility with the auditor by responding timely and fully.
3. When Things Get Out of Control – Sure things can get out of control if you let the document requests go and if IRS doesn’t get what it wants – or if the agent has become downright hostile due to what he suspects or because he’s got no trust and faith in what the taxpayer or taxpayer’s representative has to tell him.
At this point the agent can reach out to third parties like banks, customers and business contacts by issuing a summons to demand the information which they claim they’re not getting, like for instance, customer checks to show that you received income that wasn’t reported or a creditor’s statement to prove that you actually owed a debt and the interest you deducted wasn’t a complete farce.
So, what to do?
Must you sit back like a punching bag and let them take your life and shove it down the drain? Relax … and go watch the NY Mets for cents on the dollar – or, are you better off with the summons perhaps?
Well, here’s our three step:
a) Change the Guard – Regardless of what the taxpayer representative has done – good or bad – chemistry can sometimes work wonders when it comes to getting along. Replace the taxpayer representative and move on.
b) Identify the Exposure – Let your mind wander for a sec and think of where the audit can go in terms of what was reported and the kinds of issues that may arise. Are you clean as a whistle? Something less? Exposure can run the gamut from nothing at all to outright criminal activity where the main concern should lie with privilege and the potential for a plea bargain.
c) Protect Rights of Privacy – Federal statutes prohibit IRS from freely giving out the information on a tax return, subject to limitations. Auditors who violate the rules can get in big trouble so if you have an agent who’s out of line, a well drafted warning can do wonders.
4. File Administrative Appeal by Submitting “Protest” in response to “Preliminary Deficiency” or “30 Day Letter” – The moment of truth will eventually arrive when you must either agree or disagree with the auditor’s findings. If you disagree and IRS serves a notice of “preliminary deficiency”, then you must file a written protest in a legal type format within thirty days after receipt and the matter will then go to IRS Appeals where the folks are generally a bit more savy on the technical details. The good news is, most cases tend to get settled in Appeals.
5. File Petition in U.S. Tax Court in response to “Statutory Notice of Deficiency” or“90 Day Letter” – As to those cases that are not resolvable either with the auditor or in Appeals, IRS will issue a Statutory Notice of Deficiency setting forth their findings, an allegation of the taxes and other charges being due and the legal backup. You’ll then have ninety days to file a Petition inthe U.S. Tax Court and seek relief. If you let the ninety days go, IRS will enter an assessment and then – all bets are off and collections will take over. Ouch.
Signing off till next time,
Ken
Call Us – On Your Contested Tax Matters
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Refinance vs. modification
1 of 2 in series.
Interest rates have been very low for several years, and right now they are lower than ever, yet millions of mortgage borrowers who could profit from a refinance haven’t.
Similarly, millions of borrowers who are having trouble making their mortgage payments but want to remain in their homes could have their mortgages modified to make the payment affordable but haven’t.
The reasons in both cases probably include apathy, resignation and ignorance, but this article is about ignorance only. I find that many borrowers are even hazy about the difference between a refinance and a modification.
Refinance vs. modification
In a refinance, you take out a new mortgage, either from your current lender or from a different one, and use the proceeds to pay off your existing mortgage. In a modification, the terms of your current mortgage are changed by your existing servicer, usually for the purpose of reducing the payment.
Most often this involves an interest-rate reduction, but it may also include a term extension and, in some cases, the loan balance may be reduced.
A refinance is a market-based transaction entered into by a lender who wants the new loan. A modification is an administrative measure designed to prevent the costs of a foreclosure. In both cases, however, the borrower must document an ability to make the new payment.
Refinance profitably if you can
In general, borrowers should refinance if a profitable refinance option is available to them. A refinancing will not drop a borrower’s credit score, while a modification will. Refinancing borrowers can deal with their existing lenders but are free to shop alternatives.
A modification is a lot more complicated, takes a lot more time, and borrowers are wholly dependent on their existing servicers, which means that they have no bargaining power.
Qualifying for a refinance vs. qualifying for a modification
Declining home values have severely restricted the ability of many borrowers to refinance by eroding the equity in their homes. (Equity is property value less the mortgage balances.) With an important exception noted below, borrowers who have negative equity cannot qualify.
Borrowers with equity of 3 percent to 20 percent can qualify if they purchase mortgage insurance, which in some but not all cases will eliminate the profit from the refinance.
Borrowers with equity of 20 percent or more are best positioned to refinance profitably. In contrast, insufficient or negative equity will not bar a modification.
A low credit score will also prevent a refinance, but not a modification. Because lenders have become extremely risk-averse in the post-crisis market, credit scores have increased in importance and are related to equity.
On a Federal Housing Administration (FHA) mortgage, for example, the minimum score is usually 620, but a 620 score may require equity of 15 percent. If the borrower’s equity is the minimum of 3 percent, the required credit score is likely to be 660.
Borrowers who have suffered income declines to the point where the ratio of housing expense to income is viewed as excessively high will have their refinance applications rejected. However, an income decline of this magnitude will not necessarily prevent a loan modification.
On the contrary, an income decline that weakens the ability of the borrower to continue current payments but still enables the borrower to afford lower payments is the major problem loan modifications are designed to meet.
Borrowers can check on whether they qualify for a refinance using the new qualification calculator on my website.
The HARP exception
The earlier statement that borrowers with negative equity cannot refinance has a major exception: If their loan is owned by Fannie Mae or Freddie Mac, they are eligible for refinancing under the Home Affordable Refinance Program (HARP). This program was recently extended and liberalized.
The previous negative equity ceiling of 25 percent was eliminated for fixed-rate mortgages; fees were reduced; the requirement for a new appraisal was eliminated in some cases; and incentives were provided to the lenders servicing the loans to refinance them.
Qualifying for a modification
Determining whether a borrower is eligible for a modification is a complicated exercise on which the rules are anything but clear. The government-supported program, which differs from the strictly private programs, requires that the borrower’s income be large enough to afford a reduced payment but it cannot exceed 3.23 times the current mortgage payment. Further, the borrower cannot have “sufficient liquid assets” to make the payments, whatever that means.
In addition, the owner of the loan must be better off with the modification than without it, which is determined by a complicated algorithm that is available to servicers but not to borrowers or to me. The servicer has the final say.
More on navigating the modification maze next week.
(Special thanks to Igor Roitburg.)
The writer is professor of finance emeritus at the Wharton School of the University of Pennsylvania. Comments and questions can be left at www.mtgprofessor.com.
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6 tips for a successful loan modification
6 tips for a successful loan mod
Avoid rookie mistakes when preparing, submitting your document package
By Jack Guttentag
Inman News®
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Part 2 of 1
Millions of mortgage borrowers who can no longer afford their mortgage payments but can afford a lower payment can avoid foreclosure by getting a modification of their loan contract. While the path to a modification remains torturous, it is not quite as bad as when I wrote addressed the issue in a 2009 column.
Are you unqualified?
It is not possible for borrowers acting on their own to determine whether they qualify for a modification because they don’t have access to all the criteria. Some is kept under wraps by loan servicers. However, borrowers can determine that they are not qualified for a government-supported modification by accessing a questionnaire provided by the U.S. Treasury Department.
Bear in mind, however, that servicers also offer modifications outside of the government’s program. You might qualify for one even if you don’t meet the government’s requirements.
Compiling the information the servicer wants
The single most important step in obtaining a loan modification is providing the servicer with the exact information the servicer needs to make a decision. Each servicer has its own set of forms that must be completed, and its own requirements for the documentation you must provide.
In my first stab at this problem, I placed the information required by each of the major servicers on my website. Now borrowers can access the DMM Document Wizard, provided at my request by Default Mitigation Management LLC, which is a lot better. Based on your answers to the questions it asks, you will be provided with a customized list of forms you must complete and documents you must provide. It is free and will take the guesswork out of what you need.
Don’t exaggerate your financial shortcomings
Warning: The servicer will examine your statements of income and expenses to determine whether you can afford a reduced payment. Exaggerating your financial weaknesses may open his heart but close his purse, if it makes you appear to be a lost cause.
Assuring accuracy
Having the right form is one thing, but filling it out correctly is something else. Some industry executives estimate that about 95 percent of all packages submitted are incomplete or contain errors. A package with obvious errors may fall to the bottom of the pile, or it may lead the servicer to conclude that you do not qualify for a loan modification when, in fact, you do. Remember what you were taught in second grade: Neatness counts!
In addition:
1. Use a cover sheet that identifies all documents in your package.
2. Write your name and loan number on every page.
Assuring delivery
Preparing an accurate and complete set of documents is one thing, but delivering the package to the servicer is something else. Servicer systems have been overwhelmed by requests for help, and documents routinely get “lost.” You want to minimize the chances of that happening to you.
Using fax or certified mail: Make sure you have the correct contact information. Treasury provides addresses and fax numbers of every mortgage servicer. Certified mail is more reliable than fax, but neither guarantees prompt attention by the servicer, or even that the documents won’t subsequently be misplaced or lost.
Using the DMM portal: The best way to deliver documents to servicers is to use the DMM portal, available through the DMM Document Wizard by clicking on “Submit,” or visit www.dclmwp.com. I have no financial interest in DMM.
Using the portal, your documents are delivered to the servicer electronically, and the portal then becomes a direct communication channel to the servicer. The servicer uses the portal to acknowledge receipt of your documents and to request additional information or documents. You use the portal to make corrections, to send additional information, and to update yourself on what has been completed and what remains to be done.
Questions by you are automatically directed to the specific employee who can answer them. All communications are time-stamped and remain in the portal as a record of borrower/servicer exchanges.
Unfortunately, not every servicer subscribes to the DMM Portal. The list of those that do is shown on the DMM Wizard.
Follow up, and then follow up again
Because the process of modifying mortgages remains slow and error-prone, you may need to nudge the servicer. If you faxed your documents, you should follow up to make sure the papers haven’t been lost and the case is in an active queue. But even if you use the DMM Portal, you should follow up with the servicer regularly to make sure your application is on track.
Next week: getting help with your modification without getting scammed.
My special thanks to Igor Roitburg for assisting in my research for this column.
The writer is professor of finance emeritus at the Wharton School of the University of Pennsylvania. Comments and questions can be left at www.mtgprofessor.com.
Is Your Cluttered Home or Office Making You Sick?
Is Your Cluttered Home or Office Making You Sick?
If you’re sick of living with clutter, you could be becoming sick in other ways as well. Living in a cluttered environment causes both physical and psychological issues that can adversely affect your health.
According to the 2010 “Stress in America” survey by the American Psychological Association, most Americans experience moderate to high stress, and 44 percent report that their stress levels have risen over the last five years. A cluttered environment adds to the stress in our lives. Along with being aesthetically overwhelming, clutter also causes immense anxiety due to financial problems resulting from disorganization, such as late fees, missing bills, purchasing duplicate items unnecessarily and storage unit rental fees. Lost things mean lost opportunities, lost time, increased costs and conflict within your family. In addition, excess clouds your clarity.
My company, ClutterDiet.com, did a survey of our members and readers in 2009, and discovered that one of the biggest issues people have with clutter is anxiety over how it affects family and friends. People are afraid to entertain in cluttered homes, and they are afraid that their children will learn bad habits and grow up with the negative effects of disorganization.
For many, stress and health problems are caused less by what they are doing and more by what they aren’t doing. Being disorganized steals time away from the things that matter most to you—cultivating a hobby, exercising, spending time with loved ones or learning something new. And doing positive things for your health is harder when you can’t locate your exercise gear or your supplements and medications.
Clutter also collects dust, and what is dust? A 2009 Environmental Science and Technology article reported that ordinary household dust frequently contains the chemical insecticide DDT, arsenic, decomposing insects, pollen, human skin and fecal matter from dust mites. Disorganized spaces are much more challenging to keep clean.
If clutter has reached the level that is considered hoarding, there are even more health dangers present, such as the risk of piles toppling, infestations of insects and vermin, and blocked exits. Even a nominal amount of clutter can cause injuries to you or your family if out-of-place items fall on you or cause you to trip.
As a professional organizer for more than a decade, I have realized that people are often motivated to finally get organized when they “get mad” at the clutter and see what it’s doing to their lives. Getting organized is very much like losing weight: It requires prevention, reduction and maintenance.
Prevention. You first want to prevent additional clutter from coming into your home. Typically it’s either given to you or you purchase it. Be mindful of what you allow across the threshold. Unsubscribe to catalogs and magazines you’re not reading, don’t fall victim to sales ploys in stores, and don’t pick up unnecessary freebies.
Reduction. Just like exercise helps reduce excess fat, you can make a deliberate plan to take on projects to reduce clutter. I recommend starting in your bedroom closet so that each day can begin with less stress. Then tackle your kitchen and laundry area next, since they are the “hub” of the home where most daily activity occurs. I often suggest doing a primary project each weekend, two smaller projects throughout the week that take 15 to 30 minutes, and one quick task you have been procrastinating over.
Maintenance. Once your rooms lose all of their weight, you need a plan to keep it off. Your daily systems and routines like mail sorting, dishwashing, cooking and laundry have a lot to do with clutter accumulation, so make sure you practice them faithfully. You might want to become “motivation partners” with someone who can keep you accountable to your goals, similar to having a workout buddy. Your motivation partner can also provide objectivity, which is one of the best factors to bring into the process. You’ve been looking at your stuff for too long, and your partner’s fresh set of eyes can give perspective you could never have. He or she can even have a daily check-in with you for awhile to make sure your maintenance routines stick.
One of the most common “danger phrases” we hear in my profession is: “I’ll just put it here for now.” Clutter is actually a manifestation of decisions that haven’t been made and actions that haven’t been taken so, in essence, all clutter is related to procrastination. If you are putting something here “for now,” you are putting off that decision and creating more clutter. Decide whether to keep it, where it belongs, what to do next with it or where to donate it. Being more decisive about your stuff, your time, your information and your money is the best advice I can give you to be healthier and more organized in 2012.
By: Lorie Marrero
Certified Professional Organizer, Lorie Marrero, is the bestselling author of The Clutter Diet: The Skinny on Organizing Your Home and Taking Control of Your Life. She is also the creator of ClutterDiet.com, an innovative program allowing anyone to get expert help at an affordable price. Her organizing books and products are sold online and in stores nationwide.Lorie is the spokesperson for Goodwill Industries International, and she is a sought-after expert for national media such as CNBC, Family Circle, WGN News and Woman’s Day. She writes weekly as the organizing expert for Good Housekeeping’s Home Style blog. For more information visit, ClutterDiet.com.
February 16th, 2012
Habitat for Humanity ReStore Located in Suffolk County
Open to the public! Contractors and Landlords WELCOME. Their is a wide selection of new and nearly new windows, doors, kitchen cabinets, ceramic tile, bath accessories and home products. All up to 60% off retail!
Retailers and Suppliers, do you have overstocked or discontinued inventory tying up your warehouse? ReStore can pick your TAX DEDUCTIBLE donation for you. Call ReStore Donation Hotline at 631-767-1612 or email: restore1@optonline.net
ReStore
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Ronkonkoma, NY 11779
631-521-7789
Please Help! East Islip Middle Schools Sports Fundraisers
If you are clearing out your closets and organizing as part of your new years resolution, please consider donating old clothing/linens for East Islip Middle School Spring Sports. Saturday, Jan 21st from 9am-1pm at the East Islip Middle School Auxliary Gym.
Big Buck Raffle drawing at the Applebee’s pancake breakfast Jan. 29th. The Big Bucks Raffle needs to sell out to offset the cost of Spring Sports, if you can sell raffle tickets or would like to purchase them, please contact John Carney 277-1519 or johnjesscarney@yahoo.com Please pass this information along, post it on Facebook, collect donations from friends and family. The next Booster Club meeting is Jan 10th in the EIHS Cafeteria, it costs $280 per athlete to field Spring sports. Drop off raffle tickets & money collected at the January Booster Club meeting or pick up more raffle tickets to sell. Information for these events are located at www.saveeimssports.com
DIY Home Maintenance Tips For The For Sale By Owner
Home Interior
Check for leaks in toilet water feed and tank bottom.
9 out of 10 complaints that local water utilities receive from homeowners can be traced back to leaky toilets. You can do your own quick and easy test if you suspect a leaky loo. First, take the top off your tank and put a few drops of food coloring in the water. Wait at least 30 minutes and if you see ANY color in your bowl after that time, you’ve sprung a leak somewhere and it’s time to call a plumber.
Interior
Complete your entryway “to-do” list.
Now’s a perfect time to get these much-overlooked chores done. If your doorbell hasn’t been working all year long (and who knows how many visitors you’ve missed?) and you’ve spent most of your time on other areas of your home, find a handyman or fix it yourself. (Use that home store gift card you’re about to receive for the holiday to purchase the supplies!). Then, while you’re spending time by your front door, take a few moments to polish up the hardware out there. Your guests may not notice– but YOU will!
Lawn
Bring plants indoors to protect them from freezing temperatures.
No matter what container plants you keep on your porch or deck, if you haven’t done so already, bring them inside to an unheated area. A basement (or garage) is the perfect place to store them during a cold spell. Just be sure to take them back outside if you have a few unseasonably warm days. Switch them out like this all winter long… and you’ll be rewarded with living plants come springtime.
Selling Your Home Without an Agent or with some Assistance (MLS Flat Fee Listing Service) is a smart move.
Selling Your Home Without an Agent or with some Assistance (MLS Flat Fee Listing Service) is a smart move.
A home is listed as a FSBO (For Sale By Owner) when the owner elects to sell their property without paying or paying a fraction of the traditional commission fees to a realtor to coordinate the sale for them. It’s possible to pull off a sale without the assistance of a realtor, but it comes with extra responsibilities usually covered by an agent.
A good listing agent will typically advise you on the type of repairs or appearance upgrades that might make your home more attractive to a buyer. A good agent will also give you the facts regarding the current market value of your home. With an FSBO, it’s wise to replace the agent’s feedback with similar critiques from another party, such as a co-worker or a friend. Try to arrange a mock viewing with a friend who has well trained “real estate eyes”, i.e. they recently bought a home, or they are in the market for one. Getting feedback from others may help you prep your home better.
You have to market the home yourself. That could entail spreading word of mouth amongst friends, family, and co-workers, taking out classified ads in papers (not cost effective) and on realty websites, or paying a realtor to get the home placed in the online Multiple Listing System (MLS). You’ll want to take good, high-resolution photos of the home at its cleanest. This is crucial; you need to showcase your home. Curb appeal will draw buyers in and a clean pleasant scented home will help seal the deal. Open houses can be arranged, which you also have to promote on your own or have your the Flat Fee Broker post the dates and times on all of their websites and syndicated sites.
You also deal upfront with interested buyers and their agents to schedule viewings. When an offer is made, you negotiate on your own with the buyer and/or their agent, reviewing their bid and submitting counters as you see fit. Successfully selling your home as an FSBO has a clear benefit and there’s little to no commission to pay out to an agent, so that extra 3% to 5% stays in your pocket.
Realty 123 Inc. offers several Flat Fee Programs that will save homeowners thousands of dollars as well as assist with negotiations and closing coordination for homeowners who opt for the broker assistance program. The bottom line is our 5 STAR MLS Flat Fee Listing Service will save homeowners money. MLS Flat Fee Listing Service is a wise and affordable solution, there is no need to utilize an over rated and over priced brokerage firm when Realty 123 Inc. communicates and cooperates will all brokers and agents to insure a positive and successful transaction.
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Realtor Winter-Selling Tips for Overcoming the Gloom
Winter-Selling Tips for Overcoming the Gloom
DAILY REAL ESTATE NEWS | FRIDAY, DECEMBER 02, 2011
Selling a home in the cold, dreary winter months may not be ideal but there’s still plenty you can do to get a home to standout.
Turn on the lights: Counter winter’s cloudy and short days by turning on all of the lights in a home for each showing. Also, it’s a great idea to keep the lights on in the front of the house even if no showings are scheduled, People are always driving past the house, and keeping it lighted makes it look happy and welcoming.
Have a place for shoes: Prospective buyers may arrive at the front door with shoes coated in snow or salt. Make it easy for buyers to deal with their shoes when they arrive, Put a festive area rug at the front door for a great first impression and so visitors can wipe their feet. Have slippers or disposable booties available, along with a bench or chair, if there is room for one, where a visitor can sit and easily remove or put on their boots.
Watch for odors: Homes can get stuffy in the winter. Pet odors can be especially worrisome in winter, Use a room fragrance if needed, but nothing too strong, and I recommend that in winter sellers clean more often.
Don’t make it too toasty: “Don’t blast buyers with hot air,” the RISMedia article notes. Keep the temperature at a comfortable 65 degrees during your showings (although keep in mind that a comfortable temperature for your thermostat can vary form house to house.) Potential buyers will most likely be wearing their winter coats when they tour the house so no reason to make them sweat.
