Chicago Accounting Articles

Developer Tax Preparation Chicago Illinois

August 8, 2015   Developer Tax Preparation Chicago Illinois   A couple of months after the real estate recession hit in 2008, a developer burst into my offices unannounced. I’ve known this guy for years. He’s a fixture in our … Continue reading

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Developer Accounting Firm Chicago Illinois

August 7, 2015   Developers and Landlords have very specific and specialized accounting needs. Something like fifteen years ago, I picked up my first larger Landlord / Developer as a client.   He had not filed an income tax return … Continue reading

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Landlord Developer Unfiled Income Tax and Compliance Issues Chicago Illinois

Updated July 27, 2015   Landlord Developer Unfiled Income Tax and Compliance Issues Chicago Illinois   Compliance in the property businesses is essential. Generally, one of the reasons why new clients would come to a recommended small business accounting firm … Continue reading

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Landlord Developer Security Deposit Accounting Chicago Illinois

Updated July 27, 2015   Landlord Developer Security Deposit Accounting Chicago Illinois   Security deposits can be very tricky. The most common mistake made is the improper handling of these trust accounts. As you may know, in many cases there … Continue reading

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Landlord Developer Split Deductions Between Buildings in Chicago Illinois

Updated July 27, 2015   Landlord Developer Split Deductions Between Buildings in Chicago Illinois   This can be a real difficulty in the real estate management industry. Let’s illustrate this using an example.   You manage 300 units spread between … Continue reading

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Unfiled Unpaid Payroll Tax for Landlord Developer Chicago Illinois

Updated July 27, 2015   Unfiled Unpaid Payroll Tax for Landlord Developer Chicago Illinois   One of the major reasons that Landlords and Developers get shut down in the United States is the failure to file and pay payroll taxes. … Continue reading

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Landlord Developer Income Tax Audit Chicago Illinois

Updated July 27, 2015   Landlord Developer Income Tax Audit Chicago Illinois   It seems as if Federal and State Income Tax Audits of Landlords and Developers are on the rise. Numbers published by the Internal Revenue Service, showing the … Continue reading

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Landlord Developer Offer And Compromise System Chicago Illinois

Updated July 27, 2015   Landlord Developer Offer And Compromise System Chicago Illinois   So what does one do if we owe a lot of tax, and simply can’t pay it? If you are a Landlord or Developer in Chicagoland, … Continue reading

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Landlord Developer handling Penalties and Interest Chicago Illinois

Updated July 27, 2015   Landlord Developer handling Penalties and Interest Chicago Illinois   As a Landlord or Developer, penalties and interest can become a difficulty. One of the most common problems presented to Public Accounting Firms in Chicago by … Continue reading

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Repair expenses vs. capitalized costs in landlord and developer accounting

Repair expenses vs. capitalized costs in landlord and developer accounting One of the most difficult items in handling accounting work for property landlords and developers is the consistent problem of what is a repair, and what is a capital improvement. … Continue reading

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