Case Study 3

The Challenge:

A real estate investor involved in various deals did not realize that his previous accountant had not taken advantage of all of the tax benefits available to real estate investors and had consequently overpaid tens of thousands of dollars in income taxes.

The Needs:

 

Thorough analyses of previous years’ tax returns (as allowed by the tax code) to ensure all tax benefits get fully utilized

Ensure tax positions taken do not create adverse results by ensuring tax position will prevail potential challenges from various tax jurisdictions.

Develop procedures for client to ensure future deals yield the most favorable tax position

The Solution:

Lopez & Co tax experts conducted thorough analysis of the real estate transactions and research to determine the total extent of unused tax benefits.

Advised client on proposed positions with respect to previously filed income tax returns to ensure client fully understood the benefits of taking determined tax position and to also propose a course of action.

Obtained all of the details of the relevant transactions and filed for tax refunds resulting in tens of thousand of dollars in refunds to the client.

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