Victor Santos Sy, CPA, MBA, provides professional services in accounting and tax controversy including IRS audit defense and offers in compromise. He also advises clients on choices of entity including corporations for small businesses and LLCs for rentals. Vic worked with SyCip, Gorres, Velayo (SGV - Andersen Consulting) and Ernst & Young before establishing Sy Accountancy Corporation at 704 Mira Monte Place, Pasadena, CA 91101. The firm celebrates its 35th anniversary in 2012. You may email tax questions to Vic at
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
. You are welcome to visit our website for about 300 tax tips at www.victorsycpa.com.
(Part 2 of 3)
Senate Bill 931 – First Trust Deeds
SHORT sales have become popular as homeowners unload “upside down” properties and lenders begin to pursue borrowers for the shortage - the difference between a low sales price and a high loan balance - called “deficiency.”
(Part 1 OF 3 – What is a short sale?)
A SHORT sale is a transaction in which the value of a property is less than the balance of a loan (also referred to as “upside down”). Funds derived from the sale fall “short” of what is owed; hence, the term “short sale.”
SURELY as April 15 comes along, some of you will procrastinate in filing tax returns. It can be habit forming as I see the same taxpayers come after April 15 year after year. After 35 years of counseling taxpayers, I look back at so many reasons why taxpayers don’t file on time - not having enough funds, missing tax documents, or having a refund anyway. Let’s discuss 10 reasons why you should file on time:
IF YOU have not filed your income tax returns by the end of March, chances are you do not expect a refund, your tax records are a mess, or you simply do not want to break tradition.
Just remember that filing extensions is not exactly a nice habit. Besides prolonging your worries, it also extends your own statute of limitations within which the IRS can audit you. If you file your 2011 tax returns by April 17, 2012, the IRS has until April 2015 to audit you. If you request for an extension and file by October 2012, the IRS has an extra six months to October 2015 to snoop at some items that you may not want disturbed. If you fail to file a return, there is no statute and therefore no end to when the government can examine your returns.
1. YOU may deduct donations to qualified organizations. Qualified organizations include corporations or foundations organized in the US for religious, charitable, educational, scientific, literary, or prevention of cruelty to children and animals.
2. You cannot deduct contributions made to specific individuals - priests, nuns, victims, and political organizations or candidates.
