BrokerageIndustry News

Agents brace for tax nightmare

IRS crackdown could be costly for real estate industry
Published on Jun 21, 2010

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by CareyBot

Courtesy of the health care reform bill, every business in the country is about to undergo a dramatic change in how expenses are reported. These changes promise to be an accounting nightmare for virtually everyone.

A recent article in CNNMoney.com focuses on one provision of the health care bill. This simple change is designed to help close the estimated $300 billion gap between what individuals and businesses owe the Internal Revenue Service versus what they pay.

What the provision doesn't address is the record-keeping and accounting costs that could far exceed the amount of revenue the bill will generate. The impact on the real estate industry could be profound.

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