Multi-Year Tax Review
Compared filed returns with rental records, depreciation details, and tax documents.
Service
Real Estate Tax Correction
Industry
Real Estate Investment
Engagement
Multi-Year Tax Review
The challenge
Prior Returns Missed Key Rental Activity
The client was uncertain whether rental income, expenses, depreciation, property details, and W-2 income had been reported consistently across prior-year federal and state returns.
Key Issues Identified
Rental activity reporting
Depreciation records
Prior-year accuracy
our Approach
A Detailed Multi-Year Tax Correction Process
The engagement compared filed returns with rental-property records, depreciation details, wage documents, and available financial support across multiple years. This created a documented basis for correcting prior filings and organizing future records.
01
Review Returns
Reviewed current and prior-year federal and state income-tax returns.
02
Analyze Property
Analyzed rental income, expenses, depreciation, basis, and property activity.
03
Verify Records
Compared filed information with available tax documents and financial records.
04
Correct Filings
Prepared amended returns and supporting schedules where required.
Returns Corrected
Identified reporting issues were addressed through amended filings.
Rental Reporting Clarified
Income, expenses, depreciation, and basis were reviewed together.
Stronger Future Process
Property records were organized more clearly for future filings.
THE RESULT
Corrected Filings and Clearer Property Records
Prior-year returns were corrected, available rental and wage records were reflected more accurately, and the client gained a clearer process for future filings.
EXPLORE OUR SERVICES
Financial Support Built Around What Comes Next.
From tax preparation and bookkeeping to payroll, advisory, entity setup, and tax resolution, Hyman Financial Solutions provides clear CPA guidance for the deadlines, decisions, and financial responsibilities that matter most.
Tax Planning
Proactive CPA tax planning for individuals and business owners who want to estimate federal and state taxes before filing season. Review withholding, estimated payments, business income, investments, retirement contributions, entity considerations, and year-end decisions while there is still time to act.
Small Business Accounting
Small business accounting services for companies that need CPA oversight, reliable financial statements, balance-sheet review, adjusting entries, and a stronger month-end close. Get clearer accounting records for tax preparation, management reporting, financing discussions, and day-to-day business decisions.
Forecasting & Analysis
Financial forecasting and analysis for businesses that need cash-flow forecasts, budgets, projections, and scenario models before major decisions. Evaluate hiring, pricing, financing, expansion, capital spending, and other choices using documented assumptions and forward-looking financial analysis.
Tax Preparation
CPA tax preparation for individuals, business owners, self-employed professionals, and real estate investors who need accurate federal and state returns. Get an organized review of income, deductions, business activity, state filings, tax payments, and supporting documents before your return is filed.
Payroll Services
Small business payroll services for employers that need accurate paydays, payroll tax filings, employee setup, and year-end reporting handled through an organized process. Start before the next pay date so missing information, registrations, and setup issues can be addressed without disrupting payroll.
Fractional CFO Services
Fractional CFO services for small and growing businesses that need stronger financial leadership without a full-time CFO. Get recurring management reporting, KPI analysis, cash-flow visibility, budgeting, profitability review, and decision support for hiring, pricing, financing, expansion, and other major business decisions.
Bookkeeping Services
Small business bookkeeping services for owners who need accurate monthly books, account reconciliations, cleanup, and dependable financial reports. Keep bank, credit-card, loan, payroll, owner, and payment-processor activity organized so tax preparation and business decisions start with cleaner numbers.
