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The Step-By-Step Playbook for Turning a Real Estate Asset Into a Thriving Self Storage Business

Growing Wealth in Self Storage
In this book, the co-founder and owner of Keylock Storage teaches readers how to identify strong self-storage investment opportunities, allocate capital, and leverage management expertise to turn a mom-and-pop real estate asset into an income-producing venture!

Inside:

· Why self-storage is a great investment opportunity

· How to get started in the industry

· Understanding valuation and finding deals

· Financing your facility

· Evaluating competition and the deal

· Turning around an underperforming asset

· How to reduce risk

· Leveraging a static asset into a dynamic business

· Much more!

A New Self-Storage Legal Threat Amid COVID-19: Moratoriums on Lien Sales and Late Fees

COVID-19 Self-Storage Legal Threat
A handful of local officials are issuing moratoriums on self-storage lien sales and late fees, which severely impacts a facility operator’s right to take control of units in default. A legal expert weighs in on the consequences to the industry and offers alternatives.
As I write this article, we’re seeing some interesting legal developments in the self-storage industry due to the coronavirus pandemic. Despite existing state laws, some towns, cities and counties are imposing restrictions on self-storage lien sales and, in some instances, late fees. This is a remarkable and somewhat frightening turn of events.
Essentially, officials in places like California and Massachusetts are conveying that despite the state law that provides a remedy to resolve nonpayment of self-storage rent, facility operators will no longer be allowed to perform lien sales or charge late or other fees to cover any expense and loss incurred as a result of tenant delinquency. I’m sensitive to the harsh realities of the COVID-19 crisis and I understand some customers are struggling financially. But to survive, owners must be able to get their units back.

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Working Virtually: Avoid Phishing Scams

Virtual office Avoid Phishing Scams

The Internal Revenue Service and the Security Summit partners today warned tax professionals to be alert to new phishing scams that try to take advantage of COVID-19, Economic Impact Payments and increased teleworking by practitioners.

The IRS, state tax agencies and the nation’s tax industry urged tax firms to review and heighten their data protection plans this summer as cybercriminals step up efforts to steal client tax information. Crooks are targeting tax professionals as well as taxpayers.

Avoiding phishing emails is the fourth in a five-part Security Summit series called Working Virtually: Protecting Tax Data at Home and at Work. The Security Summit initiative by the IRS, state tax agencies and private-sector tax industry spotlights basic security steps for all practitioners, but especially those working remotely in response to COVID-19.

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Earning Side Income: Is it a Hobby or a Business?

Hobby or business woodworker

Whether it’s something they’ve been doing for years or something they just started to make extra money, taxpayers must report income earned from hobbies in 2020 on next year’s tax return.

What the difference between a hobby and a business? A business operates to make a profit. People engage in a hobby for sport or recreation, not to make a profit.

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IRS Urges Employers to Choose Carefully When Selecting a Payroll Service Provider

Jerry Jones IRS Payroll Service Provider

Using a reputable firm or group can protect employers from fraud; options include PSPs, RAs and CPEOs

WASHINGTON — The IRS reminded employers today to carefully choose their payroll service providers following continuing concerns that some disreputable organizations can fail to deposit employment taxes, leaving businesses vulnerable to unpaid bills.

Many employers outsource their payroll and related tax duties to third parties. This streamlines business operations by collecting and timely depositing payroll taxes on the employer’s behalf and filing required payroll tax returns with state and federal authorities.

jerry jones self storage logo

“A business doing everything else right can suddenly find its future in doubt if it falls victim to an unscrupulous third party that fails to make the required payroll and withholding deposits,” said IRS Commissioner Chuck Rettig. “We want to encourage all employers to understand their obligations and choose wisely when it comes to selecting a trusted payroll service to carry out this critical function. This is especially important right now as businesses face unique challenges because of the pandemic.”

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Good Recordkeeping is an Essential Element of Tax Planning

Keep your tax records

Now is a good time for people to begin thinking about next year’s tax return. While it may seem early to be preparing for 2021, reviewing your recordkeeping now will pay off when it comes time to file again.

Here are some suggestions to help taxpayers keep good records.

Taxpayers should develop a system that keeps all their important information together. They can use a software program for electronic recordkeeping. They could also store paper documents in labeled folders.

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What Taxpayers Should Do if They Get A Letter or Notice From the IRS

Urgent Letter from IRS

First and foremost call Jerry Jones, The Self-Storage CPA right away so he can walk you through all of your options and rights!

Every year the IRS mails letters or notices to taxpayers for many different reasons.
Here are some do’s and don’ts for taxpayers who receive one:

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How Taxpayers Can Quickly and Easily Check Their Refund Status

Tax Refund Status Jerry Jones, CPA

Taxpayers can use the Where’s My Refund? tool to start checking on the status of refund 24 hours after the IRS acknowledges receipt of the taxpayer’s e-filed tax return. Currently, the IRS is experiencing delays in processing paper tax returns due to limited staffing as a result of COVID-19.

The IRS is processing tax returns, issuing refunds and accepting payments. Taxpayers who filed a paper tax return and expect a refund may experience a significant delay beyond the normal time frame of four to six weeks from the time they mailed the return. The IRS will process these returns in the order received and there is no need to file a second tax return or call the IRS.

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50 Interesting and Fun Facts to Lighten Up Tax Time

Fun Tax Facts by Jerry Jones, CPA

Incoming!

"Fun tax facts" may seem like an oxymoron, but sometimes taxes can be amusing. From a tax on beards in czarist Russia to an American astronaut who forgot to pay his taxes before heading into space, here are 50 unusual, funny, interesting — and sometimes practical — tax-related tidbits.

Taxes Go Way Back

Governments have imposed taxes for thousands of years. There are recordings of tax payments made in ancient Mesopotamia circa 2500 B.C. At the time, people who didn't have money to pay taxes often had to pay with livestock, food, or labor.

We Tried a Flat Tax

America’s tax laws have been in flux for generations and remain so to this day. The first income tax in the United States came about with the Revenue Act of 1861. A flat 3% tax on income above $800 was used to fund the Civil War and repealed 11 years later. In 1894, a new flat federal income tax was ruled unconstitutional by the U.S. Supreme Court. It was not until the 16th Amendment was ratified in 1913 that the federal income tax finally stuck for good.

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Strategies to Adapt and Succeed in a Pervasive Pandemic Environment

Coronavirus. Quarantine adapting in the Self-Storage World

Click here for this free Inside Self-Storage Digital Issue explores how the self-storage industry has been impacted by the coronavirus and provides advice to help facilities thrive in this time of pandemic. Articles address operational adjustments, contact-free methods, customer service and much more!

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Member of AICPA, Member of CA Society of CPA's, Member of NV Society of CPA's and Member of Certified Fraud Examiners Association


A Professional Corporation
4600 Kietzke Ln, Suite E-148
Reno, NV 89502
The Selfstorage CPA
Jerry Jones, CPA
775.828.0767
fax 775.348.9518
jerry@theselfstoragecpa.com