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New Dates Announced for 2021 Inside Self-Storage World Expo

inside self storage world expo

The Inside Self-Storage (ISS) World Expo, originally scheduled to take place April 6-9, 2021, at The Mirage Hotel & Casino in Las Vegas, has been rescheduled to July 13-16 due to the ongoing pandemic and concerns over the health and safety of show participants and the general public. The decision to push back the dates was made in concert with key stakeholders and industry professionals who believe July offers better timing for an in-person event.

“We have a commitment to our attendees and exhibitors to provide a valuable and productive face-to-face experience in 2021, conditions permitting,” said Dana Hicks, show director. “We feel the new July dates will provide everyone with the necessary time to plan effectively and allow us to reimagine ISS for a different time of the year.”

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How the CARES Act Changes Deducting Charitable Contributions

CARES Act Tax Buttons - Tax Issues

Whether taxpayers are supporting natural disaster recovery, COVID-19 pandemic aid or another cause that’s personally meaningful to them, their charitable donations may be tax deductible. These deductions basically reduce the amount of their taxable income.

Here’s how the CARES Act changes deducting charitable contributions made in 2020:

Previously, charitable contributions could only be deducted if taxpayers itemized their deductions.

However, taxpayers who don’t itemize deductions may take a charitable deduction of up to $300 for cash contributions made in 2020 to qualifying organizations. For the purposes of this deduction, qualifying organizations are those that are religious, charitable, educational, scientific or literary in purpose. The law changed in this area due to the Coronavirus Aid, Relief, and Economic Security Act.

The CARES Act also suspends limits on charitable contributions and temporarily increases limits on contributions of food inventory. More information about these changes is available on IRS.gov.

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IRS Makes it Easier to Set Up Payment Agreements; Offers Other Relief to Taxpayers Struggling with Tax Debts

IRS Instalment Payment Arrangement

The Internal Revenue Service today announced a number of changes designed to help struggling taxpayers impacted by COVID-19 more easily settle their tax debts with the IRS.

The IRS assessed its collection activities to see how it could apply relief for taxpayers who owe but are struggling financially because of the pandemic, expanding taxpayer options for making payments and alternatives to resolve balances owed.

“The IRS understands that many taxpayers face challenges, and we’re working hard to help people facing issues paying their tax bills,” said IRS Commissioner Chuck Rettig. “Following up on our People First Initiative earlier this year, this next phase of our efforts will help with further taxpayer relief efforts.”

“We want people to know our IRS employees are committed to continue helping taxpayers wherever possible, including offering many options for those struggling to pay their tax bills,” said Darren Guillot, the IRS Small Business/Self-Employed Deputy Commissioner for Collection and Operations Support. Guillot discussed the new relief options in a new edition of IRS “A Closer Look.”

Taxpayers who owe always had options to seek help through payment plans and other tools from the IRS, but the new IRS Taxpayer Relief Initiative is expanding on those existing tools even more.

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Taxpayers Who Need Last Year’s Tax Return Have Several Options

Help is available for taxpayers who need tax information for prior years, but who didn’t keep copies of their returns. There are options for helping taxpayers get the information they need.

Taxpayers should generally keep copies of their tax returns and any documentation for at least three years after they file. If taxpayers didn’t keep these records, here are some things they can do:

Ask software provider or tax preparer
Those who need a copy of their tax return should check with their software provider or tax preparer first. Prior-year tax returns are available from the IRS for a fee.

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7 IRS Tax Lessons From John McAfee’s Tax Evasion Indictment

IRS Tax Lessons

Colorful tech figure and sometimes taunter of the IRS John David McAfee has been indicted for federal income tax evasion. Given his profile, particularly such antics as proclaiming that he isn’t filing tax returns but the IRS can come find him, it may not seem a surprise that McAfee is in some serious hot water. He has long been completely out of the antivirus company that bears his name, but he has still been in the news in numerous controversial ways over the last decade. Everyone has to file tax returns of course, even McAfee, and failing to file can be criminal. The indictment dates from June 15, 2020, but it was just unsealed following McAfee’s arrest in Spain where he is awaiting extradition to the U.S. This is an indictment, so the charges have yet to be proven. But it may be hard for McAfee to explain himself after he once colorfully admitted to not paying taxes in a video posted on Twitter. According to the indictment, McAfee earned millions from promoting cryptocurrencies, consulting, speaking, and selling the rights to his life story. From 2014 to 2018, the feds allege that McAfee failed to file tax returns despite receiving considerable income. How could he not file returns or report income?

The indictment alleges that McAfee directed that payments due him should instead go into bank accounts and cryptocurrency exchange accounts in the names of nominees. Hiding things, after all, doesn’t change the tax impact, and can actually make matters worse. The indictment also claims that he tried to evade the IRS by putting other names on real estate, a yacht and more. These are only allegations, but if he is convicted, McAfee faces a maximum sentence of five years in prison on each count of tax evasion, and a maximum sentence of one year in prison on each count of willful failure to file a tax return. He can also expect to pay taxes, big penalties, and interest. McAfee is presumed innocent unless and until he is proven guilty beyond a reasonable doubt, but as McAfee and his legal team mount a defense, here are some key lessons:

Report your income, and always file. You must file a tax return each year with the IRS if your income is over the requisite level. Don’t forget, and don’t be late either, even if you can’t pay what you owe. File anyway, and you can work out payments later. The statute of limitations on audit—usually three years and sometimes six years—can’t even begin to run until you file your return. So file, and remember, the U.S. taxes all income wherever you earn it.

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Here’s What Taxpayers Need to Know About Their Right to Finality

Taxpayer Bill Of Rights -TABOR

Taxpayers interacting with the IRS have the right to finality. This is especially for taxpayers who are being audited. This is one of ten basic rights —collectively known as the Taxpayer Bill of Rights.

For taxpayers who are in the process of an audit, here’s what they should know about the right to finality:

• Taxpayers have the right to know: 
   - The maximum amount of time they have to challenge the IRS’s position.
   - The maximum amount of time the IRS has to audit a tax year or collect a tax debt. 
   - When the IRS has finished an audit.

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Learn How to Recognize Fraud Clues & Warning Signs at Your Facility

Recognizing fraud in its many forms is paramount to managing a facility. Missing the clues and warning signs can cost money, time and energy.

In the soon-to-be-released "Self-Storage Auditing for Fraud" book, Carol Mixon brings her wealth of experience to help you detect fraud, understand what to look for, identify the tell-tale signs, see the inconsistencies, and learn what not to do.

Pre-order now and get the book as soon as it comes off the presses. Only $29.95!

Self-Storage Auditing for Fraud

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IRS Reminds Taxpayers of the Home Office Deduction Rules

Small Business Owner

The Internal Revenue Service wants individuals to consider taking the home office deduction if they qualify. The benefit may allow taxpayers working from home to deduct certain expenses on their tax return.

The home office deduction is available to qualifying self-employed taxpayers, independent contractors and those working in the gig economy. However, the Tax Cuts and Jobs Act suspended the business use of home deduction from 2018 through 2025 for employees. Employees who receive a paycheck or a W-2 exclusively from an employer are not eligible for the deduction, even if they are currently working from home.

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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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The Selfstorage CPA
Jerry Jones, CPA
775.828.0767
fax 775.348.9518
jerry@theselfstoragecpa.com