IRS AUDIT: ARE YOU NEXT? I had a client who spent years building a successful multifamily portfolio. The properties were solid, occupancy was good, and experienced management teams handled the day-to-day operations. By any reasonable measure, the business appeared to be doing well. Then the IRS received information about the portfolio from an outside source. Whether that information actually triggered the examination was never entirely clear. What became clear very quickly, however, was that the IRS was not simply looking at the properties themselves. The examination focused on whether the income, expenses, tax filings, and other financial records all told the same story. And that is a very different kind of examination.
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