As property managers, we provide an invaluable service to landlords and tenants. We are responsible for the daily maintenance and management of rental properties, ensuring that all legal requirements are met and that the property is kept in good condition. Freedom Group also advertises properties for rent, handles tenant applications, collects rent payments, manages tenant complaints, coordinates repairs, and renovations, inspects the property regularly, enforces lease agreements, and ensures all necessary taxes and insurance policies are up to date. In addition to these services, your property manager can also provide advice on pricing strategies, market research, and local regulations so that landlords can maximize their profits while providing a safe rental environment. With their expertise and experience in the industry, we make owning the rental property much easier.
Helping Your Clients Stay Complaint With U.S. Tax Laws
If you are a property management company, you know that your foreign clients trust you will care for their rental properties and protect their financial well-being.
With the ever-changing IRS tax codes, keeping your clients compliant with all the required forms and reports can become overwhelming. Let us take that burden off your shoulders and help your client comply with all IRS tax reporting requirements.
Our Services For Property Managers Include:
- Design a Custom IRS Compliance Program for Your Clients
Designing a custom IRS compliance program for clients is a complex yet important task. It involves understanding the client’s business model, the tax environment in which they operate, and any existing IRS regulations that may apply. Additionally, it involves developing a comprehensive set of procedures to ensure compliance with all applicable laws and regulations. This includes developing systems to track income and expenses, filing appropriate paperwork on time, and ensuring payment of taxes when due. Additionally, ongoing monitoring of changes in applicable laws or regulations should be part of the program to keep up with changes in the tax environment. Finally, regular reviews of the program are essential to ensure that it remains effective and efficient for both the client and the IRS.
- Avoid Compliance Penalties
- Preparation of ALL Forms & Information Returns
- Form 1042
- Form 1042S
- Form W-8ECI
For more information about our ITIN service, CLICK HERE
- Effectively Connected Income Elections
Avoid mandatory 30% withholding on gross rental income. Effectively Connected Income Elections are important for rental property owners who want to avoid the mandatory 30% withholding on gross rental income. This election allows property owners to pay taxes on their net income rather than their gross income, resulting in more money in their pocket and less taken out of their rent checks. With Effectively Connected Income Elections, those who own rental properties can make sure they get the most out of their investments, as it allows them to keep more of what they make. Additionally, by electing this option, one can take advantage of deductions and credits they may otherwise be unable to use if they were subject to the mandatory 30% withholding. It is important for property owners to understand that this election does not eliminate any tax liability; however, it does allow them to determine when and how much taxes will be owed.
- LLC Formation in any of the 50 US States
Forming an LLC in any of the fifty US states is a great way to protect yourself and your business. An LLC offers limited liability protection for its members, meaning each member’s assets are protected from claims against the LLC. Additionally, forming an LLC can help simplify taxes as the business income is not taxed directly through its members. To form an LLC, you must choose the state where it will be registered, file the formation documents with that state, and pay the applicable filing fee. The formation documents include a Certificate of Formation and Operating Agreement, which outlines how the company will be managed and operated. After registering your LLC with a state, you may also need to register with local governments to operate legally within their jurisdiction. Our team of professionals can help guide you through every step to ensure your success when forming an LLC in any of the fifty US states.
For more information about our LLC formation service, CLICK HERE
- LLC or Corporate Tax Returns
LLC or corporate tax returns are important documents for any business, as they are used to determine the amount of taxes that must be paid. LLCs and corporations have different rules for filing their taxes, so it is important to understand the differences between them and ensure that the tax return is completed correctly. Generally speaking, LLCs have more flexibility when filing their taxes and can take advantage of various deductions, while corporations are subject to more stringent regulations. It is also essential to ensure that income, expenses, and other financial information is accurately reported on the tax return to ensure that a company pays its fair share of taxes. Taking the time to review and file an accurate LLC or corporate tax return can help businesses save money in the long run.
- LLC or Corporate Bookkeeping
Accuracy and precision are key when it comes to bookkeeping for LLCs or corporations. Bookkeeping is recording a business’s financial transactions and managing the company’s finances. It is important to have accurate bookkeeping records that can be easily accessed by both the business owner and their accountant when needed. Bookkeepers must record all transactions chronologically, including sales, purchases, payroll, invoicing, deposits and withdrawals. They must also reconcile accounts with bank statements each month to ensure the accuracy and timeliness of payments.
Additionally, they must maintain detailed records of expenses such as utilities, rent or mortgage payments, salaries, and employee wages. Finally, corporate bookkeepers must file taxes on behalf of the company based on their financial records. By keeping accurate and up-to-date books for an LLC or corporation, businesses can ensure compliance with laws and regulations while avoiding costly errors from inaccurate bookkeeping records.
- FIRPTA Tax Withholding Certificate
The FIRPTA Tax Withholding Certificate is a document foreign investors must provide to sellers to be exempt from the Foreign Investment Real Property Tax Act (FIRPTA). This certificate allows foreign buyers to purchase U.S. real estate without paying sales taxes. The buyer needs to provide information about their identity and citizenship and proof of ownership of the property they are purchasing. The seller then submits this certificate to the Internal Revenue Service (IRS) along with the sales tax return, which will allow them to avoid any withholding tax on the sale of the property. This system of FIRPTA tax withholding has been in place since 1980 and helps protect buyers and sellers from unnecessary taxation.
For more information about our FIRPTA service, CLICK HERE
Call us at 407-502-2400 to schedule your consultation, or email us at [email protected].