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SSA/IRS Reporter

Issue Number:  2012-17

Inside This Issue

1. Labor Day power outage for some IRS systems
2. IRS.gov: new look, faster service
3. Correctly reporting rental real estate  

IRS is replacing and upgrading a computing center electrical plant over the Labor Day weekend.

Some systems, including the online payment agreement application and online applications for Employer Identification Numbers, will shut down beginning approximately 1:00 a.m. ET on Thursday, Aug. 30 until approximately noon ET Tuesday, Sept. 4.

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The redesigned IRS.gov website goes live Aug. 30, but you can preview our new look  now.

Most bookmarked favorites will stay the same, but be sure to check them after Aug. 30.

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Individuals who are not real estate professionals are generally subject to passive activity loss limitations even if they materially participate in the rental.

Real estate professionals report rental real estate activities in which they materially participated as nonpassive. But, real estate professionals who do not materially participate in the rental activity are generally subject to passive activity loss limitations.

Publication 925, Passive Activity and At-Risk Rules, has more information on who qualifies as a real estate professional and passive activity limits.

Related link:

• Passive Activity Loss Audit Technique Guide

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