Question You Should Ask Your CPA
What are some great questions you should ask a CPA specializing in real estate when getting started?
This answer can be answered from the book "Tax-Free Wealth" by Tom Wheelwright. He says that the top ten discussion pieces you should bring up are:
1) What is your view of the tax law?
2) Who gets the most advantages of the tax law?
3) What made you want to become a tax advisor?
4) What would you like to know about me?
5) Tell me about your team of advisors.
6) Describe your personal business experience.
7) Tell me about your personal investment strategy.
8) Where did you earn your Masters of Tax degree?
9) Give me three examples of how to reduce the risk of an IRS audit.
10) Tell me your thoughts about asset protection.
He goes on to state "the top 10 things your prospective tax advisor should discuss with you:
1) Tell me about your dreams and goals
2) Describe your current and projected family situation.
3) Describe your relationship with your spouse and your children.
4) Describe your current and projected investments.
5) Describe your current and projected business situation.
6) Explain your philosophy of tax reduction.
7) What would you like to learn about the tax laws?
8) How do you learn best? Auditory, visual, tactile, or kinesthetic?
9) In a perfect world, how would you like to work with your CPA?
10) Who are the other members of your team?"
Hope this answer helps! I recommend the book too :)
I would avoid pounding a CPA with question after question. Most tax professionals will limit an introductory consultation to 30 minutes or less, so chose your questions wisely.
Here are some key questions that would be helpful:
- How can your firm help to keep me compliant with the IRS and state(s)?
- Based on what I have described, which services would you recommend?
- What is the optimal method and frequency of communication?
- What is the fee structure?
Thanks @Daniel Hyman and @Avery Rustad!