Interview Questions for Prospective REI Accountant

[Heidi Fahringer]

We are a four partner Real Estate Investment Indiana LLC, owning Indiana residential properties, 1-3 units, all partners live in California.

What questions should we ask prospective tax accountants?

Any REI tax accountant recommendations?

[Basit Siddiqi]

Below are some important things for you to be mindful when you have to file a partnership tax return

1) A partnership return generates a form K-1 that each investor will need to complete his / her tax return.

Will the accountant be able to complete the tax return by April 5th to give the investor/partner enough time to file his individual return?(A partnership tax return is due March 15th, so in this instance, the partnership return will need to be extended).

2. You are dealing with sensitive information not just for you but for others.
Is there a secure portal to keep not only your information protected but also that of others.

3. Are you doing your own sets of books?
Books are important to maintain because it keeps track of the performance of the partnership not only for one year but over several years.
Partners normally have the right to inspect the books.
Will the accountant you work with either maintain the books for you or help you make sure its done correctly?

Best of luck