Is any CPA taking new customers now?

Question

Hi,

Please, I'm looking for a CPA to help me with this year's taxes and next year's tax strategy. I live in Washington State, and my first rental SFH is in Harris County, Texas.

Thank you,

Ricardo

Michael Plaks · Answer

I'm not sure how you searched back in October, but one way to do it is by browsing this very forum and observing which tax professionals answer questions and how. There're 20+ of us here, enough to choose from. All of us specialize in REI and work nationwide.Cost segregation may or may not be useful, depending on your overall tax situation, both currently and in the future. See this thread, one of many on this topic: https://www.biggerpockets.com/...@Peter Tverdov - if you "went through 3-4 of them" in 2021, maybe something is off in your expectations or approach. There's a lot of incompetent inept tax people, just like there's a lot of incompetent inept realtors. Still, both among your peers and mine, plenty of quality professionals exist to choose from. This forum is in excellent place to find the good ones.

Extensions are very common in the tax industry and are nothing to run away from. In fact, I can argue that they're to your advantage. What should matter in choosing a tax professional is not filing an extension but clear communication about this process. If you were misled, as in promised that your tax return will be filed before 4/15, and then they withdrew their commitment - then it's a problem, as long as you kept your part of the deal, i.e. provided all the data to them, and provided it timely.

Other than failing to meet an agreed upon commitment, filing an extension is probably a good sign, believe it or not. It means that you found a firm sufficiently established that they are in high demand and spread the client work throughout the entire tax season which lasts until October. If you want an in-and-out service, it's provided by fast food restaurants and their tax preparation equivalents: the likes of H&R Block and Liberty Tax. The quality is usually matching. The best restaurants have advance reservations and waiting lists, and for a reason. So do good doctors and good accountants.

@Jonathan Stone - in my opinion, the best time to look for a new tax person is November-January. This is when one tax season finishes and the other has not yet started, and we have the time to interview investors as prospective clients, and you can interview us. The most sought-after tax accountants can get full pretty quickly, so the sooner you start, the better are your chances and your choices.

If you missed that window, then you can try again in May. By that time the first half of the tax season is over, and the tax firms will know their remaining capacity for the second part of the tax season, if any. This is if you're looking for tax preparation. If you're looking for tax planning, then you really should look in November-December, in order to catch the end-of-year tax planning opportunities. Starting tax planning mid-year is possible but not nearly as helpful. Besides, the best options can be off the table by that time.

Matt Devincenzo · Answer

I just replied to another thread with a similar comment. If you need help this year, file an extension and then search for you CPA/EA etc. No one that can help is going to be able to at this point. They are +/- 1 month to the filing deadline and have clients to take care of ASAP. I'm sure many of them would happily take you as a client now, with the understanding that they're not going to actually do anything for you for a couple months after this year's filings are completed and they have time to onboard etc.

So personally I'd stop doing anything else and put together an extension and file it. Then call around and explain you need to be onboarded and filed by Oct. They may still not have time to talk to you about even considering working with you until after April because everyone is actively trying to get filings completed.

Jonathan Stone · Answer

@Michael Plaks

What is the best time of year to be looking for a CPA to help with tax planning in your opinion?

Peter Tverdov · Answer

I spent all of 2021 looking for a tax planner. Went through 3-4 of them. Then found someone to tax plan and do my taxes for 2022, whew...

Woops they told me to do my taxes would be an extension and done between July and October.

So after all that I went back to my original CPA to do the taxes and I will see how this tax planner goes for 2022.

They're all over worked IMO. But they also need to stop advertising for new business when it's clear a lot of these firms cannot take it on.

Tanner Glenn · Answer

A good CPA will help you plan well enough in advance that you can pay current year taxes with current year money. In other words, they don't let surprises get you in a cash crunch. The advice here is good. File an extension ( don't forget to pay in what you expect to owe with your extension) and search for a CPA in May-July. Look for someone that focuses on tax and is familiar with Washington State tax law. Usually, that will mean someone local. Most CPAs will know basics real estate accounting but it won't hurt to ask about that, too. I'd steer clear of H&R Block type establishments. Usually, local CPA firms are named like local Law firms with the name(s) of the Partner(s) in the title. They come in all shapes and sizes but meet with a few and go with who you feel best about. Asking around locally will help save time. Good luck!

Ricardo Garcia · Answer

Yes, started to look for a CPA back in October 2021 without any luck. It is way easy to acquire one property than to find a good CPA that will take in new customers.

At least, Should I do an online property segregation study? Many people are saying that it works for less than a $1m property. They are using KBKG and DIY.

Is any CPA taking new customers now?

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