Tax, Legal Issues, Contracts, Self-Directed IRA

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Joseph Gisler
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  • Wake County, NC
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What Questions to Ask a CPA

Joseph Gisler
  • Realtor
  • Wake County, NC
Posted Jun 15 2022, 09:06

I have a phone call with a potential CPA that has been referred to me by a colleague but I want to make sure I ask all the proper questions to ensure they can properly assist in maximizing my tax deductions for my real estate business.

What questions would you ask a CPA to ensure they are knowledgeable about current real estate tax strategies?

Raleigh, North Carolina

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J Zev Jankovic
  • CPA
  • Colorado Springs, CO
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J Zev Jankovic
  • CPA
  • Colorado Springs, CO
Replied Jun 15 2022, 13:45

@Joseph Gisler - First, you should know that every tax situation is unique. In the first meeting, a good tax pro will need to ask you most of the questions to understand your situation before they can give any advice. However, once the tax pro knows your situation, you can ask:

1) How can you help me achieve my financial goals now that you know my tax situation?
2) How can you help me reduce my taxes?
3) What tax reduction strategies would you recommend based on my situation?
4) How do you bill for your services? Hourly or fixed or something else?
5) Who will be my contact at the CPA firm and how experienced are they dealing with real estate investors?
6) How are you proactive in helping me achieve my goals as a real estate investor?

You might want to think about your overall financial and real estate investing goals before the meeting to clearly define what you're looking for in a CPA/advisor.

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Michael Plaks#1 Tax, Legal Issues, Contracts, Self-Directed IRA Contributor
  • Tax Accountant / Enrolled Agent
  • Houston, TX
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Michael Plaks#1 Tax, Legal Issues, Contracts, Self-Directed IRA Contributor
  • Tax Accountant / Enrolled Agent
  • Houston, TX
Replied Jun 15 2022, 21:30

@Joseph Gisler

Read these older threads:
https://www.biggerpockets.com/forums/51/topics/795929-questions-to-ask-a-potential-accountant

https://www.biggerpockets.com/forums/51/topics/792277-how-to-test-your-cpas-technical-competence

https://www.biggerpockets.com/forums/51/topics/528033-must-ask-questions-when-interviewing-a-cpa



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Joseph Gisler
  • Realtor
  • Wake County, NC
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Joseph Gisler
  • Realtor
  • Wake County, NC
Replied Jun 16 2022, 06:19
Quote from @J Zev Jankovic:

@Joseph Gisler - First, you should know that every tax situation is unique. In the first meeting, a good tax pro will need to ask you most of the questions to understand your situation before they can give any advice. However, once the tax pro knows your situation, you can ask:

1) How can you help me achieve my financial goals now that you know my tax situation?
2) How can you help me reduce my taxes?
3) What tax reduction strategies would you recommend based on my situation?
4) How do you bill for your services? Hourly or fixed or something else?
5) Who will be my contact at the CPA firm and how experienced are they dealing with real estate investors?
6) How are you proactive in helping me achieve my goals as a real estate investor?

You might want to think about your overall financial and real estate investing goals before the meeting to clearly define what you're looking for in a CPA/advisor.

Thank you J Zev! This is exactly how the conversation went which made me really confident in the situation. I basically stated my goals and where I’m currently at versus where I want to be and he asked a bunch of questions, gave advice, etc.

Thank you for your response and advice! 

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Joseph Gisler
  • Realtor
  • Wake County, NC
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Joseph Gisler
  • Realtor
  • Wake County, NC
Replied Jun 16 2022, 06:20
Quote from @Michael Plaks:

@Joseph Gisler

Read these older threads:
https://www.biggerpockets.com/forums/51/topics/795929-questions-to-ask-a-potential-accountant

https://www.biggerpockets.com/forums/51/topics/792277-how-to-test-your-cpas-technical-competence

https://www.biggerpockets.com/forums/51/topics/528033-must-ask-questions-when-interviewing-a-cpa




 Thank you Michael, I’m going through these now!