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Tax, SDIRAs & Cost Segregation

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Philip Feinstein
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  • Contractor
  • Mchenry, IL
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CPA Recommendations please and thank you!

Philip Feinstein
Pro Member
  • Contractor
  • Mchenry, IL
Posted Jan 16 2024, 10:34

Hello BP!

I live in the Chicago Northwest suburbs and am looking for an experienced CPA/accountant to assist with taxes and returns for a mixed portfolio (w2, Realestate portfolio, stocks)

Thanks in advance!

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Zachary Jensen
Tax & Financial Services
#2 Tax, SDIRAs & Cost Segregation Contributor
  • Accountant
  • San Diego, CA
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Zachary Jensen
Tax & Financial Services
#2 Tax, SDIRAs & Cost Segregation Contributor
  • Accountant
  • San Diego, CA
Replied Jan 16 2024, 11:31

Hey Philip, many accountants can work in other states, they don't need to be living there or even have an office there to do great work. For example, we have several clients focused on real estate investing in other states that we do great work for out of our main office in Manassas VA. I hope that allows you to broaden your search!

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Joe Vesey
  • Financial Advisor
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Joe Vesey
  • Financial Advisor
Replied Jan 16 2024, 12:03

Brandon Hall has a team of CPA's throughout the U.S.  They know real estate.  You can find them on LinkedIn.  Good luck. 

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Ahad Ali
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  • CPA/Investor
  • Bronx, NY
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Ahad Ali
Pro Member
  • CPA/Investor
  • Bronx, NY
Replied Jan 16 2024, 12:49
Quote from @Philip Feinstein:

Hello BP!

I live in the Chicago Northwest suburbs and am looking for an experienced CPA/accountant to assist with taxes and returns for a mixed portfolio (w2, Realestate portfolio, stocks)

Thanks in advance!

Hi Philip, 

There are many CPAs on this platform that you can reach out to. You can also look into CPA's who are not local to you, there are many accountants who have clients in all 50 states. We are based in NY, but we do have clients throughout the country. We would love to connect with you if you're interested. 


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Sarita Scherpereel
  • Real Estate Agent
  • Chicago, IL
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467
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Sarita Scherpereel
  • Real Estate Agent
  • Chicago, IL
Replied Jan 16 2024, 18:21

Hi @Philip Feinstein I've worked with @Tim Reichert (Chicago based) on my business and personal taxes for several years. He has been wonderful in helping me grow and change my tax strategies as my business has grown. His assistance was imperative this last year as I purchased my first building and I needed fast assistance estimating my tax returns. My favorite thing about working with him, is that you actually work with HIM. So many companies want to pass you off to some newer accountant. That's not the case here. You call he answers, you're not tossed off to someone else. He has great communication and does a wonderful job of explaining things- even if you need to hear them a few times :)  I can't recommend him enough. Especially, if you're looking for tax strategy related assistance than just regular tax return filing. Best of luck! 

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John Warren
  • Real Estate Broker
  • 1658 N. Milwaukee Ave Ste B PMP 18969 Chicago, IL 60647
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John Warren
  • Real Estate Broker
  • 1658 N. Milwaukee Ave Ste B PMP 18969 Chicago, IL 60647
Replied Jan 17 2024, 03:44

@Philip Feinstein I have a solid CPA who is Chicago based if you need someone. Happy to share! 

  • Real Estate Agent IL (#475.166619)

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Tim Reichert
  • Accountant
  • Chicago, IL
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Tim Reichert
  • Accountant
  • Chicago, IL
Replied Jan 17 2024, 08:15
Quote from @Sarita Scherpereel:

Hi @Philip Feinstein I've worked with @Tim Reichert (Chicago based) on my business and personal taxes for several years. He has been wonderful in helping me grow and change my tax strategies as my business has grown. His assistance was imperative this last year as I purchased my first building and I needed fast assistance estimating my tax returns. My favorite thing about working with him, is that you actually work with HIM. So many companies want to pass you off to some newer accountant. That's not the case here. You call he answers, you're not tossed off to someone else. He has great communication and does a wonderful job of explaining things- even if you need to hear them a few times :)  I can't recommend him enough. Especially, if you're looking for tax strategy related assistance than just regular tax return filing. Best of luck! 

 Thank you @Sarita Scherpereel for the kind words! @Philip Feinstein I will reach out directly to learn more about your situation to see how I can help.

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Basit Siddiqi
Pro Member
#3 Tax, SDIRAs & Cost Segregation Contributor
  • Accountant
  • New York, NY
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Basit Siddiqi
Pro Member
#3 Tax, SDIRAs & Cost Segregation Contributor
  • Accountant
  • New York, NY
Replied Jan 18 2024, 06:25

Philip - I looked at the past couple of posts that you started and you mentioned many things from BRRR, Flips, Wholesale, buy and holds.

each category you mentioned is treated a little bit differently for tax purposes. You may want to discuss that as you select your tax professional.

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Jake Baker
Tax & Financial Services
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
  • Investor
  • San Diego, CA
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Jake Baker
Tax & Financial Services
Pro Member
#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
  • Investor
  • San Diego, CA
Replied Jan 23 2024, 12:43

@Philip Feinstein

Most CPAs charge separately for tax prep and advisory services. One thing to consider for your mid-sized portfolio is to hire a bookkeeper. This will ensure deductions don't slip through the cracks.

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Sean O'Keefe
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Sean O'Keefe
Pro Member
Replied Jan 23 2024, 14:23

@Philip Feinstein I don't think the location of the CPA matters provided that they have a solid background in Real Estate and software/tools to support you remotely.

There are 20+ real estate CPAs commenting in this forum. Pick one that is commenting on your specific situation and DM them.

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Nate Meeker
Tax & Financial Services
  • Real Estate CPA | California
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Nate Meeker
Tax & Financial Services
  • Real Estate CPA | California
Replied Jan 25 2024, 14:07

@Philip Feinstein - What states are your rentals in? Most of mine are in Florida and some in California. 

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Lisa T.
  • Investor
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Lisa T.
  • Investor
Replied Jan 25 2024, 22:21

Following ...  We have seen our fees increase significantly over the last 4 years with Hall CPA (Brandon Hall's company).  We haven't had any big change in scope, sold/purchased maybe 6 properties over the last 4 years but they fell under our existing LLCs, most of which are considered 'disregarded".  The people we've worked with are very nice but we send them all the numbers from reports we run ourselves off Quicken and then, of course, copies of K1s, 1099, etc.

TY 2020. $16,896

TY 2021. $15,500

TY 2022. $25,760

TY 2023. $28,525

Have others seen their CPA fees jump like this?  

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Nate Meeker
Tax & Financial Services
  • Real Estate CPA | California
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Nate Meeker
Tax & Financial Services
  • Real Estate CPA | California
Replied Jan 30 2024, 08:59

@Lisa T. when is the last time you got a second opinion? That sounds extreme unless you are the GP of multiple large syndications or own tons of doors. 

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Lisa T.
  • Investor
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Lisa T.
  • Investor
Replied Feb 27 2024, 13:04

Agreed!

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Bill Hampton
Tax & Financial Services
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  • Tax Strategist, Financial Planner and Real Estate Investor
  • Atlanta, GA
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Bill Hampton
Tax & Financial Services
Pro Member
  • Tax Strategist, Financial Planner and Real Estate Investor
  • Atlanta, GA
Replied Mar 5 2024, 13:04

@Lisa T.



I recommend finding another accountant that specializes in real estate taxation. You may want to consider working with your accountant remotely to expand your options.

I would also recommend looking for a tax strategist who is willing to work with you throughout the year, not just when preparing your tax return. You want an accountant that can help you strategize and who is responsive when you want to know the tax consequences of the decisions you are making throughout the year.

Good luck in your search.

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Joshua Davidson
Tax & Financial Services
Pro Member
  • Accountant
  • Morgantown, WV
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Joshua Davidson
Tax & Financial Services
Pro Member
  • Accountant
  • Morgantown, WV
Replied Mar 5 2024, 20:16

Hi @Philip Feinstein,

You can definitely find some great accountants/CPAs in this forum. I recommend you find a CPA who also has personal real estate experience so that they can better serve your needs.

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