Has anyone ever questioned what their CPA told them and gotten a second opinion from another CPA? I currently work with a CPA who does not specialize in real estate tax, and I'm second guessing some of the answers she gave me recently that pertain to tax treatment of our rental properties. I have worked with her for 6 years and don't necessarily want to burn any bridges, but at the same time want to legally arrive at the lowest tax bill possible. I'm new here so thanks very much for your input!
I’ve felt something similar for legal advice from attorneys.
@Kate McClinton , please free to ask here, we have some Knowledgeable CPAs here
Nothing wrong at all with seeking a second opinion. Even more so when your professional is not a specialist in your industry.
There're some 20 tax professionals on this board, all real estate experts, and we continue to learn from each other. Nobody knows everything.
Go ahead there is no reason to even tell your current CPA. You could call up another CPA with good references tell them your situation and ask to pose your questions.
@Kate McClinton Seeking a second opinion is pretty common. I received several such inquiries during this past tax season (and the taxpayers were upfront about why they were asking). As @Ashish Acharya mentioned, there are plenty of tax pros here on the forum who would be happy to field your questions. Ask away!
Thanks so much for your replies. @Ashish Acharya Is it most appropriate to ask questions within this post/discussion or should I start a new discussion? Thanks again!
What’s causing you to question your CPA of 6 years? In other words, what tax position don’t you agree with them on and what’s your reason for disagreeing? Are you familiar or have researched the Tax code? If not, have you asked your current CPA to provide you the support behind their advice? Or post your question on BP and see what others have to say ;)
Get your last 2 years of tax returns to another cpa ASAP. DONE AND DONE.
@Kate McClinton, I totally understand your concern. It's important to note (and for everyone else reading this) tax planning is different from tax preparing. Tax planning is making sure you are paying the absolute bare minimum in taxes. Tax preparing is filing your tax based upon information given. So if your CPA is preparing your tax return, they are not necessarily ensuring you are paying the bare minimum taxes. You might want to invest in having some do tax planning for you (this could be your current CPA if she doesn't that). It's not uncommon to save 5 figures when going through a tax planning strategy.
Let me know if you have questions!
I think it's perfectly fine to ask someone for a second opinion especial if the person your working with is not a specialist in the field.
There are a lot of folks like you that come to me that been with accountants for a long time but their life changes or they start earning more or doing things differently that effect taxes and those are times you want to find someone who specializes in your field.
Feel free to ask questions here.