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LLC tax return: How much should it cost? Seeking Bay Area CPA
Formed a 3-way LLC partnership in 2018 but no business was conducted. How much should it cost to file and does each partner need to file separately? I received a quote for $600 and this seems outrageous. Also, does anyone have any bay area CPA referrals?
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#5 Tax, SDIRAs & Cost Segregation Contributor
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- Atlanta, GA
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#5 Tax, SDIRAs & Cost Segregation Contributor
- Accountant
- Atlanta, GA
Is the CPA you received the quote from located in the bay area (i.e. the number one COL area in the US right now)? If so a base fee of $600 for a partnership federal and state return sounds very reasonable.
As @Brandon Hall mentioned, if the partnership had neither items of income nor items of loss during the tax year, a federal return is generally not required.
However, you will generally not be able to avoid a CA Form 568 obligation if the LLC is registered in California, even if it had no activity. Because of this the firm/practice/CPA you received the quote from will usually need to prepare the federal return anyway to get the CA return filed.
Highly encourage taxpayers obtaining a CPA/EA for the first time to obtain proposals from multiple CPA/EAs and ascertain the value they'll receive for each fee. You might find this CPA is very reasonable compared to others in your area and/or a good value...