Prime Corporate Services?

Tax, SDIRAs & Cost Segregation
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Prime Corporate Services?

Chris Virgil-Stone
Rental Property Investor · Cape Coral, FL · Member since 2015 · 206 posts · 83 votes

Has anyone used Prime Corporate Services (PCS)? My partner and I set up a legal entity with them and are considering using their tax services - one time set up fee of $3k and $65/month retainer which includes annual K-1s (2 partnership LLCs) and personal returns for both partners. Seems almost too good to be true. Most CPAs want ~$1k/ filing so $4k in total.

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Luis Espinoza
Investor · San Diego, CA · Member since 2020 · 21 posts · 37 votes
5y

@Chris Virgil-Stone How was your experience with them this past year? I'm looking into possibly using them myself. 

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  • Natalie KolodijBusiness Member
    Moderator
    Tax Strategist| National Tax Educator| Accepting New Clients · Member since 2014 · 3k+ posts · 4k+ votes
    6y

    So a $3k setup fee and then $780 annually. 

    For 4 tax returns with two being corporate? 

    This pricing model makes me think that they count on high turnover. What incentive do they have to keep clients if they charge you a big fee year 1 then they literally charge half of the industry average? 

    Sounds like they'd make more money replacing clients each year- just my .02. 

    Podcast Guest on Show Pay Less Tax to the IRS This Year With THESE Real Estate Tax Strategies
    Kolodij Tax & Consulting
    WebsiteView Page
    4Reply
  • Eamonn McElroy
    Accountant · Atlanta, GA · Member since 2015 · 1k+ posts · 1k+ votes
    6y

    $780 is cheap for two 1040s and two 1065s.

    But if cost is your only motivating factor you could go even cheaper and avoid the one-time fee.  I'm sure you could bargain down to $400-500 in some of those seedy seasonal strip-mall unlicensed tax practices that are shuttered from April 15th to January.

    And, while I try to avoid hyperbole, your returns would be a disaster if you did that.

    You're not buying lumber.  Services from a professional tax practice are not a commodity.  Price is what you pay, value is what you get.

    Good observation and analysis by @Natalie Kolodij.

    2Reply
  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    6y

    @Chris Virgil-Stone

    Anyway you slice it, it looks like a too good to be true scenario.
    The retainer makes me think you are entitled to speak with a professional within the firm if you have tax related questions or require consultation?

    How complex are the partnership returns and your individual returns?
    Do the partnership returns do buy and hold or flips?
    How many buy and holds/flips are within each partnership
    Do the LLC's do business in multiple states
    Do you know if the price increases if you gather more properties
    Do you have an assigned professional to you or do you work with a pool of accountants/CPA's?
    I may be scared that you are not working with CPA's/EA's. I took a look at the website and they don't indicate anything about CPA/EA. Their only open positions is sales positions.

    [email protected]917-280-8544
    Basit Siddiqi CPA4.979 Reviews
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  • Chris Virgil-Stone
    OP
    Rental Property Investor · Cape Coral, FL · Member since 2015 · 206 posts · 83 votes
    6y

    Thanks for the responses everyone! I agree @Eamonn McElroy, this is an area where you get what you pay for. We did engage with them and they use CPA's but I know not all CPAs are created equal. We will try them out this year and I'll provide feedback. While I am not a tax expert, I work in finance and have a good understanding and will consult my personal CPA if anything looks off.

    3Reply
  • Chris Virgil-Stone
    OP
    Rental Property Investor · Cape Coral, FL · Member since 2015 · 206 posts · 83 votes
    6y

    @Joseph Firmin

    0Reply
  • Bill HamptonBusiness Member
    Accredited Investment Fiduciary, AIF®, Financial Planner, Tax Strategist, Real Estate Investor · Atlanta, GA · Member since 2012 · 2k+ posts · 978 votes
    6y

    @Chris Virgil-Stone

    @Joseph Firmin

    Be careful. Do your due diligence. They do not appear to specialize in real estate taxation, their prices are high, and they have had numerous complaints filed. If it sounds to good to be true....

    Good luck and let me know if you have any questions. 

    404-482-3170
    Hampton Tax and Financial Services LLC4.7106 Reviews
    WebsiteView Page
    1Reply
  • Luis Espinoza
    Investor · San Diego, CA · Member since 2020 · 21 posts · 37 votes
    5y

    @Chris Virgil-Stone How was your experience with them this past year? I'm looking into possibly using them myself. 

    6Reply
  • Greg O'BrienBusiness Member
    Accountant · Boston, MA · Member since 2019 · 386 posts · 336 votes
    5y

    @Luis Espinoza I would say you are better off finding a good asset protection/biz attorney and CPA combo. You'll prob pay more than the churn/burn services but you'll receive actual strategies and an ROI on your investment

    3Reply
  • Luis Espinoza
    Investor · San Diego, CA · Member since 2020 · 21 posts · 37 votes
    5y

    Thanks for the advice man. I think I'm gonna go down that route. 

    I spoke with a PCS representative two days ago. Even though he wasn't a pushy salesman, it felt too good to be true. I did some more research, consulted with other experienced investors, slept on it, and decided to not move forward with it. When he called me back to hear my decision, I told him that I wasn't interested because it was too expensive. He immediately said they could drop the price $1k if I signed up during that phone call. Another typical sleazy sales tactic so a good sign this is not the best way to go. 

    5Reply
  • Alettia Rucker
    Real Estate Agent · Grovetown, GA · Member since 2016 · 6 posts · 1 vote
    5y

    @Chris Virgil-Stone How did it go with PCS tax services?

    0Reply
  • Chris Virgil-Stone
    OP
    Rental Property Investor · Cape Coral, FL · Member since 2015 · 206 posts · 83 votes
    5y

    Sorry everyone, I haven't been on BP much lately. It's gone pretty well overall. They outsource the accounting services to Tax Sentry. I've paid larger firms focused on real estate and while I did feel they provided better overall service, I paid exponentially higher for it. I work in Finance and have read many real estate accounting books so I'm pretty well versed myself. Between my partner and I, we have 4 entities and we each pay ~$65/mo which has included year end tax planning and filing for all entities and personal returns. Most firms would charge $1,000/entity just for filings. We have since handed off some bookkeeping to Tax Sentry. I'd recommend them from my experience.

    6Reply
  • Alettia Rucker
    Real Estate Agent · Grovetown, GA · Member since 2016 · 6 posts · 1 vote
    5y

    Thank you so much for your response, Chris. I had my consultation with them and they seem to be worth going with. 

    0Reply
  • Brian Carlson
    Member since 2019 · 11 posts · 2 votes
    4y

    Alettia, how's it going with them? 

    0Reply
  • Felipe Castaneda
    Real Estate Investor · Member since 2009 · 1 post · 0 votes
    4y

    Hello All,

    @Chris Virgil-Stone
    @Alettia Rucker

    I did sign up with PCS, to establish one LLC entity which is the only one I have.

    What's your opinion to pay the setup fee and $65 monthly when barely having registered one LLC and I'm currently filing Married Jointly?

    Regards,

    Felipe

    0Reply
  • Joe Summer
    Member since 2021 · 3 posts · 9 votes
    4y
    Quote from @Felipe Castaneda:

    Hello All,

    @Chris Virgil-Stone
    @Alettia Rucker

    I did sign up with PCS, to establish one LLC entity which is the only one I have.

    What's your opinion to pay the setup fee and $65 monthly when barely having registered one LLC and I'm currently filing Married Jointly?

    Regards,

    Felipe


    Hi Felipe,
    What are you paying $65 a month for? If your business is new, you need to focus more on making money first! Then worry about taxes. I much prefer a local professional that I can reach when needed and one that knows the laws of my state also. I have done a Google search for this company...they have Many poor reviews! 

    You may need some help learning how to operate an LLC. There are rules that need to be followed. The SBA (small business administration) has free or low cost training. https://www.sba.gov/local-assi...                                       

    Best.




    4Reply
  • Joe Summer
    Member since 2021 · 3 posts · 9 votes
    4y
    Quote from @Greg O'Brien:

    @Luis Espinoza I would say you are better off finding a good asset protection/biz attorney and CPA combo. You'll prob pay more than the churn/burn services but you'll receive actual strategies and an ROI on your investment


    I agree 100%  !!!
    0Reply
  • James Gamble
    Rental Property Investor · San Diego · Member since 2022 · 5 posts · 12 votes
    4y
    Quote from @Joe Summer:
    Quote from @Greg O'Brien:

    @Luis Espinoza I would say you are better off finding a good asset protection/biz attorney and CPA combo. You'll prob pay more than the churn/burn services but you'll receive actual strategies and an ROI on your investment


    I agree 100%  !!!

     It’s always funny how many people are so quick to bash something despite someone sitting here telling you first hand it’s going well for him. “Because random internet sites said so” is a terrible reason to make a decision in this day & age. You mean places like the BBB where all you do is pay $600 to have a A+ rating? lol I’d much rather prefer hearing actual first hand opinions. Which in this case seem to be positive. Just my two cents. Also Pace Morby has an entire community of thousands of people who utilize their service as well & I’ve heard nothing but good reviews. But to each their own I guess. 🤷🏼‍♂️

    3Reply
  • Sherilyn Luke
    Member since 2022 · 2 posts · 1 vote
    3y

    @Felipe Castaneda - I am in the process of setting up an LLC entity with PCS currently for my first out of state investment property. My situation is the same as yours - married, filed jointly. Did you go forth with their tax services? They set me up with a tax consultation in a few weeks. Since I will only have 1 property so far, it doesn't seem worth it, but I wanted to see what you did as your situation is similar to mine. Thanks!

    1Reply
  • Robert Schriber
    Member since 2022 · 1 post · 0 votes
    3y
    Quote from @Luis Espinoza:

    @Chris Virgil-Stone How was your experience with them this past year? I'm looking into possibly using them myself. 

    Anderson advisors…

    0Reply
  • Chris Napierala
    Omaha, NE · Member since 2012 · 28 posts · 7 votes
    3y

    I wouldn't touch them with a 10 foot pole.  I tried to use them this year and they outsource their tax preparation and those folks are UN_RESPONSIVE.  You will get a front desk phone number which isnt monitored and if your lucky they will call you back in a few days.

    3Reply
  • Crisselda Clark
    Investor · Colorado Springs · Member since 2021 · 58 posts · 39 votes
    3y
    Quote from @Sherilyn Luke:

    @Felipe Castaneda - I am in the process of setting up an LLC entity with PCS currently for my first out of state investment property. My situation is the same as yours - married, filed jointly. Did you go forth with their tax services? They set me up with a tax consultation in a few weeks. Since I will only have 1 property so far, it doesn't seem worth it, but I wanted to see what you did as your situation is similar to mine. Thanks!

    Ive been using PCS for about 2 years now, no complaints. They set up all my LLC's for my properties at cost, I pay my monthly fee, my tax guy through them is very knowledgable with real estate taxes and so far so good! I recommend them all the time. 
    3Reply
  • Brandon Craig
    New to Real Estate · Glenolden, PA · Member since 2018 · 16 posts · 8 votes
    3y

    Just to add.. I set up 2 LLCs with Prime and I was happy with that process.  I had my tax consultation yesterday and ended up signing up before realizing some of the potential negatives.  Personally I'm a bit concerned about the outsourcing of the service because I feel like I'm rolling the dice in hopes I get a good accountant assigned to me. It may also be difficult to have other professionals communicate with them efficiently (attorney, bookkeepers, etc.) I have a 3 day period to cancel the service and take my $2,900 in another direction. Still weighing the options for now..

    3Reply
  • Crisselda Clark
    Investor · Colorado Springs · Member since 2021 · 58 posts · 39 votes
    3y
    Quote from @Brandon Craig:

    Just to add.. I set up 2 LLCs with Prime and I was happy with that process.  I had my tax consultation yesterday and ended up signing up before realizing some of the potential negatives.  Personally I'm a bit concerned about the outsourcing of the service because I feel like I'm rolling the dice in hopes I get a good accountant assigned to me. It may also be difficult to have other professionals communicate with them efficiently (attorney, bookkeepers, etc.) I have a 3 day period to cancel the service and take my $2,900 in another direction. Still weighing the options for now..


     Ask for Ryan Cason at Tax Sentry, he has been my accountant with Prime Corporate Services for several years now and he does a great job, always answers my questions quickly for all kinds of creative real estate scenarios, and he executes my taxes like a pro! 

    3Reply
  • Brandon Craig
    New to Real Estate · Glenolden, PA · Member since 2018 · 16 posts · 8 votes
    3y
    Quote from @Crisselda Clark:
    Quote from @Brandon Craig:

    Just to add.. I set up 2 LLCs with Prime and I was happy with that process.  I had my tax consultation yesterday and ended up signing up before realizing some of the potential negatives.  Personally I'm a bit concerned about the outsourcing of the service because I feel like I'm rolling the dice in hopes I get a good accountant assigned to me. It may also be difficult to have other professionals communicate with them efficiently (attorney, bookkeepers, etc.) I have a 3 day period to cancel the service and take my $2,900 in another direction. Still weighing the options for now..


     Ask for Ryan Cason at Tax Sentry, he has been my accountant with Prime Corporate Services for several years now and he does a great job, always answers my questions quickly for all kinds of creative real estate scenarios, and he executes my taxes like a pro! 

     Thank you for the input! Were you able to request Ryan Cason when you signed up? 

    1Reply
  • Vilena G.Pro Member
    Investor · Dallas-Fort Worth · Member since 2019 · 51 posts · 4 votes
    3y
    Quote from @Alettia Rucker:

    Thank you so much for your response, Chris. I had my consultation with them and they seem to be worth going with. 

    Hey! Alettia, are you still using Prime for your taxes? How is it going?
    0Reply
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