Finding a CPA for LLC investing in syndications

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Finding a CPA for LLC investing in syndications

James Jiang
Rental Property Investor · Chicago · Member since 2023 · 2 posts · 1 vote

I am a foreign investor owning a LLC (taxed as C-corp) in Illinois. I have invested in several syndication projects in GA and TX (2 K-1s, 1 1099-INT) and need to file taxes for 2022. I have filed an extension 7004 and paid the estimated tax earlier this year, but until lately I found K-1s are way beyond the ability of self-filing :(. The LLC has no other business in 2022.
I have searched in the biggerpockets for a bit, but couldn't find any suggestion for this particular situation - any recommendation for tax-prep CPA I can talk to? Thanks for any help in advance!

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Lane Kawaoka
Rental Property Investor · Honolulu, HAWAII (HI) · Member since 2011 · 4k+ posts · 2k+ votes
3y

@James Jiang 

investing a bit more, maybe a grand or two, for your taxes.

One thing software often overlooks? Using passive losses to offset passive income. This can even help reduce some of your ordinary income. 

But a word of caution: many big CPA especially with podcast/youtube platforms use overseas staff and just white-label other firms. Need a connection to one I use who... Feel free to reach out.

Interestingly, many of the newer companies are the ones you'd want to work with. The old school CPAs who might have a good reputation... they're a bit stuck in their ways. They might not be up-to-date with strategies like using passive income to lower taxes. And, most CPAs will advise on 401ks or Roth IRAs. Personally, I think that's a bit outdated. 🤙

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  • Lane Kawaoka
    Rental Property Investor · Honolulu, HAWAII (HI) · Member since 2011 · 4k+ posts · 2k+ votes
    3y

    @James Jiang 

    investing a bit more, maybe a grand or two, for your taxes.

    One thing software often overlooks? Using passive losses to offset passive income. This can even help reduce some of your ordinary income. 

    But a word of caution: many big CPA especially with podcast/youtube platforms use overseas staff and just white-label other firms. Need a connection to one I use who... Feel free to reach out.

    Interestingly, many of the newer companies are the ones you'd want to work with. The old school CPAs who might have a good reputation... they're a bit stuck in their ways. They might not be up-to-date with strategies like using passive income to lower taxes. And, most CPAs will advise on 401ks or Roth IRAs. Personally, I think that's a bit outdated. 🤙

    1Reply
  • James Jiang
    OP
    Rental Property Investor · Chicago · Member since 2023 · 2 posts · 1 vote
    3y
    Quote from @Lane Kawaoka:

    @James Jiang 

    investing a bit more, maybe a grand or two, for your taxes.

    One thing software often overlooks? Using passive losses to offset passive income. This can even help reduce some of your ordinary income. 

    But a word of caution: many big CPA especially with podcast/youtube platforms use overseas staff and just white-label other firms. Need a connection to one I use who... Feel free to reach out.

    Interestingly, many of the newer companies are the ones you'd want to work with. The old school CPAs who might have a good reputation... they're a bit stuck in their ways. They might not be up-to-date with strategies like using passive income to lower taxes. And, most CPAs will advise on 401ks or Roth IRAs. Personally, I think that's a bit outdated. 🤙

    Thanks Lane! I do like to find some newer CPA companies to handle the tax preparation - do you have any suggestion where to find these?
    0Reply
  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    3y

    A foreign investor investing in the US through a corporation is normally considered a 'blocker' within the financial services space.
    The good thing is that it helps you avoid having to file an individual tax return with the US.

    Best of luck.

    [email protected]917-280-8544
    Basit Siddiqi CPA4.880 Reviews
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  • Jonathan KlemmBusiness Member
    Moderator
    Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
    3y

    Hey @James Jiang - MY CPA works with a ton of investors / syndicators.  He is local to Chicago and I think he would be a great fit for you.  I will message you to make an intro.

    [email protected]
    Quality Builders4.968 Reviews
    WebsiteView Page
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