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Updated over 1 year ago on . Most recent reply

Finding a CPA for LLC investing in syndications
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!
Most Popular Reply

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 Personally, I think that's a bit outdated. 🤙