Investor friendly Tax person/CPA recomendations in Houston

Investor friendly Tax person/CPA recomendations in Houston

Rental Property Investor · Houston, TX · Member since 2019 · 141 posts · 48 votes

I really need an investor friendly tax person /Cpa in Houston .Any recomendations ?I am in a serious situation .Filled for an LLC in state of Texas using Incfile .LLC was created to keep a rental ppty ,but currently the ppty is still under personal name because no lenders would refinance the rental ppty in an llc name .In a nutshell the LLC holds nothing .But here in texas we have to file franchise tax .Complicated topic. I efiled for zero frachise tax .As of my knowledge the rent collected is included(filed) with federal income tax return and LLC is a pass through entity. A few weeks earlier got a TEXAS SALES AND USE TAX PERMIT come in mail.Not sure what it is .Now i got invoice from comptrollers office saying the LLC owes 1000,s of $$ in Back taxes .Cant figure out what on earth is happening .

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Investor-friendly agents in Houston, TX

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Katy, TX · Member since 2020 · 86 posts · 45 votes
5y

We use Michael Plaks. We're in Houston and so is he. He and his team are very good with clear communication, showing you all your angles, and letting you know what you can expect with either. He just saved us $20k+ on our 2020 taxes by using our uniquwe family dynamics. I just wrote this exact thing in a Google review for them, as that's all they ask for in return aside from payment, obviously. Just google his name and you should see REI tax firm. Good peeps in my book.

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  • Jeyo PunnakottilPro Member
    OP
    Rental Property Investor · Houston, TX · Member since 2019 · 141 posts · 48 votes
    5y

    Any recommendations for an investor friendly CPA/ Tax professional in Houston Texas please.

  • Aaron ZimmermanBusiness Member
    Accountant · Chicago, IL · Member since 2018 · 2k+ posts · 1k+ votes
    5y

    @Michael Plaks is well known within the BP Community and has provided a ton of value (and witty comments).I'd reach out to him. 

  • Katy, TX · Member since 2020 · 86 posts · 45 votes
    5y

    We use Michael Plaks. We're in Houston and so is he. He and his team are very good with clear communication, showing you all your angles, and letting you know what you can expect with either. He just saved us $20k+ on our 2020 taxes by using our uniquwe family dynamics. I just wrote this exact thing in a Google review for them, as that's all they ask for in return aside from payment, obviously. Just google his name and you should see REI tax firm. Good peeps in my book.

  • Michael PlaksPro Member
    Tax Accountant / Enrolled Agent · Houston, TX · Member since 2014 · 5k+ posts · 6k+ votes
    5y

    Thank you, @Kristyn Grimes and @Aaron Zimmerman.

    @Jeyo Punnakottil - your problem is most likely a missing Franchise tax report for one of the years. Very common and very easily corrected. PM me, and I can send you my article on this topic. Not allowed to post it here.

  • Jeyo PunnakottilPro Member
    OP
    Rental Property Investor · Houston, TX · Member since 2019 · 141 posts · 48 votes
    5y

    @Aaron Zimmerman Thank you ,will reach out to Michael

  • Jeyo PunnakottilPro Member
    OP
    Rental Property Investor · Houston, TX · Member since 2019 · 141 posts · 48 votes
    5y

    @Kristyn Grimes Thank you Kristyn

  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    5y

    @Jeyo Punnakottil

    If you forget to file the Texas Franchise Tax Return, Texas will assume that your business had income and base taxes/penalties on that figure.

    Figuring out the tax year in question, filing a past due return, requesting abatement will likely remove the taxes due.

    Reach out to @Michael Plaks to help you with your issue.

  • Jeyo PunnakottilPro Member
    OP
    Rental Property Investor · Houston, TX · Member since 2019 · 141 posts · 48 votes
    5y
    Originally posted by @Basit Siddiqi:

    @Jeyo Punnakottil

    If you forget to file the Texas Franchise Tax Return, Texas will assume that your business had income and base taxes/penalties on that figure.

    Figuring out the tax year in question, filing a past due return, requesting abatement will likely remove the taxes due.

    Reach out to @Michael Plaks to help you with your issue.

    Thank you

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