CPA & Attorney Pros/Cons: Please Share Your Thoughts
I'm interviewing my first CPA's & attorneys. I would like to know of pros & cons of having the same person be both my CPA and attorney. Also, pros/cons of hiring a local CPA &/or attorney vs a CPA &/or attorney that is out of state. It would seem to me that a local professional (or at least one in the same state) would be better suited to the laws of that state, but maybe I am off in this thought. Thanks for your help.
Most Popular Reply
I think having the cpa and attorney in the same firm or office is good. So many times I ended up with the attorney and cpa at odds on the best way to solve a problem or achieve a goal when they were not together.
As far as having one in your state -It depends on your situation. As an example with certain business structures and/or multi state investments you may need more than one. Some state laws and rules are the same and some are completely opposite.
I like having an attorney and cpa that I can visit and who have a network of other attorneys and CPA's they can call upon if needed in other states. I have multi state companies and investments and more than one attorney and cpa.
In summary it doesn't have to be one or the other- it is not mutually exclusive it is a good rule of thumb to have an attorney or cpa familiar and licensed in each state you file a return.