A few months back I wrote an article talking about CPAs, and how it could sometimes be really hard to find a good, knowledgeable CPA with a background in business and real estate and a talent for creative tax strategies.
At the time I caught some flack from a few members of the CPA community, who thought I was being unfair, and hard on my fellow professionals.
But the reality is that there are all kinds of CPAs and tax advisors out there, with a wide variety of professional interests. Not all CPAs are good at the same things. For example, some CPAs enjoy the routine of tax preparation and concentrate on personal and small business returns. Some CPAs enjoy working with larger businesses, learning the ins and outs of accounting for the flow of millions of dollars each year. Other CPAs enjoy dealing with real estate investors, and the challenges that creative real estate finances can bring. And still other CPAs, like myself, design creative tax strategies, where we begin every tax strategy with a “what if” or “how can I” question and see where we go from there.
Your challenge, as a business owner, real estate investor or whatever your circumstance, is to find a CPA who’s practice complements your needs. Otherwise you might wind up in a situation like some of our featured case studies this week, where bad or wrong advice wound up costing a bundle.
- Failure to Properly Document S. 179 Deduction Costs Taxpayer
- Accounting Mistake = Loss of $2 million Depreciation Deduction!
- IRS Gives Antarctic Workers Cold Shoulder
Once you find a good CPA, or while you’re searching for the right one for your circumstances, work on your own financial skills. The better you can communicate with your advisors, the better results you’re going to get. Why not consider joining us in Phoenix on August 23-25, 2007, for the Pre-Emptive Tax Strategies Seminar and meet many of our new DKAffiliated CPAs in person? This 3-day event is a crowd-favorite, and features speakers from various fields who freely share their knowledge, advice and expertise. You’ll have access to countless years of experience at a fraction of what it would cost you to go out and pay for all this advice, one by one, expert by expert – and even better, all this talent will be assembled into one place!
Warmly, Diane Kennedy