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Updated over 2 years ago on . Most recent reply
Use Multiple CPA's - How and Why
What is the best way to go about using multiple CPA's? Why I ask? Lets say you have a W2 job, a non real estate specialized business with your spouse (pass through income), and own a few rentals. You value expertise of a CPA in your business niche, but are limited on real estate related tax situations and vice versa. (check out Amanda and Matts tax book, even regular CPAs use REI CPA's for investing).
Should you use the CPA that applies to the most complex aspect of your taxes and only that one? How do CPA's feel knowing you use another CPA either one time or continually? Can they work together? Who does the official filing of your taxes? Does one do one part and then send documents to the other?
What's the best ... etiquette in creating and managing these CPA relationships but making sure you get the best tax advice and strategy for your situation?
Would love perspectives of both investors in this kind of situation, and CPA's on this!
Most Popular Reply
Hey Pierre, I think it comes down to whether you are willing to pay for both. Neither is going to mind you working with someone else but both are going to expect their share of payment.
I'll say most real estate CPAs are knowledgeable on other areas of the tax code but not every CPA is knowledgeable about the real estate part of the code.