Tax Question

[Joel Owens]

So taxes is one area where I really need to get more info on.

1. Does it matter if your tax attorney or CPA is local to you?? Can they be in another county or state and it can still work??

2. What is the difference between a CPA and a tax attorney?? Some info I read said there is not a difference in some cases. That they key was the CPA was knowledgeable and helps with tax planning and strategy instead of just inputting forms but I am not sure.

3.What about if you ever receive an IRS audit?? Is a CPA entitled to disclose all the discussions you have had with them and a tax attorney can instead invoke attorney client privacy??

4. When self-employed how much can you give to a serp plan??

[Kyle Meyers]

1. They don't need to be local, but if they are doing your state taxes, they should be familiar with your state's tax laws and will probably be located in the state.

2. Neither CPA or tax attorney status alone will tell you if the professional you are selecting is qualified. Many CPAs are not best qualified to prepare tax returns for a real estate professional. You want to find someone who is familiar with the taxes for your real estate dealings. I would recommend getting recommendations from several other investors and interviewing the candidates.

3. There is accountant-client privilege as well, but it is limited in comparison with attorney-client privilege.