Finding CPA's, Tax Attorneys, Wealth Advistors, Etc

[Zach Robbins]

This is a post meant to stir general conversation with other business-minded people about finding and working with professionals that focus on our wealth planning, taxes and related areas. 

I'm involved in multiple things. I have income coming in from: 

• An S-Corp with other shareholders that is a service-based business
• An S-Corp with other shareholder that is a manufacturing business
• An S-Corp owned 100% by me that earns income through business consulting
• A single member LLC that I use to hold all my real estate investments, both hard real estate as well as passive investments in syndications and funds
• A partnership where I am currently a LP but likely to transition to a GP over time (family partnership). This partnership owns real estate as it's primary income
• My wife and I also both earn W-2 income from different employers

I grew up in a family business, still am involved in a family business, have my own real estate stuff going, a personal business of my own and plan on expanding into more businesses on my own over time. I also have my own (young) kids I need to plan for along with other personal items that need planning.

Because of the family business, I've always had a CPA do my taxes. That's nothing new to me. But I've never been a fan of the CPA. I tend to ask a lot of questions and I alwasy got the run around. Almost treated as if, "don't worry about that, that's my job".  I don't want to know how to do my own taxes but I at least need to know the basics of the vehicle to know how to drive it in the best way. That CPA is no longer doing my taxes and I've worked with two more CPAs since him. After this year I'm convinced I still haven't found the right fit. 

Besides a CPA I've not worked with any other professionals, other than local attorneys who have set up business entities (very little tax/financial professionals/consultants).

I hear a lot of successful people talk on the BP podcasts and other podcasts, have read hundreds of blogs and some books. I would consider myself pretty knowledgeable in records to basic tax strategies and things like that but I have CPA's looking at my cross-eyed when I try and bring up strategies I've read/heard about elsewhere. The way I have described my current CPA experience to others is "I might as well take my taxes to H&R Block". That's all my past CPA's seem to want to do. "Hand me your end of the year statements and pay me to file your taxes". 

Everyone knows how to interview well. Doesn't matter whether it's an employee or a CPA. In my experience, you don't really know what you're working with until you get them on board. Employees can come and go at any time. CPA's report card really only comes once a year. So each bad hire you lose out on an entire year's worth of time. I'm soon to be through CPA's over about a 6 year period. I don't want to reach 10 years and look back and drown in sorrow over the amount of time I've lost in successful planning. 

Now to this point I've only been mentioning CPAs. I know I should probably be dealing with more professionals than just a CPA and this is where I want to raise a discussion with some questions (primarily towards high income, multi-entity/multi-income stream, individuals):

• How did you go about vetting and finding a CPA that you feel fits you best?
• Should I consider working with multiple CPAs? To date, a single CPA has done the taxes for my individual returns as well as ALL business entities. Should I consider different CPA's for different entities based on the nature of the business?
• What are your thoughts on using a dual CPA-Tax Attorney? The big benefit claim is you have the advantage of one person who is capable of handling legal and tax sides. That's not as appealing to me, I don't mind working with multiple people. I'm more asking for Client Privilege reasons. Do you think the benefit of having Client Privilege because of working with a dual CPA-Tax Attorney is advantageous enough to seek out someone with that qualification? 
• I've not worked with any financial advisors or wealth planners. Do you feel this is a role that should be filled by a well rounded CPA/Tax Attorney? Or are you better off finding someone else who isn't the CPA/Tax Advisor? My concern here is, again I've done a lot of research on my own and when I present ideas to current CPA's they look at my cross-eyed. I don't feel that's going to change just because I bring in another party that's helping to create the plan.

My post is getting lengthy so I'm going to stop here. I know everyone has different plans and structures going so I'm hoping this turns into a round table like discussion where people can help share their experiences to create ideas and maybe some direction. 

[Natalie Kolodij]

I always tell people to find a tax professional who specializes in your main gig. 

I work exclusively with real estate investors. I turn away lots of clients each year because they "have one or two rentals but likely won't get more" and they own....a trucking company, or they operate in the cannabis industry ect. 

Certain industries especially have very specialized tax laws and someone who specializes in that field can be of great benefit to you. 

For your situation I would say your best bet would be a firm that works with several industries- but is also specialized in REI too. I interviewed for a firm in Seattle like this before I went solo- they worked with all industries....but one partner was specifically REI specialized and so they worked with a lot of complex real estate as well.

Having more than one tax professional isn't uncommon also- but limits everyone since they're not all seeing/ consulting on the 1040. With S corps the income ultimately ends on your 1040 so someone may be excellent at the industry of your corp-but they may have had alternate suggestions/ options if doing the 1040 too.