Looking for CPA in Virginia Beach

[Jake Bronk]

Hello Bigger Pockets Community ! I am currently a buy and hold investor, currently house hacking in Virginia Beach! As tax season is upon us I am looking for a CPA in the local area. I am looking for one with real estate experience or who has worked with investors in the past or currently are. If you all have any recommendations that would be greatly appreciated!

[Paul Allen]

Originally posted by @Sean Rooks:

Also @Paul Allen at PIM Tax is an investor and CPA. 

Thanks Sean, but to be accurate, I am a CFP® and an Enrolled Agent, not a CPA.

To expand on @Natalie Kolodij's point, the credential is just a reference point. CPA's have more education and a harder test than Enrolled Agents (although NOBODY with zero experience is passing the EA exam after a month of study). If you hire a CPA, you tend to pay for that extra schooling and testing. You may need it, but you might not. If you're an investor with a couple of properties you probably don't. If you've got a larger enterprise like @Patti Robertson, you need a CPA. 

That said, I have amended more than a handful of tax returns prepared by CPAs because they were wrong. I am currently working with some folks whose CPA cost them more than $50K in additional taxes over the past 3 years. 

The dirty little secret in the tax professional world is that nobody is good at every kind of tax return. It's like the law. Johnny Cochran - brilliant criminal defense attorney. I wouldn't have hired him for a patent dispute. Yet, most tax professionals don't advertise their specialty, their niche. Nor do they turn away clients they should turn away. I find this professionally irresponsible, and a poor business practice. I specialize in military families who are landlords. I had a gentleman call me earlier this year who had RSUs and ESOs (restricted stock units and employee stock options), which get special tax treatment (calling for special strategies). I am not familiar with them, so I told him I couldn't prepare his tax return. Not only was this (IMO) professionally responsible, but in the time it would take me to research his situation to do a credible job for him I could be helping 3 or 4 military families who are squarely in my wheelhouse. That's more revenue for me.

My $0.02

Best of Luck with Your Real Estate Investing!