Need a CPA in SF Bay Area to correct previous tax returns

Need a CPA in SF Bay Area to correct previous tax returns

Rental Property Investor · San Jose, CA · Member since 2015 · 34 posts · 8 votes

Hello guys,

My parents own several properties in San Jose and have been using the same tax guy for 20 years or so. However, I don't think he is very good. Basically, they use him because he is cheap and they have used him for very long, so it is hard for them to go out and find a new tax guy. They are both retired, so not so easy for them to use Yelp and such. 

I am dealing with a specific tax issue: I need to find someone trustworthy who can perform a tax correction for my parents. These incorrect taxes are impacting our ability to get loans to do renovations on our existing properties (although the properties have plenty of equity). 

For several years of tax returns, my parents' tax guy has listed one of their properties as a loss, but without reporting the income for that property. That needed to be corrected and we were aware of it beginning in about 2015, but I get the sense this guy is giving us the run around. He says he has submitted paperwork to IRS and is awaiting a response, but that response is 3 years coming? Since it is a bit complicated, I am not even sure how to go about checking if there is some sort of confirmation number or something like that. 

Anyone who knows about making tax corrections, any advice is very much appreciated. 

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  • Logan AllecBusiness Member
    Accountant · Los Angeles, CA · Member since 2014 · 1k+ posts · 980 votes
    8y

    @Federico Morales "my parents' tax guy has listed one of their properties as a loss, but without reporting the income for that property"

    So you are saying that he has only reported the expenses for this property and not the gross rents?

    Clarita CPA Group516 Reviews
  • Rental Property Investor · San Jose, CA · Member since 2015 · 34 posts · 8 votes
    8y

    yes, i guess this is the situation. 

    So it seems that the tax guy has reached out to IRS to get this corrected and then i supposed my parents will have to pay some back taxes or penalties or something. however, the process has gone on so long now, which makes me think the guy is dragging his feet. 

    so im wondering if it sounds normal that it should take IRS so long to make a response. 

  • Rental Property Investor · San Jose, CA · Member since 2015 · 34 posts · 8 votes
    8y

    just reading online it seems like it should be a matter of months, not years. but i am not educated in the topic... perhaps it is very complicated!

  • Palo Alto, CA · Member since 2017 · 230 posts · 200 votes
    8y

    My wife is a partner at San Jose CPA firm with office in San Jose downtown. She is very good at negotiating with IRS (they do a lot of them). Without saying, to me she is the best CPA in the bay area.  Contact me if you need her contact.

  • Chad HalePro Member
    Property Manager / Investor · San Jose, CA · Member since 2013 · 779 posts · 301 votes
    8y

    @Federico Morales

    I've been happy with BJ at Fitzpatrick & Tucker.

    ft-cpas  dot com

    This exact time of year may be a bit busy for most CPAs :)

    Chad

  • Rental Property Investor · San Jose, CA · Member since 2015 · 34 posts · 8 votes
    8y
    Thanks, guys. My brother will end up handling it!
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