All Forum Posts by: Curt Riffel

@Michael Wagnon 

I am located in Frisco, TX. I have an MS in Accounting, a CPA license, and prepare tax returns for real estate investors. Also I'm friendly and easy to work with.

We specialize in multifamily real estate syndications, but help a broad range of clients from SFH rentals, commercial, business owners, and general high net worth individuals.

Not specific advice, but we typically will amortize the 'loan closing costs' over the life of the loan. In the year of sale we will amortize the remainder if any is left. This would show up as an asset on the depreciation schedule. 

@Chris Seveney I work a lot with syndicated partnerships for multifamily. As a CPA, I prepare the tax returns and also review and sign others. 

There is a lot of 'pressure' to have K-1s or 'estimates' by 3/31 so that returns can be filed by 4/15. This is not a reality any longer as people have left the accounting profession we will get around 35% of the partnership returns finished by 3/15, then we switch to personal 1040 tax returns, then alternate back and forth on first in first out basis after 4/15. I can give you ballpark estimates based on the financials provided, but not at an individual level. The managing member needs to be able to understand the depreciation + rental income for the year and multiply by the partner percentage of profit/loss. 

After 4/18 this year vacation days start happening for staff that haven't had a day off in 3 months and worked most Saturdays. If you haven't been a client for 5+ years you may not be the priority. 

The expectation to have a K-1 by 3/31 probably needs to change for most syndications. The expectation should be to extend for all partners in a syndication and receive an estimate by 4/1 and your K-1 by September 1st. For many of the individual partners in a syndication the losses are not deductible in the first year, so it should be easy to 'estimate' $0 income/loss from the partnership the first few years for most. 

My Church as a building has been around for over 100 years. The location and land value are really good. It is in the downtown area of a major suburb adjacent to a park, municipal buildings, multifamily new builds, SFH new builds, restaurants, bars etc. It has easy access to the rail line, it owns a small strip center on the same property zoned for commercial with current tenants in place. It also leases around half of its building footprint to a Christian school.

However economically it doesn't seem viable as a continuing operational church. There is no debt but the spend per year in salaries, upkeep, and ministries is becoming too large to ignore compared to worship offerings, lease income from tenants/school, and a small amount of interest income. Value on the county tax rolls is around $3.5 million - which seems low to me. 

I am part of a committee that is going to make difficult decisions about whether we sell the building or not. 

1. What are the considerations in selling this property or keeping the property? 

2. Do you think it makes sense to sell?

3. Do you have any suggestions or thoughts? Any options we should think about?

Boston, Pittsburgh, Houston, Philadelphia, San Francisco, Salt Lake City

@King Kramer I am located in Frisco, TX. I have an MS in Accounting, a CPA license, and prepare tax returns for real estate investors. Also I'm friendly and easy to work with.

We specialize in multifamily real estate syndications.

@Karan Nanda 

I am located in Frisco, TX. I have an MS in Accounting, a CPA license, and prepare tax returns for real estate investors. Also I'm friendly and easy to work with.

@Adam Young I am located in Frisco, TX. I have an MS in Accounting, a CPA license, and prepare tax returns for real estate investors. Also I'm friendly and easy to work with.

1. I think it is manageable to prepare your own return with 2 rentals and W-2 wage income. But when it isn't worth the hassle to you or you are unsure if you are doing it correctly you should seek a CPA.

2. I haven't seen any of our Landlords provide their tenants 1099-Misc for rental income received. If anything the Landlord would be the recipient of 1099-Misc Rental income. We do prepare 1099s for payments over $600 to contractors and vendors for our Landlord clients. 

In our industry prices have increased substantially because of retirements and lack of new accounting professionals entering the labor pool. Some mid-size firms and large firms are looking to shed small 1040 (orphan) clients unless they have additional 1065, 1120-S, or 1041 filings. 

What is the reason to not extend and finish your tax return in July/August like many others?

I've worked at some small CPA firms. We bill by time in 15 minute increments. Average rate is around $225/hr. Lower staff around $150/hr and Partners closer to $325/hr. Staff spend the most time with the return and the return is reviewed by partners. 

The best way to have a lower bill is to keep a great set of books. How clean and easy is it to transfer your financial information into a tax return? Notice I didn't say keeping good records, but the actual bookkeeping needs to be neat, tidy, and accurate. 

New returns sometimes take a bit longer due to setup of Workpapers, Depreciation Schedules, Partner Basis Schedules, UBIT, Contribution Schedules and General Return information. 

@Atith Saheba

I am located in Frisco, TX. I have an MS in Accounting, a CPA license, and prepare tax returns for real estate investors. Also I'm friendly and easy to work with. We create a ton of K-1s for investors just like you that are invested in multifamily syndicated partnership deals. 

With 2 W-2 jobs and 1 K-1 from a syndicated investment I do not think you need a CPA/EA yet. I think Turbo Tax would be easy enough to do your own taxes still. Tax planning can look very different depending on your goals and plans.