All Forum Posts by: Curt Riffel

@Aaron Heers If you haven't found a CPA north of Dallas let me know. I have an office in Frisco and would be happy to connect with you. 

Hi Christian,

I'd be happy to assist you. Let me know what questions you may have. I happen to be in the Dallas area myself. 

@Omar Hassan Howdy, if you have tax savings questions - I'd be happy to point you in the right direction. 

@Mitch Lukes were you able to find someone to create an LLC? Most of the time you will need an attorney to set up a new LLC and create formation documents with the state.

@Francis Maduka @Brian Salazar if you have tax questions, I'd be happy to answer them. 

I'm a CPA, I generally would not recommend a CPA for a simple tax configuration as this. When your return is unmanageable on your own you should hire a tax professional. I would never use H&R Block over a local tax professional since their office isn't typically open year round. 

I want a good balance sheet with all of the assets listed. Preferably comparable year over year.

I want a good general ledger with all activity for the year.

I want a good Profit/Loss (Income Statement) with a good delineation of revenues and expenses broken out into a few categories. Preferably comparable year over year. 

What I do not want: A bunch of bank statements with bad record keeping. A balance sheet that does not have all of the bank accounts or properties listed. Retained Earnings that doesn't roll from prior year. I do not want 2 dozen revenue accounts and 100 expense accounts, there can certainly be fewer revenue and expense accounts than 125. 

Hi David,

I'd be happy to connect with you and discuss what your firm offers. We are a CPA firm located in Frisco, TX and most of our clients use a single real estate attorney nearby, but I'd be happy to connect with another professional in this space if clients need an attorney to draw up partnership agreements, file articles of incorporation with the state of Texas, etc for real estate deals. 

I'm a tax professional, I recommend people do their own taxes if they are competent to do so and the time value of doing them yourself is worth it. It is a professional service. I would compare it to car repair, if you can watch a youtube video and feel confident changing out a part, then by all means save the money. If you don't have the time or expertise to file your own return, then you should offload it to a tax professional, preferably an EA or CPA with multiple years of experience. 

Some clients have complex 1040s with multiple K-1s and rental houses. If you aren't keeping track of the carryforward losses you could be missing out on tax savings in the future. 

Are you also looking to close down the entities? I would likely file Final federal forms 1065 and 1120-S and close down the entities with the State of Texas. I would then be comfortable reporting the income directly on your 1040 on Sch E. I would be wary of leaving open some LLCs or S-Corps and dealing with a headache later. 

You could have a Single Member LLC on your 1040 return as well if you want to run everything through an LLC still.