All Forum Posts by: Joe Black

Thanks to everyone who posted on this thread, specially the people who have their CPA License number on their signature. That makes it super easy to search on CPAverify.org

I will expand my search to outside of Texas.

 Nice! Thanks for the tip.

Thanks @Ryan Kelly IIRC the other options were 'C corp' and 'Partnership' do you known which one is the recommended type ?

 Yes, CPA advised to use an S corp.

@Account Closed "I was told that single member LLCs are pass though" CPA recommendation was to create an S corp, not single member. That's what I did.

@Chris Seveney "We don't know what they told their cpa" I asked the CPA to review the LLC formation docs BEFORE creating the company, got the green light to proceed without any warnings or advise.

Hello, I trie using bigger pockets 'classifieds' without success :(

can somebody recommend an accountant in the Austin Area who can help me prepare my taxes for this year?

I have an LLC with two rentals on them.

@Glen Wiley Not yet, I have scheduled meetings with both. To talk about this.

@Jay Hinrichs Thanks for the advise I will get a second opinion.

Hi this is my first post.

last year I created an LLC and move two properties into it, my wife and I own the LLC and we both owned the houses as well.

houses have been rentals since 2019, and LLC was created on 2023.

this year my CPA says I need to pay over 17,000 USD in taxes to the IRS because

"

This is a one time thing moving the properties to the LLC. What you are paying tax on is the recapture of the depreciation taken in the past. Moving the properties to the LLC the depreciation starts over at day one on 01/01/2023 when they were moved.

"

neither the real state attorney hired to create the LLC nor the CPA mentioned anything about tax implications when the company was created, I feel the 'experts' I paid for this services let me down.

any recommendations, or options to minimize the amount of money owed?

should I avoid this CPA and real state attorney in the future?

thanks for your help.