That's the key component that is usually missing when I hear other entrepreneurs/investors say they don't like QBO.Something else to keep in mind is your entity structure and how your entities file tax returns.

@Nakul PatelCalifornia is generally more cumbersome than other states when it comes to taxes and filings.

I've filed the claims.

Below are some important things for you to be mindful when you have to file a partnership tax return1) A partnership return generates a form K-1 that each investor will need to complete his / her tax return.Will the accountant be able to complete the tax return by April 5th to give the investor/partner enough time to file his individual return?

Its always best to review your file with an investor friendly mortgage broker like ourselves to see what are your best options in terms of financing your next deal and get a high level understanding on how to enter a property and also exit a property.

Hey Travis, I am posting the link to the Ordinance. https://detroitmi.gov/sites/detroitmi.localhost/files/2019-0...It says that this ordinance was passed in 2019, however, @Drew Sygit says that it is still just a proposal.

Likely.If you don't have the time to respond in your voice, based on your own experience, you probably shouldn't spend time in the forums just to say welcome only, cut and paste, or use AI.I await the first "Who made you the forum police?"

I have had several Colorado LLCs (single member LLCS with one single family residential rental per LLC, so very small-time) for a decade, and always file my periodic report so am in good standing with the Colorado Secretary of State, but have only just heard that I need to file a BOI report before the end of the year.

You are required to file a complete and accurate return, which means reporting the income that you earned along with atleast the direct expenses that you incurred on your rental.There are two comflicting forces - Your tax accountant wants to be aggressive with deductions because it will entitle you to paying less taxes(now or in the future).Your lender wants to see as much income as that will increase your Debt to Income Ratio(DTI).The good thing is that you can speak with your lender about 'one time expenses', that were only incurred in that year and are not reoccuring. 

Ignorance IS a defense in residential, and one a party can file a class action lawsuit on because that's much of what just happened nationally.