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Started By
Message
Small Biz - CPA
Posted on 1/23/25 at 7:30 am
Posted on 1/23/25 at 7:30 am
Have been with same CPA 5ish yrs and considering a change or at minimum gut checking alternatives.
Tax prep for 2 owner biz (personal + S Corp return for each) is around $15k annual line item.
Do you use a local CPA or out of town / Nat'l firm? Any recommendations?
ETA addit'l context:
--Both Owners live in Mandeville area
--Biz buys/sells/develops RE in 7-8 states, mostly Gulf Coast
--Some Owner financing activity but otherwise straight fwd finances
--Except for Tax filings we maintain books & payroll internally (XERO + Gusto). They're clean.
--S Corp. w/ (2) Owner W2's & (6-8) 1099 contractors
--Personal filings have a W2, couple K1's, typical investment accts (IRA, HSA, Brokerage etc)
Tax prep for 2 owner biz (personal + S Corp return for each) is around $15k annual line item.
Do you use a local CPA or out of town / Nat'l firm? Any recommendations?
ETA addit'l context:
--Both Owners live in Mandeville area
--Biz buys/sells/develops RE in 7-8 states, mostly Gulf Coast
--Some Owner financing activity but otherwise straight fwd finances
--Except for Tax filings we maintain books & payroll internally (XERO + Gusto). They're clean.
--S Corp. w/ (2) Owner W2's & (6-8) 1099 contractors
--Personal filings have a W2, couple K1's, typical investment accts (IRA, HSA, Brokerage etc)
This post was edited on 1/23/25 at 8:35 am
10
Posted on 1/23/25 at 7:39 am to SwampCollie
I’m a small biz cpa in Florida.
S corps start at 1k plus time to clean up your books. Usually around 1200-1500 for clients that don’t have their books done by us.
Personal returns that include that would be around 1000 assuming you’d have a state return.
Does your current cpa handle your bookkeeping and payroll? Other than the s corp returns how complex is your personal return?
S corps start at 1k plus time to clean up your books. Usually around 1200-1500 for clients that don’t have their books done by us.
Personal returns that include that would be around 1000 assuming you’d have a state return.
Does your current cpa handle your bookkeeping and payroll? Other than the s corp returns how complex is your personal return?
Posted on 1/23/25 at 7:44 am to SwampCollie
I use a small local firm for my work, LeGlue out of NOLA.
Edit your OP for your area and you may get some recommendations
Edit your OP for your area and you may get some recommendations
Posted on 1/23/25 at 9:08 am to SwampCollie
Sounds high to me based on what they're doing. I guess the only caveat to that is the different state returns.
Posted on 1/23/25 at 9:20 am to SwampCollie
quote:
-Biz buys/sells/develops RE in 7-8 states, mostly Gulf Coast
This is what turns a straightforward return into a complex nightmare.
quote:
They're clean.
Clean is not always equal to "tax ready"
Posted on 1/23/25 at 9:27 am to SwampCollie
quote:
$15k
quote:
Both Owners live in Mandeville area --Biz buys/sells/develops RE in 7-8 states, mostly Gulf Coast --Some Owner financing activity but otherwise straight fwd finances --Except for Tax filings we maintain books & payroll internally (XERO + Gusto). They're clean. --S Corp. w/ (2) Owner W2's & (6-8) 1099 contractors --Personal filings have a W2, couple K1's, typical investment accts (IRA, HSA, Brokerage etc)
That’s cheap
Posted on 1/23/25 at 6:56 pm to SwampCollie
I use Bob Norton in Slidell. He's been pretty good. First time using one so I have nothing to compare it to.
Posted on 1/23/25 at 9:25 pm to SwampCollie
Why are you thinking about leaving? Too expensive? Not aggressive enough? Not responsive?
This is rather complex and honestly there aren’t too many CPAs out there who can do this competently (key word) so the ones that can age going to charge for their ability. The state by state apportionment themselves are a mess especially if they use different t measures. Then you have all the weird things each state wants filled out.
Also guessing you have 7-8 state returns for the 1040? Or are you doing composite returns?
Don’t take this the wrong way but… you would need all the fingers on an NFL team to count the number of times I’ve been told that… and they are a mess.
quote:
Biz buys/sells/develops RE in 7-8 states, mostly Gulf Coast
This is rather complex and honestly there aren’t too many CPAs out there who can do this competently (key word) so the ones that can age going to charge for their ability. The state by state apportionment themselves are a mess especially if they use different t measures. Then you have all the weird things each state wants filled out.
Also guessing you have 7-8 state returns for the 1040? Or are you doing composite returns?
quote:
They're clean.
Don’t take this the wrong way but… you would need all the fingers on an NFL team to count the number of times I’ve been told that… and they are a mess.
Posted on 1/24/25 at 7:14 am to LSUFanHouston
Yep, 15k sounds about right for that many states.
And yes, every new client of mine who says “my books are clean” are never clean for me.
And yes, every new client of mine who says “my books are clean” are never clean for me.
Posted on 1/24/25 at 8:27 am to SwampCollie
quote:
Why are you thinking about leaving? Too expensive? Not aggressive enough? Not responsive?
Ask yourself this and think about if you have had a conversation with your CPA about your concerns. I think a lot of issues could be solved with a simple talk.
Your return is more complex than you think. If your concern is cost, it is likely that cost will increase if you move firms.
Posted on 1/24/25 at 8:32 am to LSUFanHouston
quote:
Why are you thinking about leaving?
Slow. And occasionally incompetent. I shouldn't be explaining to the CPA's team that although my income exceeds limits for ROTH IRA my ROTH 401k contributions from W2 job aren't an issue.
quote:
ren’t too many CPAs out there who can do this competently
Doesn't seem all that difficult. We're talking 30-40 mostly cash transactions for land. No structures, leases, tenenants or complexity. Many states (like SC) retain a portion of the proceeds at closing anyway and refund/credit after filing.
quote:
Also guessing you have 7-8 state returns for the 1040? Or are you doing composite returns?
Believe its a composite return. My returns are like 100pgs long and I only see LA & AL (due to K1 in AL). Nothing for other states (FL, TX, SC, MS, MO etc). I'm not certain and frankly would rather trust an expert is handling optimally.
CPA is highly skilled and competent. The root issue is I'm not dealing with him until the staff runs into things they can't figure out. Which is more frequently occuring and slower resolution than I'd like.
Posted on 1/24/25 at 8:54 am to SwampCollie
The different state returns are a lot more difficult and time consuming than you think they are. They all have different filing requirements and forms that have to be filled out. That's going to be the main driver of your cost.
Posted on 1/24/25 at 10:01 am to SwampCollie
quote:
Doesn't seem all that difficult. We're talking 30-40 mostly cash transactions for land. No structures, leases, tenenants or complexity. Many states (like SC) retain a portion of the proceeds at closing anyway and refund/credit after filing.
If it’s that easy why do you need a cpa anyway? Save yourself 15k and do it yourself.
Posted on 1/24/25 at 11:11 am to horsesandbulls
quote:
“If it’s that easy why do you need a CPA anyway”
“Not all that difficult” for a CPA =/= “easy” for me, dork.
I recognize and am happy to pay for an expert between me and the IRS. My time has much higher ROI focused on my lane.
Biz is biz and if better services exist I’m interested. If you don’t have a recommendation, which is the purpose of this thread, move along.
Posted on 1/24/25 at 11:16 am to SwampCollie
quote:
“Not all that difficult” for a CPA =/= “easy” for me, dork. I recognize and am happy to pay for an expert between me and the IRS. My time has much higher ROI focused on my lane. Biz is biz and if better services exist I’m interested. If you don’t have a recommendation, which is the purpose of this thread, move along.
You can either get cheap or good. $15k is not expensive for 7 or 8 state returns, an S corp and partnerships. It also sounds like they’re preparing your 1099’s
This post was edited on 1/24/25 at 11:17 am
Posted on 1/24/25 at 12:00 pm to Mingo Was His NameO
quote:
You can either get cheap or good. $15k is not expensive
Agree. For small biz or "complex" return a good CPA should easily pay for themselves. Current expenditure was provided only as context. If $30K gets me better service and quantifiably greater bottom line result I'm game.
quote:
sounds like they’re preparing your 1099’s
No. Payroll provider preps & sends 1099's.
Posted on 1/24/25 at 12:33 pm to SwampCollie
Idk seems steep for just tax returns.
Who is doing all of your inhouse accounting? I'm guessing not a CPA?
Who is doing all of your inhouse accounting? I'm guessing not a CPA?
This post was edited on 1/24/25 at 12:38 pm
Posted on 1/24/25 at 12:54 pm to Mingo Was His NameO
quote:
It also sounds like they’re preparing your 1099’s
This takes like 5 mins each, why would it be a driving factor in a CPA cost anyway.
FWIW OP Im an S-corp in Fl with no state returns. I pay $5-8k a year depending on a couple of factors.
EVERY SINGLE YEAR I've asked every single CPA to give me a list on how to improve me books for them. I've been through 3 CPAs.
I've yet to once get good feedback.
ETA: Do state returns require quarterly estimated tax payments? I have 0 experience with state returns, but that's anywhere from 15-20 returns as far as I can tell. It does seem like a lot of work.
This post was edited on 1/24/25 at 12:57 pm
Posted on 1/24/25 at 1:34 pm to baldona
quote:
This takes like 5 mins each, why would it be a driving factor in a CPA cost anyway
I think we charge like $250 each. If he has 6 of them and he’s only paying $15k in total it makes a difference. They’re not preparing them so it doesn’t matter
Posted on 1/24/25 at 2:40 pm to baldona
quote:
ETA: Do state returns require quarterly estimated tax payments?
**not financial advice**
I don't do estimated quarterly payments at all. The last payroll run of the year we add actual Fed & State tax liabilities to payroll deductions, which makes them retroactive to Jan 1.
Occasional small penalties are worth it to turn significant cash couple times.
quote:
EVERY SINGLE YEAR I've asked every single CPA to give me a list on how to improve me books for them
Same. CPA advised unless it becomes a time suck current output is everything he needs. IMO thorough understanding of P&L & cash flow is essential for biz success anyway, so even with a bookkeeper I'd be buried in the numbers.This post was edited on 1/24/25 at 2:42 pm
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