Now that Iâ€™m getting ready to actually relocate across the country, itâ€™s time to start building my team and defining our business structure(s). With that in mind, the first team member Iâ€™ll be looking to find is a really good Certified Public Accountant (CPA), with a specialty in real estate.
Unfortunately, I havenâ€™t been able to get a good personal recommendation for CPA, which means Iâ€™m going to have to be extra diligent in my interviewing and screening process.
Essentially, Iâ€™m looking for someone who can provide the following services for my real estate business:
- Help me define the appropriate business structures, both from a legal protection and from a financial/tax perspective
- Help me create a tax strategy for my business that will allow me to legally keep as much money as I possibly can
- Help me make smart decisions with respect to individual real estate investments
- Prepare my annual tax returns
- Recommend other team members (attorney, insurance agent, real estate agent, etc) who can help make my business a success
With those goals in mind, Iâ€™ve put together the following list of interview questions that will hopefully allow me to find a qualified CPA who can successfully help me sustain and grow my business:
- What are your credentials?
- What services do you offer?
- What areas of tax and accounting do you specialize in?
- What is your background and do you personally own real estate?
- How would I be able to communicate with you? Can I get questions answered by email?
- Given my circumstances, what business structure(s) do you recommend? Why?
- Can you register the business structures for us?
- How can you help in the various phases of real estate investing (acquisition through sale)?
- Do you specialize in tax strategy? Specifically geared towards real estate?
- How aggressive will you be in helping us keep as much money as possible?
- What tax strategies/issues should I be aware of upfront?
- How often would you suggest we meet to review our progress/plan?
- Do you do tax preparation?
- What software do you use (and expect me to use) to do our accounting?
- Can you help me find other team members (attorney, insurance agents, real estate agents, etc)?
- What is your schedule of fees?
- Do you have references?
If you can think of any other questions I should be asking, please let me know!