Things to check while hiring tax and accounting services for real estate developers and brokers
When hiring tax and accounting services for real estate developers and brokers, there are several crucial factors to consider to ensure you’re making the right choice. S|CPA Group – A Member of the S|CPA Network provides tax and accounting services for real estate developers and brokers in Austin, Dallas, Fort Worth, Plano, San Antonio and surrounding areas.
These are six points to check: 
- Industry Experience: Look for a firm or professional with specific experience in real estate accounting and taxation. Real estate transactions can be complex and have unique tax implications, so it’s essential to work with someone who understands the intricacies of the industry. Ask about their track record with similar clients and projects to gauge their expertise.
- Understanding of Tax Laws and Regulations: Real estate tax laws are constantly evolving, so it’s vital to choose a service provider who stays up-to-date with the latest regulations. They should be familiar with relevant tax codes, deductions, credits, and incentives applicable to real estate developers and brokers. Inquire about their methods for staying informed about changes in tax laws and how they incorporate this knowledge into their services.
- Services Offered: Assess the range of services offered by the tax and accounting firm. Beyond basic tax preparation, they should provide comprehensive services tailored to the needs of real estate professionals. This may include tax planning, entity structuring, cost segregation studies, 1031 exchanges, financial reporting, and compliance with industry-specific regulations.
- Technology and Tools: In today’s digital age, efficient accounting and tax software can streamline processes and improve accuracy. Inquire about the technology and tools the service provider uses to manage client accounts, track expenses, and prepare tax filings. Look for firms that leverage advanced software and automation to enhance efficiency and reduce errors.
- Client References and Testimonials: Request references or testimonials from other real estate developers or brokers who have worked with the accounting firm. Hearing about their firsthand experiences can provide valuable insights into the quality of service, responsiveness, and overall satisfaction. Additionally, online reviews and ratings can offer further validation of the firm’s reputation and credibility.
- Communication and Accessibility: Clear communication and accessibility are essential for a successful partnership with your tax and accounting service provider. Ensure that they are responsive to inquiries, proactive in providing updates, and accessible when you need assistance or guidance. A dedicated point of contact who understands your specific needs and goals can foster a productive working relationship.
By thoroughly evaluating these factors, you can select a tax and accounting service provider that not only meets your immediate needs but also serves as a valuable long-term partner in your real estate endeavors. Kindly call us without hesitation.
