US Real Estate Accounting Tax Expert CPA -(Niche: Real estate professional with W2)

(Under $1m in annual transactions)

Must be very familiar with US accounting & Tax for ***REAL ESTATE PROFESSIONAL STATUS***, WITH W-2 INCOME***

Must thoroughly understand the US Tax rules for real estate professionals (real estate investments) who also have w-2 income.
Both understanding and diligence with real estate expenses vs depreciation vs deductions is mandatory;

We are either looking for someone who is an absolute expert to help establish the right structure, processes and procedures
and OVERSEE a book-keeper/accountant, or, someone who can do all of the above.

Must be able to manage or create proper structure for a book-keeper to manage a w-2 income that has it’s own per diems, travel expenses, expenses and record keeping. Depending on the date, may depend if the expenses are in relation to the real estate business, or the w-2 income.

We would like to be able to forecast what investments need to be made, on a quarterly basis, to keep our tax burden as low and possible and instead invest those monies into more real estate.

Organization is key. Proper checklists and accuracy. Very heavy in travel expenses for both real estate business & the w-2 role.

MORE INFO:

I have a diverse portfolio that includes both separate W-2 employment, and multiple real estate investments. We are seeking an experienced CPA to join our team and provide strategic financial management, tax planning, and compliance for the REAL ESTATE PROFESSIONAL STATUS.

Responsibilities:

Tax Planning and Preparation:
Develop and implement tax strategies to maximize deductions and minimize liabilities for real estate professionals with W-2 income.
Prepare returns.
Ensure compliance with all relevant US tax laws and regulations.
Forecast quarterly investments to minimize tax burdens and strategically reinvest in real estate.

Real Estate Professional Guidance:

Thoroughly understand and apply US tax rules for real estate professionals who also have W-2 income.
Ensure compliance with IRS rules regarding real estate professional status and document hours and activities appropriately.

Expense Management:

Manage and differentiate between real estate expenses, depreciation, and deductions.
Oversee and track W-2 income-related per diems, travel expenses, and other work-related costs, ensuring proper categorization and record-keeping.
Provide guidance on deductible expenses for real estate professionals with W-2 income.
Financial Oversight:

Oversee financial records and ensure accuracy in financial reporting.
Manage depreciation schedules and capital improvement accounting.
Provide high-level strategic financial advice to optimize investments and income.
Audit Support:

Bookkeeper Hiring and Supervision:

Assist in the recruitment and hiring of a qualified bookkeeper.
Ensure the bookkeeper’s work aligns with financial strategies and compliance requirements.
Provide guidance and oversight to maintain accurate financial records.

Qualifications:
Certified Public Accountant / Mastery degree or Lawyer designation required.
Minimum of 5 years of experience in accounting and US tax planning , with a strong emphasis on real estate investments and W-2 income management.
In-depth knowledge of US IRS regulations regarding real estate professional status.
Proven experience in managing and optimizing tax strategies for complex financial situations.
Strong analytical and problem-solving skills.
Excellent communication and interpersonal skills.
Proficiency in accounting software (e.g., QuickBooks, Xero) and Microsoft Office Suite.
Experience in recruiting and managing bookkeeping staff is a plus.
Ability to organize and maintain proper checklists and accurate records.

Key Questions:
What are deductible expenses for a real estate professional who also has W-2 income?
If we are halfway through the year and our real estate deductions are not enough to offset W-2 income, exposing a $100k tax liability, what would you recommend?
When would it be recommended for a client to utilize a cost segregation study?
What strategies are possible in the event we need to reduce the tax burden?