As residential real estate experts in Jamaica Queens, we understand the importance of a reliable and competent team that supports our financial needs. Moreover, when it comes to tax and accounting services, it is essential to seek high-quality professionals to ensure accuracy, efficiency and peace of mind. But how do you find the best solution to your needs?
Local Knowledge Matters
Professionals with deep roots in Jamaica, Queens understand the unique challenges and opportunities that are specific to the region – simply invaluable. They keep up to date with local regulations and have established links with other industry experts, enhancing their ability to provide tailored guidance. I have lived and worked in Jamaica, Queens since the early 2000s. And, I can tell you that I know these Queens streets. I understand the needs of the community, especially as a CPA specializing in real estate.
Look for Experience and Certifications
Credentials matter! Look for certified public accountants (CPAs), or registered agents (EAs) with proven experience in taxation and accounting for real estate. Professionals who have invested in extensive training and guarantee high levels of competence in their field. Do not hesitate to ask about their experiences with clients in Jamaica Queens and their familiarity with local tax laws and regulations. Over the past two years, I have personally invested more than 120 continuing professional education hours to constantly educate myself in relevant areas of tax & audit / compliance. Additionally, I attended the NY Tri-state Triple Play Real Estate event in Atlantic City, NJ, to learn from and connect with other real estate professionals. If you want to learn more about my certifications and licenses, check here: https://wscullycpa.com/about/
Referrals and Reputation
Word-of-mouth referrals from trusted friends, family or other real estate professionals can lead you to exceptional tax and accounting professionals. Research online reviews and testimonials to assess the reputation of a company or firm. A good reputation based on excellent service and consistent results is a promising indicator. Yes! Yes! And, if you Google my firm, W. Scully, CPA, PC, you will note that I have about 67 reviews, mostly from folks local to my area. Have all my reviews been 5-stars? NO! But, I am only human and take responsibility for all my work. Consequently, I always work with my clients to fix problems before they become more serious.
Specialized Knowledge
The taxation and accounting of real estate requires specialized expertise. Seek professionals with proven track record in areas such as property tax compliance, rental income taxation and 1031 exchanges, as well as real estate professional designations as defined by the IRS, just to name a few. Speaking of this, I have known many clients and prospects who have been caught in scenarios in which they have erroneously claimed this designation. In another case, a prospect sold real estate and had a capital gain which could have avoided if he had waited another three months before selling. He was ill-advised, and he contacted me when it was too late. So, anyone you choose should demonstrate an understanding of local and state tax laws, such as the unique regulations of the New York State & City. Which reminds me, New York City recently started regulating short-term rental properties in a serious way. Learn more: https://www.washingtonpost.com/travel/2023/09/01/nyc-airbnb-rules-local-law-18/
Personal Attention and Communication
Your tax and accounting expert should prioritize personal attention and clear communication. Ensure they listen attentively to your concerns, explain complex concepts clearly, and respond promptly to your inquiries. A trustworthy adviser will maintain open communication channels and keep you informed throughout the year, not just during the tax season. As one of my clients with a $300K problem will tell you, I go out of my way to help clients and make myself available almost around the clock. Check out her testimony here: https://youtu.be/SFMt59zxccY.
Technological Efficiency
In today’s digital age, we should all use technology to streamline services, improve collaboration, and ensure secure sharing and storage of documents. Heck, your professional should train you about their technology, as it will make life easier for everyone. Essentially, they should demonstrate their commitment to stay up to date and embrace innovation. Think about apps like MileIQ to track your mileage between the office and your properties.
I use TaxDome to manage my client relationships. From on-boarding to facilitating document storage and communication. Bookkeeping software like Quickbooks is also a huge help when keeping track of financial activity. Now this is not the only game in town when it comes to bookkeeping software. Similarly, I heard great things about Xero & Zoho. Once you build your portfolio, you may want to graduate to something like Netsuite. For more real estate book-keeping software, check out this article by Forbes: https://www.forbes.com/advisor/business/software/best-real-estate-accounting-software/.
Check whether the firm or individual is associated with reputable organizations, such as the American Institute of Certified Public Accountants (AICPA) or the New York State Society of Certified Public Accountants (NYSSCPA). These affiliations show commitment to industry standards and ongoing education. Not only am I affiliated with the above-mentioned organizations, I am also a licensed real estate instructor and licensed real estate agent. In addition, I also network within the accounting and tax communities and know the real estate industry. This means I can guide you on all fronts.
In conclusion, finding the right tax and accounting professionals in Jamaica requires research, referrals, and focus on local expertise, certifications and specialized knowledge. Do not settle for mediocrity; seek top-notch consultants who prioritize personal attention, communication, and technological efficiency. This will create a strong support system for your real estate efforts and ensure accurate and compliant financial management.
Do you need help with your tax and accounting? I am here for you! Please contact Wayne Scully by e-mail at [email protected] or by phone at 718.938.4601.
Get a FREE! FREE! copy of Wayne’s book here: www.getmytaxbook.com.