House Flippers & Investors vs Janky Tax Advisors

Today, I am sharing an experience one of my clients had with their previous accountant tax preparer.

My client worked with this accountant for years, taking advisement on how to buy and flip houses. All while renting real estate and selling real estate my client thought everything was being prepared properly with his accounting and taxes practices. After my client couldnt find his accountant for almost a year, he started working with me.

After reviewing all his tax returns, I realized they looked a bit off. I realized that his tax returns were not prepared properly and after pulling the clients tax return transcripts from the IRS I realized nothing was filed.

Also after looking after at his corporate filings, I decided to call the Internal Revenue Service (IRS) with the client on the line to research how the Clients Limited Liability Companies (LLC) were set up. Come to find out, the limited liability companies(LLC) were setup differently than my client believed his Real Estate companies wanted them to be.

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