A specialized CPA for real estate developers can boost your success
There’s a lot of money in the real estate business, and a specialized CPA for real estate developers can help ensure that you enjoy great success. That’s because no real estate company can get away without dealing with a wide variety of financial situations.
If you really want to make sure that every financial possibility is accounted for, you need to partner with an accounting firm that has extensive experience in the real estate business. They can make sure that you maintain sound financial records and an obtainable plan for your future so you can continue growing your business.
Comprehensive real estate services
Not all CPAs are created equal when it comes to expertise. Some first focus on just a few areas of finance, while others have such extensive experience that they are able to help in a wide variety of situations.
When searching for a CPA for real estate developers, make sure you take each firm’s experience and team member’s expertise in mind. Choose financial experts with direct experience in real estate development, with the ability to help in a wide range of situations including:
- Tax planning
- Tax compliance
- Strategic Planning
- Technology consulting
- Payroll management
- Asset management
- Section 1031 exchanges
- And more
Assisting a wide variety of real estate professionals
Real estate developers come in all shapes and sizes, which means different a flexible accounting firm is needed in order to ensure that all of your needs are met. A qualified CPA for real estate developers will have experience working with a wide range of professionals that include:
- General and specialty contractors
- Home builders
- Real estate developers
- Suppliers and construction industry trade associations
- And more
Catering services to meet your needs
With so much experience in a variety of areas pertaining to real estate development, the right team of CPAs is able to cater their services to meet your needs. If it’s time to leave your finances in the hands of a qualified CPA for real estate developers, give us a call and we’ll create a financial plan just for you and your business.
CPA for real estate FAQ
When is the best time to hire a CPA for real estate developers?
Sometimes it’s not a matter of if you’re going to hire a CPA for real estate developers, but when. The answer is really as simple as whenever you feel it’s necessary. However, it can be extremely helpful to hire a professional accountant from the very beginning.
During the pre-development stage, a CPA is able to help with a wide variety of issues that include:
- Survey costs
- Zoning changes
- Market studies
- Debt financing costs
- Equity partner acquisition costs
Continued assistance from an accountant during the development state of a real estate deal is important when it comes to:
- Site costs
- Actual construction costs
- Insurance and taxes
- Licenses and permits
- And more
A CPA can help after development is through. They can help you take care of salaries, wages, and real estate taxes, as well as capitalized and depreciated values over the life of your development.
Although it’s best to hire a professional accountant at the very beginning, it can be helpful to hire a professional during any stage of development.
What is a 1031 exchange?
One way a CPA for real estate developers can be extremely useful is in a 1031 exchange. This unique law allows you to reinvest more of your money in a property instead of losing a portion of the exchange to taxes. When selling a property, you’re normally required to pay a wide range of taxes, but you may not be responsible for paying this taxes with a 1031 exchange.
These taxes can cost you tens, and in some cases, hundreds of thousands of dollars, so finding a way to minimize your tax burden is essential. It all hinges on making a like-kind exchange, which a qualified CPA can help you understand.
Can’t my attorney just help me with the finances regarding real estate development?
It’s undeniable that you’ll need the help of an attorney when developing real estate. A certified attorney is able to create documentation that will hold up in a court of law, should it ever come to that.
However, attorneys are not well-versed in finance. They understand the laws surrounding them, but when it comes to crunching the numbers, they themselves reach out to a certified CPA.
Before choosing an attorney, ask if they partner with a local CPA. If you already utilize a CPA for real estate developers, ask if they have an existing relationship with an attorney who can help you.
What kind of developments can a professional CPA assist with?
A certified public accountant with experience in the area of real estate development will be able to help you with a wide range of developments that can include:
- Major shopping centers
- Single-tenant retail spaces
- Neighborhood and community strip malls
- Office and industrial properties
- Multi-family housing
- Residential developments