September 11, 2015
One of my Landlords has 57 buildings and well over 700 units, not counting the commercial spaces. He originally came to me because he had not filed a tax return in over four years, and the Internal Revenue Service had assigned a Revenue Officer to his case that was rather menacing and threatening.
Landlord tax preparation Chicago Illinois jobs when you are talking about this much property are not simple. Some of the buildings are in his name, some others are in S-Corporations, while some are in LLC’s. Most have multiple tenants while others are rented out to individual organizations. Twenty of these properties have been purchased since commercial real estate prices declined in 2008, so we’ve had a lot of new assets and improvements to capitalize and depreciate. Separating repairs from capital improvements is always challenging. And aiding him in his financing needs gets more complicated by the day.
The process of separating a property tax payment when he is only using one check for twenty-five buildings would turn most accountant’s away in the first place. We’ve been with him for the past fifteen years, and he continues to thrive. Why?
Because we have put a process into place which stays out of his way, allowing him to do what he does best; buy properties and collect rents.
If you are having problems with your landlord tax preparation Chicago Illinois or have issues with your accounting in general, we would love to help. I enjoy hearing from my readers, and can be contacted at
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Chris Amundson is the President of Accounting Solutions Ltd., a full service public accounting firm of Certified Public Accountants and Enrolled Agents handling the bookkeeping, accounting, tax preparation, and audit representation needs of Businesses, Estates, Trusts, and Upper Income Individuals.
September 11, 2015