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Edward, Other/Just Looking in Illinois

You have a small tax accounting preparation and bookkeeping practice. A new client enters your office and places a box of receipts and bank statements

Asked by Edward, Illinois Sun May 19, 2013

You role in this scenario is to decide on what you will do, what you can do, and how to proceed. Do you complete the financials, and are you able to prepare the tax returns? What information do you give to the client so that she can present it to the bank in hopes of getting her $300,000 loan? You know that if she does not get the loan, her business will not be able to continue and she will have to lay-off her five employees and close her doors. What obligation do you have to help her, and how can you help her?

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I would recommend either a tax professional or a CPA and offer to provide any real estate information they needed. I would also recommend a couple lenders who are very good at residential real estate loans but I don't know how much help they could provide for a business loan.

I have neither a tax preparation nor an accounting business on the side. When I have a client seeking to sell or buy real estate in an area I am not familiar with, I help them find a top local agent.
Once I even went to Virginia to help a very long term (20 years?) client connect with a strong agent.

San Mateo real estate statistics at http://julianalee.com/san-mateo/san-mateo-statistics.htm

Juliana Lee
Top 2 agent nationwide at Keller Williams Realty, the nations largest
Cell 650-857-1000

Over 20 years experience
Over 1,000 homes sold in San Mateo and Santa Clara Counties
Web Reference: http://julianalee.com
0 votes Thank Flag Link Sun May 19, 2013
I agree. I would probably do the same. I think it's important to get someone who knows what they are doing to provide information about this. It's good to get the right type of help.
Gary Puntman | http://www.trpcpa.com/services_bookkeeping.html
Flag Wed Jul 30, 2014
I can help them find a CPA... In terms of obligations - none. This situation is not for real estate professionals.
0 votes Thank Flag Link Sun May 19, 2013
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