David runs a small property management business (renting out 5 properties). The business is based in San Francisco, and uses Buildium cloud software. Nicholas is David’s son; if David becomes incapacitated, Nicholas will take over.
David seeks a US CPA to advise on correct Buildium use, advise on the state of the property business, and prepare statutory reporting.
* CPA, so has fiduciary duty to represent the accounts accurately, treat clients fairly and honestly
* Familiarity with US and California taxation
* Familiar with the business of managing 1-10 rental properties
* V familiar with the use of Buildium property management software
* Can provide three Buildium client references
* Advise David and Nicholas on miscellaneous topics, such as how to figure income distributions, and depreciation [First task: check whether DF, Nicholas are being given the correct distributions; if not, how best to correct the erroneous transactions]
* Advise on what documentation and systems we should have in place, so that Nicholas is able to take over at short notice if David is incapacitated
* Support Nicholas if he has to take over because David becomes incapacitated
* Review quarterly results and advise on whether anything seems strange or needs attention, whether results are satisfactory, and whether results should be improved
* Produce annual tax returns for the property management business
* Produce annual tax returns for David and Nicholas