Adam C.

CPA | Real Estate Funds & SPVs, Equity Comp, Complex Returns

CPA with 9 years working both sides of the same deal: the real estate funds, syndications, and SPVs that issue the K-1s, and the founders, executives, and investors who have to report those K-1s alongside their ISOs, RSUs, and ESPPs. On the entity side, I've served as controller and fractional CFO for multiple real estate funds across commercial, self-storage, multifamily, and student housing. I know what breaks in these structures because I've been the one closing the books on them, not just reviewing the return in March. On the individual side, I handle returns that fall apart in consumer software: equity compensation, multiple K-1s, multi-state sourcing, AMT. REAL ESTATE PARTNERSHIPS & FUNDS - Form 1065 and state filings for fund, holdco, and property-level entities - Cost segregation studies incorporated into the return: depreciation schedules, bonus depreciation, - §481(a) catch-up on look-back studies, and §1245/§1250 recapture on exit - §704(b) capital accounts, targeted allocations, and waterfalls that reconcile to the operating agreement rather than the software default - §754 elections and §743(b) basis adjustments on transfers - Foreign partners: ECI and FDAP withholding, Forms 8804/8805/8813, 1042-S, FIRPTA/§1445, W-8 collection - IRA and self-directed retirement investors: UBTI/UDFI analysis and Form 990-T, ideally before the money goes in - §163(j), §469 grouping and real estate professional status, §1031 exchanges FUND & SPV ACCOUNTING - Full-cycle bookkeeping and month-end close at fund and property level - Capital account maintenance, capital call and distribution tracking, preferred return and promote calculations - Investor reporting packages, GAAP-to-tax basis reconciliation - Deal-by-deal SPVs, real estate and venture, from formation through wind-down EQUITY COMPENSATION & COMPLEX INDIVIDUAL RETURNS For founders, executives, tech employees, and fund principals, whether or not you have anything to do with real estate: - ISOs: AMT on exercise, bargain element planning, exercise-and-hold modeling, disqualifying dispositions, AMT credit recovery in later years - RSUs: the 22% supplemental withholding gap that shows up as an April surprise, and estimated payment planning around vest dates - ESPPs: qualifying vs. disqualifying disposition treatment and the ordinary/capital split most software gets wrong - NQSOs, §83(b) elections, QSBS/§1202 qualification, multi-state sourcing for equity earned across state lines - Multi-K-1 returns, coordinating what your equity is doing against what your investments are doing in the same year If you're a W-2 employee whose return got complicated by stock comp, that's a normal engagement. You don't need to be a fund to work with me. FRACTIONAL CFO & SYSTEMS Most funds I pick up are running on a chart of accounts inherited from the first deal and a close process that lives in one person's head. I rebuild both: entity structure in the GL, documented close calendar, reconciliation cadence, and reporting a sponsor can hand an LP without editing. I work in QuickBooks / Yardi / AppFolio / Juniper Square and more and can meet you in whatever you're already running. CREDENTIALS CPA, 9 years in partnership tax, fund accounting, and individual tax. Passed the Series 65 (Uniform Investment Adviser Law Examination), which matters here because most of my clients' tax questions are really investment structure questions. COMMON STARTING POINTS Most engagements begin in one of these states, all of them normal: - Books are months behind and a K-1 deadline is real - Prior preparer left capital accounts or allocations nobody can reconcile to the operating agreement - First fund or first SPV, and you're not sure what you're supposed to have in place - You had a cost seg done and nobody put it into the return correctly - You exercised options or vested a large tranche and want the number before it's a surprise HOW I WORK Direct communication, no account-manager layer. You work with me. I'd rather tell you a structure won't work than paper over it and deal with it at extension time. Where scope is clear I price fixed-fee rather than hourly; recurring bookkeeping and CFO work runs monthly. And if your situation isn't a fit, I'll say so on the first call and point you to someone who handles it. GETTING STARTED Message me with your structure, or just your situation if you're an individual. I'll do a free 30-minute call and review whatever you have: prior-year return, K-1, operating agreement, or QuickBooks file. You'll leave with a specific read on what needs to happen, whether or not you hire me. ALSO Tax preparation and planning, Form 1040, Form 1065, high-net-worth tax, real estate accounting, syndication tax, financial reporting, budgeting and forecasting, cash flow analysis, entity structuring, QuickBooks Online setup and cleanup, §469 material participation, §199A/QBI, multi-state filings.