Real Estate Accounting & Advisory Services

Accounting & Bookkeeping

We provide QuickBooks™ setup, training, and ongoing support from CJBS team members with extensive experience in accounting software, as well as offering third-party payroll solutions. Ensuring that your accounting records are well-organized makes the tax preparation process more streamlined and efficient — saving you time and money.

Business Entity Structuring 

Is an LLC the right structure for your real estate business? Does an S corporation or C corporation tax classification make the most sense? The CJBS team helps you evaluate your options and find what works for your unique circumstances and goals. From creating separate LLCs for each of your real estate properties (to help protect your assets from creditors) to selecting a tax classification that works best if your business is just getting off the ground, we provide well-rounded legal and financial recommendations. 

Strategic Tax Planning

At CJBS, we always tailor our tax planning services to your specific needs. Beyond making sure you’re tax-protected, we do an annual deep dive into your business to assess what’s going on and listen to any changes or issues you may be seeing. That way, we can act as a trusted advisor to your business and reliable sounding board as your circumstances evolve. For new clients, we review your financial statements and tax returns from the past three years and recommend any actions you should take to maximize your income, such as taking a bonus depreciation this year or pushing an asset acquisition to next year.

In conjunction with tax planning, our team generates annual budgeting and cash flow projections, which we review with clients quarterly. By laying out your costs and expenditures, we show you where your revenue level needs to be to reach your goals and help you manage your resources accordingly. 

Passive Activity Deductions

The amount of loss you can take from owning a rental property, which is considered a passive investment for non-professional investors, depends on factors such as your income level and the number of properties you own. The CJBS real estate accounting team works with you to maximize your passive activity deductions and defer short-term losses. 

Preparation of All Federal, State, and Local Income Tax Returns

Our team has extensive knowledge of real estate tax code not only in the greater Chicago area but across the country. We’re equipped to handle any filings in the domestic U.S., ensuring that your accounting is done correctly and minimizing your tax burden. We also work with trusted third-party legal and tax resources on any international exposure you may have. 

Tax Deferral Transactions

While tax decisions are important, big-picture economic decisions are imperative. Following that guiding principle, CJBS advises our real estate clients on various tax deferral questions. That includes whether to pay taxes or sell your property through a 1031 like-kind exchange — a tax-deferred transaction that allows you to exchange one asset, such as an apartment building, for a similar one, without general capital gains tax liability. While a 1031 exchange may seem like a win-win, our real estate accounting and advisory team walks you through a potential deferral to make sure you understand all the financial implications, such as whether the 1031 exchange is large enough to offset your out-of-pocket costs. That way, you avoid making decisions that could cost you in the long run. 

Litigation Support

The CJBS team includes a forensic accounting specialist who assists clients with legal issues, such as having money fraudulently taken from your real estate business. In addition to forensic accounting work, our expert is available to testify on your behalf.