Jerry Jones CPA
Wouldn’t it be nice to have a CPA that you deal directly with, that knows the Self Storage business, that works in all 50 states and is there for you when you need him?
Following construction and 2 years of operating my self storage facility, I had become uneasy with my previous accountant’s fees and related IRS filings. My search for alternatives led me to Jerry. His knowledge of the storage business resulted in significant savings that had not been taken advantage of by my previous accountant. Now I can feel comfortable by giving Jerry a call on small considerations, as well as major financial planning. For business or personal financing I highly recommend Jerry to all of my customers and friends.
Tim Farrell
Anchor Storage, LLC, Nevada

Partnership or Limited Liability Company (LLC) Agreements 

You should be aware of and review your agreements with your attorney to ensure it addresses the significant changes to the partnership audit regime that will generally apply to partnership/LLC tax returns filed for the 2018 tax year and later years. These changes include, but are not limited to the following:

  • Replacement of a “tax matters partner” with a “partnership representative”,
  • Current partners being held responsible for tax liabilities of prior partners,
  • The partnership being held responsible for remittance of additional tax rather than individual partners being taxed,
  • Numerous elections or opt-outs that the “partnership representative” may make.

In addition, you should review your partnership or LLC agreement to ensure that it meets your goals for the transfer of ownership and distribution of income. Often, partnership agreements do not address the transfer of ownership or may require updating as circumstance change.

If your current tax preparer/CPA has not discussed this with you, please feel free to give me a call and we can talk about the above and my services.

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