Cody Ravalli, CPA, assists clients in New York City with Real Property Income and Expense Statements (RPIE statements). Given the penalties and fines for failing to file an RPIE statement, having an experienced certified public accountant is essential.
When you work with Cody, he will help to prepare, review, and file your Real Property Income and Expense Statement and explore ways to mitigate your tax liabilities. Contact Cody Ravalli today to set up an appointment.
About Real Property Income and Expense Statements in NYC
The City of New York uses RPIE statements to assess the value of certain types of income-producing properties, including:
- Commercial property
- Residential property with more than three units
- Hotels
- Motels
- Parking garages/lots
As the name implies, the statement provides information on income and expenses associated with owning and operating a property, such as:
- Rent
- Utility costs
- Maintenance and repair expenses
- Property taxes
- Insurance costs
An RPIE statement also provides information on the number of units in the building, the occupancy rate, and the total rentable square footage.
The city uses the statement to calculate the property’s assessed value and the property tax the owner must pay. Property values are calculated based on a variety of factors, including:
- The rental income generated by the property
- The expenses associated with owning and operating the property
- The market value of the property
In addition to assessing property values for tax purposes, the city uses RPIE statements to track trends in the real estate market. The city collects data on the income and expenses associated with properties to identify market trends in each borough and adjust property tax rates accordingly.
How Do Real Property Incomes and Expense Statements Help Property Owners?
The RPIE statement is a valuable tool for property owners. By analyzing the income and expenses associated with their property, owners can identify areas where they can reduce costs and increase revenue. For example, if the statement shows utility costs are high, the owner can explore ways to reduce energy usage and lower those costs.
In any event, property owners must file RPIE statements annually by May 1st. Failure to file can result in penalties and fines, and the city may estimate the property’s assessed value based on pre-existing data, which could result in higher property tax bills.
How a CPA Can Help with Real Property Income and Expense Statements in NYC
Cody Ravalli, CPA, provides a range of services related to RPIE statements, including:
Preparation of RPIE Statements
Cody will work closely with you to prepare an accurate and complete RPIE statement that complies with NYC Department of Finance requirements. He can help gather and organize all the necessary financial information (e.g., income and expense data, rent roll, and utility bills) and ensure you file the statement on time.
Review and Analysis of RPIE Statements
Cody Ravalli CPA regularly reviews and analyzes RPIE statements prepared by property owners to identify any errors or inconsistencies that could lead to incorrect property assessments or tax bills. You can count on Cody to help you identify areas where you can reduce expenses and increase revenue.
Compliance with Regulatory Requirements
Cody will ensure that your RPIE statement complies with regulatory requirements, including ensuring that it includes all required information and adheres to applicable laws and regulations.
Audit Support
Cody Ravalli advises clients during RPIE audits by the Department of Finance. Cody can help prepare you for the audit, respond to any questions or requests for information, and ensure that the city conducts the audit fairly and accurately.
Tax Planning and Strategy
Cody can advise you on tax planning strategies that maximize tax savings and minimize tax liabilities. He can help to identify opportunities for deductions and credits and structure the property ownership and operation to reduce tax liabilities.
Why Choose Cody Ravalli, CPA?
Cody is widely known as a knowledgeable and caring CPA who provides insights to property owners in New York City on preparing and filing RPIE statements and optimizing tax planning strategies. Above all, he will leverage his expertise and knowledge of tax laws and regulations to help you avoid penalties and fines, reduce expenses, and maximize revenue.
Contact an Experienced CPA for Help With Your NYC RPIE Statement
Whether you need assistance preparing and filing a Real Property Income and Expense statement or advice on tax planning strategies for your commercial, residential, or other property, turn to Cody Ravalli, CPA. Contact Cody today to schedule a consultation.
Cody Ravalli, CPA, helps property owners with RPIE statements throughout New York City, including Brooklyn, Manhattan, Queens, The Bronx, and Staten Island.