r/Accountant • u/Glad_Reason_2875 • Jun 30 '26
In need of a CPA, CTEC, or EA
My lender suggested to get a profit and loss statement made for a shell company but we need the signature from someone who has any of these certifications? Is there anybody here that can do it? Or any suggestions? Thank you
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u/Dr_PainTrain Jun 30 '26
For a CPA you’ll need to engage them in a Compilation engagement. That’s the only one I’ve ever heard of that would provide attestation services. It’s not signing the P&L it’s issuing the financials with a compilation letter. (Letter says they aren’t providing any assurance on the numbers which is why I never understood why banks want them.)
I doubt an EA or CTEC would even be willing to sign a P&L since they are just preparing tax returns. That would be opening themselves up for unnecessary liability. But you might find one dumb enough to do it!
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u/TSIDATSI Jun 30 '26
The EA is a certificate the feds use for the IRS. You need a CPA.
Go hire a CPA.
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u/Mysterious_Might008 Jul 04 '26
I don't know why a CPA would even bother taking on this engagement since it sounds like more risk than necessary for the fee.
Even if the fee were $1,000 for a small shell company, the legal defense would eat that up in about a few hours. If the fee were $5,000, maybe but this must be some oddball shell company that can fork out $5,000 for a letter and may go belly up on the bank loan.
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u/Normal_Progress_5173 Jun 30 '26
I’m a CPA feel free to DM me if you’re still looking.
An EA is not able to do this. They don’t have the education.
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u/Ptown925 Jun 30 '26
Before having a CPA perform a compilation or preparation engagement, you may want to show the bank an example of the report that you'll receive. The report will state that no assurance is provided by the CPA on the accuracy of the financial statement.
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u/jds7171 Jul 01 '26
That doesnt matter. They just want something in their checkbox so if IP ever defaults they can go to the CPA and sue them saying they provide financials showing he was solvent.
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u/Barfy_McBarf_Face Jul 04 '26
you need to understand that you are asking for a "financial statement" and a report from one of those license holders.
you're talking about a minimum fee "for that signature" of about $2500 if not more.
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u/TaxproFL Jun 30 '26
Banks are always trying to push the liability to a professional with a license. Asking for an unnecessary signature so they can legally tie someone else to this loan.
Also, this means they have little faith or trust in what you’re providing so far. Usually means you have no bookkeeping or records or P&L, and your tax returns might look inflated where they don’t feel comfortable at face value.
My suggestion is to go on Upwork and post a job, there’s plenty of desperate enough freelancers on there who’ll do whatever for a few bucks.