Compare 10 real estate CPA Chicago firms for 2027, from North Shore specialists to national firms with Loop offices, plus Illinois tax points investors need.
Chicago investors hold everything from two-flats and North Side courtyard buildings to suburban industrial and downtown office. This list is for owners, syndicators and family offices looking for a real estate CPA Chicago investors can meet in person, whether that is a North Shore specialist or a national firm with a Loop office. If you want the wider field first, see our national list of the top real estate CPA firms for investors.
Every firm below has a Chicago or Chicago-suburb office shown on its own website and a real estate practice page. We mixed a real estate-focused boutique, mid-size Illinois firms with dedicated real estate groups and national firms with Chicago teams. Each Chicago real estate accountant here covers tax planning and compliance; we note who also handles audits, fund work and outsourced accounting.
Two Illinois real estate tax points matter in 2027. Federally, the One Big Beautiful Bill Act, signed July 4, 2025, made 100% bonus depreciation permanent for qualifying property acquired after January 19, 2025. Illinois does not follow it: the state requires an addback of federal bonus depreciation, so your state return will differ. Illinois also made its elective 4.95% pass-through entity tax permanent in late 2025. Confirm how both apply to you with your CPA.
Chicago Real Estate CPA Firms At A Glance
Company
Headquarters
Best For
Standout
The Hechtman Group
Northbrook, IL
Local owners, builders and investors
Real estate focus for over 50 years
FGMK
Chicago area (Bannockburn, Chicago, Oakbrook Terrace)
Closely held owners and funds
1031, UPREIT and cost segregation planning
Plante Moran
National firm (Chicago office)
Developers, funds and REITs
Over 2,000 real estate clients
Mowery & Schoenfeld
Lincolnshire, IL (Chicago office)
High-net-worth investors and family offices
Tax plus wealth management under one roof
Baker Tilly
National firm (Chicago and Oak Brook offices)
Syndicators, funds and family offices
Cost segregation, OZ and property tax appeals in house
RSM US
Chicago, IL
Middle-market owners and fund managers
Headquartered in Chicago, Yardi advisory
Cherry Bekaert
National firm (Chicago, Elgin, Orland Park)
Investors doing 1031 and TIC deals
2,400+ real estate and construction clients
CohnReznick
National firm (Chicago office)
Commercial operators and affordable housing
Tax credit and real estate fund depth
Citrin Cooperman
National firm (Chicago and Oak Brook offices)
Private real estate funds
17 real estate specialty services
CBIZ
National firm (two Chicago offices)
Developers wanting tax plus insurance
Cost segregation and valuation in one firm
Best Real Estate CPA Firms In Chicago In 2027
1. The Hechtman Group — Northbrook CPA Firm Focused On Chicago-Area Real Estate
The Hechtman Group is a CPA firm on Skokie Boulevard in Northbrook that says it has served Chicago-area real estate for over 50 years. Real estate is its focus rather than one industry among many, and its client list runs from property owners and investors to developers, builders, brokerages, architects and property managers.
Its investor services cover acquisition due diligence, 1031 exchanges of like-kind property, refinancing, distressed property workouts and disposition planning. On the tax side it lists deferral strategies, energy-efficient deductions and credits, and IRS problem resolution, plus cash flow analysis, depreciation, property tax abatements and outsourced CFO work. Its resource library covers cost segregation and qualifying as a real estate professional.
The firm belongs to the Home Builders Association of Greater Chicago and ICSC, and it offers a free first consultation to Chicago-area property owners.
Best for: Chicago and North Shore investors who want a firm that works mostly with real estate clients.
2. FGMK — Chicago-Area Firm With A Dedicated Real Estate Tax Group
FGMK has served clients for nearly 60 years and lists offices in Bannockburn, on West Wacker Drive in Chicago, and in Oakbrook Terrace. Its real estate group works with closely held and institutional owners, investors, operating companies and management and brokerage firms, including single-property LLCs, partnerships, joint ventures, funds and REITs.
The tax menu is broad for a mid-size firm: Section 1031 and 1033 exchanges, UPREIT and DownREIT transactions, cost segregation studies, energy-efficient building deductions, repair and capitalization studies and Opportunity Zone planning. FGMK also reviews entity organizational documents before deals close, which matters for layered ownership structures.
On the accounting side it offers audits, CAM reconciliations and depreciation analysis, and says its team knows Yardi, Skyline and Timberline. Property types shown include multifamily, industrial, self-storage, manufactured home communities and parking.
Best for: Closely held ownership groups with partnerships, joint ventures or a REIT structure.
3. Plante Moran — National Real Estate Practice With A Riverside Plaza Office
Plante Moran lists a Chicago office at 10 South Riverside Plaza. Its real estate practice reports more than 2,000 real estate clients and over 300 real estate and construction specialists, serving developers, operators, investors, brokers, property managers, funds, REITs and lenders.
Services include tax strategy and compliance, credits and incentives, audit, outsourced accounting and succession planning. Focus areas include affordable housing, Opportunity Zones, real estate funds and REITs. Through its affiliate Plante Moran Realpoint, the firm also offers commercial real estate consulting and investment advisory, which is unusual for an accounting firm.
The firm publishes a case study of a real estate company that saved $2.3 million in taxes through cost segregation. Plante Moran suits investors whose portfolios have outgrown a small practice and who want audit, tax and advisory work in one place.
Best for: Developers, funds and larger investors who want a big national firm with a Chicago team.
4. Mowery & Schoenfeld — North Shore Firm Pairing Real Estate Tax With Wealth Planning
Mowery & Schoenfeld describes itself as a top 10 Illinois CPA firm, with offices in Lincolnshire, Lake Forest and on South Wacker Drive in Chicago, plus Miami. Its real estate practice serves developers, owners, operators, funds, high-net-worth investors, family offices and joint ventures.
Tax services include return preparation and projections, entity structuring, individual tax for investors, state and local tax, 1031 exchange and Opportunity Zone guidance, cost segregation coordination and tax credit reviews. It also offers deal structuring, due diligence and quality of earnings support for transactions, and outsourced CFO and project-level accounting.
What sets it apart for individual investors is the wealth management arm: estate and succession planning, portfolio management and family office support sit alongside the tax work. The practice covers multifamily, industrial, retail and mixed-use assets.
Best for: Wealthy individuals and family offices on the North Shore who want tax and estate planning coordinated.
5. Baker Tilly — National Practice With Cost Segregation And Property Tax Appeals In House
Baker Tilly lists a Chicago office on North Green Street in the West Loop and a suburban office in Oak Brook. Its real estate practice serves developers, owners, investors, property managers, private equity real estate funds, REITs, syndicators, lenders, high-net-worth individuals and family offices.
The tax side includes federal, state and local tax, cost segregation, Opportunity Zones, REIT advisory, property tax appeals and credits such as LIHTC and New Markets. That property tax appeal capability is relevant in Cook County, where assessments are a major carrying cost. Managed services cover fund administration, construction draw management and property management accounting.
Baker Tilly describes itself as the sixth largest accounting firm in the US. One client testimonial on its real estate page describes growing from fewer than 30 to almost 400 outside investors over three years with the firm’s support.
Best for: Syndicators and fund sponsors who need tax, fund administration and property tax help together.
6. RSM US — Chicago-Headquartered Firm Built For Middle-Market Real Estate
RSM US lists its corporate headquarters at 30 South Wacker Drive in Chicago. The firm calls itself the middle market leader in assurance, tax and consulting, and its real estate practice serves owners and operators, investors in funds and REITs, commercial developers, property managers and family office groups.
Services include tax, audit, consulting, fund administration, property accounting and outsourcing. RSM also offers Yardi implementation and optimization, a practical plus for owners whose property management software and books do not line up. It is active in The Real Estate Roundtable, NAREIT, NCREIF, PREA and CREW Network.
RSM fits growing sponsors and operators more than single-property landlords. If your portfolio is moving toward an audited fund or a private REIT, it can cover the tax, audit and systems work as you scale.
Best for: Middle-market operators and fund managers who want a firm headquartered in Chicago.
7. Cherry Bekaert — Large Real Estate Client Base With Three Chicago-Area Offices
Cherry Bekaert lists Illinois offices on West Adams Street in Chicago, in Elgin and in Orland Park. Its Chicago office page says the firm serves more than 2,400 real estate and construction clients.
The tax services are investor-friendly: 1031 exchanges and tenant-in-common transactions, cost segregation, Section 704(c) work for partnerships, Opportunity Zone and housing credits, and planning for acquisitions and dispositions. It also offers REIT testing, joint venture structuring, operating agreement review and distressed asset analysis. Client types include developers across property types, land bankers, property managers, REITs and investment funds.
The south and west suburban offices make Cherry Bekaert a practical choice for investors outside the city who still want a firm with national real estate depth.
Best for: Investors doing 1031, TIC or joint venture deals who want a large practice with suburban offices.
8. CohnReznick — Commercial And Affordable Housing Specialists With A Wacker Drive Office
CohnReznick has a Chicago office at 1 South Wacker Drive, led by an office managing partner who also leads the Southwest Region of its commercial real estate practice. Its real estate group serves investors, developers, contractors and lenders, and owners of both market-rate and tax-incentivized property.
The firm is best known for affordable housing and tax credit advisory, along with structuring and valuing real estate portfolios. Its commercial real estate focus covers operators and real estate investment funds.
CohnReznick operates through CohnReznick LLP, the licensed CPA firm that provides attest services, and CohnReznick Advisory LLC, which provides tax and consulting. It is a member of the Nexia network. For Chicago investors working on LIHTC or other incentive-driven projects, this is one of the deeper benches available locally.
Best for: Developers and investors in affordable housing or tax credit projects.
9. Citrin Cooperman — Fund-Focused Real Estate Practice Expanded Through ORBA
Citrin Cooperman announced its acquisition of Chicago firm ORBA in September 2025. ORBA, founded in 1977, brought 15 partners, more than 150 professionals and offices in downtown Chicago and Oak Brook.
Citrin Cooperman’s real estate practice lists 17 specialty services, including carried interest analysis, 1031 exchange advisory, REIT compliance, cost segregation, foreign investor tax reporting, Opportunity Zone analysis and fund structuring. Clients include private real estate funds, owners and operators, developers, REITs, management companies and co-ops and condos.
The asset coverage is wide, from single-family and multifamily to manufactured housing, self-storage, hotels and debt or preferred equity investments. That makes it a fit for sponsors whose investors span several asset types. It also provides attest and tax compliance, so a fund can keep its audit and investor K-1s at one firm.
Best for: Private fund sponsors who need carried interest, waterfall and investor reporting support.
10. CBIZ — Real Estate Tax, Valuation And Insurance From Two Chicago Offices
CBIZ lists two Chicago offices, on West Wacker Drive and West Monroe Street. Its real estate practice serves developers, owner-operators, investors, property management firms, REITs and brokerages.
Financial and tax services include audit, outsourced accounting, cost segregation studies, entity structuring, property tax consulting, tax outsourcing and Opportunity Zone advisory. CBIZ also offers real estate valuation and property and liability insurance, so a developer can handle accounting, valuation and coverage with one firm.
Its published case studies include a $23 million first-year deduction on a $90 million multifamily development and more than $10 million in recovered accelerated depreciation for a developer. Those are larger-deal examples, which tells you where CBIZ fits best. Testimonials on its real estate page cite client relationships of 20 to 40 years.
Best for: Developers and larger owners who want tax, valuation and insurance from one provider.
How To Choose A Real Estate CPA In Chicago
Does The Firm Handle Illinois Addbacks Correctly?
Because Illinois adds back federal bonus depreciation, your federal and state depreciation schedules will differ for years. Ask how the firm tracks those differences, especially after a cost segregation study. If you are new to studies, our guide on how cost segregation works explains the federal side.
Will They Coordinate With Your Property Tax Appeal?
Cook County assessments drive a large share of carrying costs. Some firms on this list, such as Baker Tilly and CBIZ, offer property tax services; others will work alongside a property tax attorney. Ask which approach they use.
Can They Support Real Estate Professional Status?
If you or a spouse works in real estate full time, ask whether the firm will help document hours for real estate professional status and plan around passive loss rules.
Is Your Portfolio A Fit For Their Client Base?
A North Shore boutique and a national fund practice serve very different clients. Ask for the typical client size, property types and number of K-1s they prepare.
Who Actually Does The Work?
Ask who will prepare and review your return, whether a partner stays involved and how they handle questions during the year, not just at filing time.
Frequently Asked Questions
Does Illinois Follow Federal Bonus Depreciation?
No. Illinois requires an addback of federal bonus depreciation, and a 2025 law extended that treatment. You still benefit federally, but your Illinois return will recover the depreciation more slowly.
Should Chicago Investors Use The Illinois Pass-Through Entity Tax?
Partnerships and S corporations can elect the 4.95% Illinois PTE tax, which became permanent in late 2025. Whether it helps depends on your federal itemized deductions, so model it with your CPA each year.
What Does A Real Estate CPA In Chicago Cost?
None of these firms publish fixed prices for real estate returns. Fees depend on the number of entities, K-1s and states. Ask for an engagement estimate up front.
Conclusion
Chicago gives investors a strong mix of choices, from a Northbrook boutique that has served local real estate for decades to national firms with Loop offices and fund-level depth. To find the right Chicago CPA for real estate investors, start with the firm whose client base looks like yours, confirm it understands Illinois addbacks and Cook County property taxes, and compare it with options on our national real estate CPA list before you sign an engagement letter.
This article is general information, not tax or legal advice.
