Barry's Accounting Services, Corp.
1852 Flatbush Avenue - 2nd Floor
Brooklyn, New York 11210
(718) 677-4006
E-mail:
clembarry@aol.com
 
Client Update - quarterly newsletter
 
 

 

Medical Clients Services

(tax deduction checklist below)

Over 200 clients are served annually

Education

  • MS Taxation
  • IRS Enrolled Agent (1989 to present)
  • Insurance Broker (property & casualty)
  • AAPC & AHIMA annual continuing education

Clients

  • Dentists
  • Medical doctors
  • Visiting/Community nurses
  • Restorative therapists
  • Veterinarians
  • State-licensed Marijuana Dispensaries

Tax Services

  • Individual tax preparation (federal and multi-state tax returns)
  • Corporation & LLC tax returns
  • IRS & State tax resolution

Accounting Services

  • Personal financial planning
  • Operations reviews
  • Industry cost studies
  • Procedure-level cost Accounting
  • Business Planning & Budgeting
  • Cash flow (fee schedule
    negotiations with payers)
  • Practice acquisition
  • Partner(s) entering or exiting
    & joint venture arrangement
  • Employee incentive/benefit
    plan evaluation and design

Insurance Services

  • Managed care contract review
  • Rate appeals and audit assistance
  • Reimbursement Methodologies

Actual Client Cases

Claims adjusting (rejected claims accepted): Contact health insurance companies and patients; confirm identity, coverage, treatment dates, coding, upcoding, billings, geographical disparities, unbundling, and support documents against rejected claims.

Injury/casualty settlement: An injured boy received a settlement of $2 million. In the settlement his mother was awarded $250,000 reimbursement for quitting her job and caring for the handicapped boy and another $300,000 to purchase and upgrade a suitable house for him to live in. Section 104(a)(2) of the Internal Revenue Code excludes the settlement the boy received from the taxable income. However, the $250,000 his mother received is taxable income, but it too was excluded from taxes because the entire settlement was listed in court documents as personal injury to the son. However, if any part of the settlement was listed as punitive damages it would have been taxable under section 61.

Inaccurate deductions: I reviewed a tax return for a medical practitioner who was surprised that his business net income was high and he had to pay corporation tax. His company had leased a building and done a major leasehold improvement. It also leased equipment from a leasing company and later bought the equipment at a substantial discount after the company filed for chapter 11 bankruptcy. Finally, he moved his company into a new office building. A review of the company’s tax return showed the discount was reported as taxable income. However, under section 108 the discount should have been deferred and then prorated over 5-years. This would have reduced the net income. Also, the lease payments were expensed. It is expenditure and it should have been capitalized to give the company a bonus depreciation and a deduction for the full cost of the equipment. The company had moved into a new office, hence the balance of the old leasehold improvement should have been deducted leaving the company with a net loss. This loss should be carried back to generate a tax refund for the company.

I have kept up to date on the latest legislative, regulatory, legal and tax laws in this industry. If you are a physician transitioning from residency or fellowship, then your tax situation is unique. You may have purchased a residence or equity share in a rental property and relocated to a new area and are wondering what real estate and moving expenses are deductible. Also, you or a visiting/community nurse may have used your vehicles to travel to multiple locations during the same day, as a requirement of your job, without receiving reimbursement for gas, repairs, insurance, lease payment etc. Bring me your records and travel log. My experience serving a diverse clientele would ensure that you receive all of your deductions**

 

Click here for "Business Taxes, Accounting, & Strategic Planning"

Click here for "Real Estate Taxation"

Click here for "Financial Planning & Wealth Management"

Click here for "Tax Appeals/Representation"