(tax deduction checklist below)
Over 200 clients are served annually
- MS Taxation
- IRS Enrolled Agent (1989 to present)
- Insurance Broker (property & casualty)
- AAPC & AHIMA annual continuing education
- Medical doctors
- Visiting/Community nurses
- Restorative therapists
- State-licensed Marijuana Dispensaries
- Individual tax preparation (federal and multi-state tax returns)
- Corporation & LLC tax returns
- IRS & State tax resolution
- 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
- 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**
here for "Business Taxes, Accounting, & Strategic Planning"
here for "Real Estate Taxation"
here for "Financial Planning & Wealth Management"
here for "Tax Appeals/Representation"