Whether you’re a long-term health care provider, part of a medical group, or own a professional service practice, you are facing massive changes in the health care industry. The recent health care reform passed by Congress is complicated and burdensome for most business owners. It’s not enough that your accountant knows the same accounting principles that have worked in the past. Finding a CPA that specializes in health care is important to today’s health care professionals. At Wallace Neumann & Verville, LLP, we understand the challenges that doctors, dentists, physicians and business owners are facing. We stay on top of the ever changing rules and regulations put forth by Congress regarding health care reform. Whether it’s changes as to how Medicare subsidies are taxed, the raise in payroll taxes for top wage earners, or newly provided health care insurance coverage to a business owner’s employees, the CPAs at Wallace Neumann & Verville, LLP stay up to date with the current laws. With years of experience, Wallace Neumann & Verville, LLP has a reputation in understanding and solving complex accounting situations in the health care field. Not only do you need a good CPA, you need a tax planner who is an investment in your business. Here are some of the services we offer:
Entity Selection – There are many different entity vehicles for health care providers. Selecting the right entity to protect you is important. Whether you are a small medical practice business owner, a traveling physician that works for multiple hospitals, or a part owner of a medical group, it is important to set up the correct entity structure. Wallace Neumann & Verville, LLP has experience setting up entities for health care providers.
Retirement Planning – In this day and age, planning for your retirement is essential. Having the right CPA to provide you the right options for your business is important, whether it’s contributing to a tax-deferred retirement account, understanding the differences between Roth IRAs vs. Self-Employed Pension IRAs, or setting up a self-directed retirement account. Wallace Neumann & Verville, LLP specializes in retirement planning for physicians, dentists and medical groups.
Reasonable Salary – A big IRS audit issue is whether the compensation that a professional service corporation (such as a single dentist or doctor) is awarding its key executives is reasonable. Many doctors and physicians allow themselves exposure to potential IRS audit risk by not understanding how much an officer’s reasonable salary is. Wallace Neumann & Verville, LLP has recently hired on a former IRS revenue agent, Romeo Razi, who has specialized experience working at the IRS regarding Officer’s Compensation. Please contact Romeo for more information regarding compensation of officers.
Additional Tax Planning – Other tax planning issues that deal with the day-to-day operations of a business such as real estate purchasing, equipment protection and substantiating automobile deductions are also important. Is it better to buy a new commercial office building or rent a space? How do I protect my assets – namely, my equipment? Is it better to purchase them or lease them? Am I allowed to deduct my automobile for my business? Many medical professionals count on Wallace Neumann & Verville, LLP for consultations regarding these issues and for effective tax planning.
Please contact Mike Verville or Dustin Wheeler for more information regarding the services we offer to the medical profession.
