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What Specialized Services Do Most Physicians and Dentists Want From Their Accountant?

All Physicians and Dentists.

There are frequent misunderstandings among professionals as to what the rules are for deductions of meals and entertainment, country clubs, private clubs, professional gifts, health and disability insurances, automobile use, home offices, personal computers, home telephone, cell phones, dues, etc. We have been working over 25 years to know where to draw the line between business and personal and how to substantiate the deductions.

C-Corporations require a special year-end close out.

To avoid double taxation, it's critical C-Corp owners clear out the corporate profits by year?s end. This requires close coordination at year-end to make this happen. We do this special year-end work for several C-Corp clients and it's one of our specialties.

Departmental profit & loss statements for multi-doctor businesses.

One option we offer for multi-doctor practices is departmental p&l's to allocate expenses based on production. Here's an example of how it works: Doctor A works 40 hours a week while Doctor B works 20 hours. They agree to be fair, Doctor B will be charged with 1/3 of the general office expenses while Doctor A will be charged with 2/3. General office expenses therefore will have to be tracked separately from those expenses that are allocated in some other fashion.   For example, professional liability insurance, auto expenses, seminars, m&e is still generally charged at 100% to the doctor who incurs it. We then prepare what we call "Departmental" P&L statements for each doctor that report the expenses and net profit for each doctor. This is a way of tracking one business as if it were two (or more) separate businesses, for the purpose of bonus allocation at year-end.

Retirement Plans in a multi-doctor practice.

The amount of profit sharing the corporation contributes to each doctor's share of a Profit Sharing Plan can vary widely from doctor to doctor. So having the Departmental P&L can be quite helpful in determining how much of the corporate profit belongs to each doctor.

See our "Business Accounting" tab for more information...