| Health Care Consulting |
| With the growing and ever-changing dynamics and demands of practicing medicine faced by the independent physician or the physician groups including the multitude of demands in providing quality patient care, rising overhead costs conflicting with decreasing reimbursements, increased complexities in contracting, billing & reimbursement, escalating strains and stresses of personnel management, compensation and fringe benefits for your office staff, new opportunities and demands for strategic alliances, ever-increasing levels of governmental compliance requirements.
Wiechmann, Boyce & Associates, LLP stands ready with more than 20 years experience, skills and know-how to assist you and your practice as you navigate your way through the myriad of items unrelated to patient care but necessary for you to provide the highest quality of patient care.
Our firm assists you on the administrative side of your practice by providing the following services:
Contracting, Billing & Reimbursement Services
· Contract Evaluation Templates
· Contract Review and Negotiation
· Billing Reviews, Reimbursement Audits · Development Medicare Compliance policies and procedures for physicians and staff
Operational Assistance
· Development and/or review of staff compensation and benefits plan
· Wage & Benefit Benchmarking
· Development and/or review of office Personnel Policies and Procedures Manuals
· Assistance with Fringe Benefit planning, Section 125 Salary-reduction programs
· Consultation and/or Implementation of Qualified Retirement Plans including 401(k) salary deferrals
· Retirement Plan Administration Services
· Out-sourced Payroll and Benefit Services
· Out-sourced Bookkeeping and Accounting Services
· Practice Management Services
· Internal (Cash) Control Reviews, Assistance with Internal Control System Development
· HIPAA Consultative Services, including development of HIPAA plan, review of existing plans, HIPAA compliance reviews
· Overhead Expense Analysis, Benchmark Reviews, “Best-Practice” Recommendations
· Bank Lending/Loan Restructuring Assistance
Physician &Strategic Alliance Services
· Develop and/or Review Physician/Partnership Agreements
1. Physician Employment Agreements 2. Physician Deferred Compensation Agreements 3. Physician Buy-Sell Agreements
· Consultative Services regarding Addition of New Physicians into Practice through hiring and/or mergers of existing practices
· Design/Facilitation of Physician “Strategic Planning Sessions”
· Review potential opportunities for increasing practice revenue including:
1. Strategic Alliances and/or Joint Ventures 2. Addition of Ancillary or “Complementary” Services 3. Evaluation/Utilization of Physician “Extenders”
For further information, contact Ashley Wiechmann or any of our experienced group of Certified Public Accountants. |
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| Not for Profit Tax Services |
| WBA offers a full range of tax compliance and consulting services to not for profit organizations, primarily those exempt under 501(c)(6). The area of not for profit taxation is rapidly evolving through court cases and IRS rulings. WBA actively follows these developments, offering our clients the opportunity to proactively react to and anticipate change.
Marc Boyce, through his 25 years with a large international accounting firm where he specialized in not for profit tax issues, has broad experience with both start up exempt organizations and large international charities. This experience includes applying for private letter rulings, representing organizations in IRS exams, and testifying before the National IRS Office on developing tax controversy and potential legislation. Marc has also written articles for both national newsletters and Taxation for Tax Exempt Organizations.
Specific areas of service WBA offers includes:
A) Application for Exempt Status -
• Review of or assist in preparation of Form 1023/1024
• Strategize on optimal type of exemption to request
• Respond to IRS questions
B) Preparation of Annual Returns -
• Form 990 and 990-T
• Review and consultation on support test
• Review required disclosures in returns
• Review organization's compliance with public disclosure rules
• Electronic filing
C) Consultation and Planning for Unrelated Business Income-
• Consideration of particular revenue streams
• Expense allocations
• Planning net tax liability for multi revenue activity organizations
• Use of for profit subsidiary
D) Charitable Giving Documentation -
• Review of receipting process
• Valuation Issues
• Tax planning for donors and donees
E) General Tax Issues -
• Use of supporting organizations
• Disclosure on dues solicitation
• Retirement plans and other benefits
• Minister Housing Allowance
WBA's clients include public charities, private foundations, charitable remainder trusts, and trade associations. From start up organizations to very visible national and international organizations, we continue to be very active in serving the not for profit community. Contact us today to see how our services might benefit your organization. We believe you will be surprised how a tax-oriented approach from an accounting firm will impact your organization. Many on our staff are currently serving as board members of local not for profits. We understand the issues you are facing, and the tough decisions that need to be made. Our tax services are thus technical but practical. |
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| Employee Benefit Plans |
| The accounting and tax issues involved with employer-provided benefit plans can be overwhelming. We can assist with the development, implementation and administration of your employee benefit plan. |
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| Accounting Services |
| Providing financial information to our clients in a timely and accurate manner is a commitment that we feel can not be compromised. Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis. Our firm provides a full range of cost effective accounting services including the following:
*General ledger & financial statement preparation
*Bookkeeping (Monthly/Quarterly/Annual)
*Accounting system setup for new businesses
*Computerized payroll services
*Business tax return preparation (Sales & Use/Business Property)
*Personal financial statements
*Litigation support |
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| Reviews & Compilations |
| We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency. We provide financial reporting on two levels of assurance:
*Review - some analytical procedures conducted with limited assurance
*Compilation - based upon client information provided and used primarily for internal use. |
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| Bookkeeping/Write-Up |
| Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis and are the foundation of a successful business. Our qualified staff can assist you with the day-to-day tasks associated with bookkeeping. |
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| Financial Statements |
| We can assist you in the preparation of your financial statements in accordance with professional standards, but express no opinion or any other form of assurance on the underlying information included in them. The financial statements produced can be a useful tool for management for making financial decisions. |
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| Financial Forecasts & Projections |
| Forecasting is a necessity when trying to effectively manage and lead a business to profitability. From simple projections to complex financial modeling, our experienced staff can assist you in achieving your company's financial goals. |
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| Cash Flow & Budgeting Analysis |
| A business can be profitable and still run into trouble due to cash flow issues. We can forecast and evaluate your company's financial condition, estimate financing requirements, and track cash-flow sources and uses. |
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| Tax Services |
| We prefer to take a proactive vs. reactive approach to tax services. By keeping current on new tax laws and legislation, we are in a position to identify key tax planning opportunities that minimize both your current and future tax liabilities. We provide our individual and business clients with the taxation expertise and knowledge that they deserve throughout the year. Tax services offered include but are not limited to:
*Tax planning & return preparation
- Individuals
- Corporations
- Partnerships
- LLCs/LLPs
- Estates, trusts & gift
- Not-for-profit organizations
*Taxing authority representation
*Divorce and support issues
*Tax effects of buying/selling a business |
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| Tax Planning & Preparation |
| Tax planning and preparation form a winning combination for our successful individual and business clients. Whether you are an individual or a multi-tiered partnership, our experienced staff can develop tax strategies that take advantage of new tax laws and legislation. |
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| Tax Planning |
| Tax planning is an essential element of the tax preparation process. By making tax planning part of your overall business strategy, you can use our experience and access to the most current new developments in the tax laws to minimize both your current and future tax liabilities. |
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| Tax Preparation |
| Our significant investment in computerized tax preparation and research software enables us to accurately and efficiently prepare returns for various types of entities including individuals, corporations, partnerships, trusts, estates, and not-for-profit organizations. |
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| Payroll Services |
| As a business grows, it must hire more employees, which can result in increased payroll administration. We can assist you in implementing the controls necessary to ensure a reliable, efficient, and effective payroll system. Our firm can also help you develop a payroll system and prepare all necessary payroll tax returns in a timely manner. |
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| Sales Tax Services |
| Many of our clients are responsible for collecting and submitting sales taxes in many different vicinities. We can assist your company in the compilation of information and preparation of sales tax returns in an efficient and timely manner. |
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| Estate & Trust Tax Preparation |
| Effective estate and gift planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. We can guide you through the complex process of getting your financial affairs in order. |
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| Consulting Services |
| We gauge our worth by the personal and business successes of our clients. We can help your business identify areas negatively affecting profitability and growth and develop solutions that are practical and technically sound. In addition to acting as a sounding board for management, we provide comprehensive, flexible strategies that address the issues affecting your business. The following is just a few of the areas in which we provide consulting services:
*Accounting software selection and implementation
*Type of entity selection
*Business valuations
*Buying/selling a business
*Computer systems
*Financial & retirement decisions
*Estate, trust & gift planning |
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| Business Succession Planning |
| Effective coordination of the transition of your business to your successors is critical to ensure its continued success once you decide to remove yourself from the company's day to day operations. With a solid background in tax and other financial matters, we are fully qualified to address the complex issues of business continuation and can assist you in developing a strategically sound plan. |
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| Buying & Selling a Business |
| Structuring the purchase or sale of a business properly is a critical step in the process of buying or selling a business. Our competent staff has experience to guide you through the acquisition/disposition process by addressing such issues as cash flow analysis and tax considerations. |
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| Estate Planning |
| Effective estate planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. We can guide you through the complex process of getting your financial affairs in order. |
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| Financial Planning |
| A properly structured financial plan enables you to face any financial challenge that may present itself at each stage of your life. Through the financial planning process, we can help you assess your financial needs and develop strategies that will enable you to achieve your goals and strengthen your financial security. |
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| Business Consulting |
| We gauge our worth by the personal and business successes of our clients. We can help your business identify areas negatively affecting profitability and growth and develop solutions that are practical and technically sound. In addition to acting as a sounding board for management, we provide comprehensive, flexible strategies that address the issues affecting your business. |
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| Pension & Profit Sharing Plans |
| Qualified retirement plans (e.g. defined-contribution or defined benefit plans, Keoghs, SEPs…) can provide significant tax advantages for closely held businesses and self-employed individuals. Our qualified staff can assist you in evaluating the type of pension plan that will best serve the retirement needs of you and your employees. |
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| Business Entity Selection |
| Choosing the form of entity of your business (e.g. "S" corporation, sole proprietor, limited liability company…) is a crucial decision that can have longstanding tax implications, positive or negative. We can assist you in evaluating the pros and cons of each entity type to help you determine the most advantageous form of business for your company. |
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