We rely on medical professionals more than ever before, yet the medical industry continues to face challenges. As insurance companies place strains on medical practices and other medical service providers, the importance of accounting and sound financial advising for medical professionals is becoming increasingly important. Whether you are a medical professional with your own practice or you work for someone else, you can use the help of an experienced tax accountant for all of your accounting needs, including consulting, auditing, bookkeeping, and tax planning and preparation.
As you or your medical practice experience unprecedented challenges due to changes in the healthcare industry, know that you can rely on the expertise of the Sacramento tax and financial advisors for medical professionals from Cook CPA Group. Our team of tax accountants and consultants have over 20 years of experience serving individuals and practices of all sizes, with an emphasis on minimizing tax liabilities, reducing overall costs, and helping secure a stable financial future.
Tax and Financial Advising Services for Sacramento Doctors, Nurses, and Dentists
The accounting professionals from Cook CPA Group can provide a wide array of financial and tax planning services to medical professionals of all types throughout the Sacramento area. Our team of experienced CPAs is committed to providing all of our clients with a thorough assessment of their finances, to achieve a state of financial health. The tax and financial accounting services we can offer medical professionals include but aren’t limited to the following.
Our team of experienced accountants can consult you or your medical practice on ways you can grow, how to reduce waste and liabilities, streamline procedures, and what you can do to become more economically efficient overall. The team of financial advisers and tax experts from Sacramento accounting firm Cook CPA Group can advise you on how you can identify financial and operational challenges so you can solve them and move forward towards more financial health and stability.
Tax Planning and Preparation
To continue to serve your patients, you have to be in good financial standing, which means your taxes have to be paid with the utmost consideration for details. The Sacramento accountants from Cook CPA Group provide a wide array of tax planning and preparation services on the local, state, and federal levels. Our tax planning and preparation services for Sacramento medical professionals include: compiling and analyzing financial records and statements, addressing back taxes and unpaid tax debts, assisting with budgeting and budgetary concerns, corporate structuring, and reviewing previously filed tax returns for possible errors. We can also represent you before tax authorities, help you file tax returns, and assess your compliance with foreign income disclosure requirements, state and federal tax regulations, and Federal Insurance Contributions Act (FICA) tax requirements for employers.
The goal of tax planning and preparation for all our clients, especially medical practices, is to save money, which can be done by reducing liabilities and claiming the right deductions. Our tax professionals at Cook CPA Group have a deep understanding of how medical practices can make the most of their taxes, which in many cases means claiming applicable business deductions and reducing liabilities by making strategic staffing decisions. Since many medical practices are small, family-owned businesses, we can help with self-employment taxes, which requires paying estimated quarterly taxes.
For Sacramento medical and dental practices, accurate and up-to-date bookkeeping is a vital part of financial success. Our team of accounting experts can help you or your medical practice implement expense-tracking systems and assess your internal control procedures. We can help you streamline your practices for efficiency, allowing you to use your resources to continue to provide quality care to your patients. If your medical practice was affected by the coronavirus and received either a Paycheck Protection Program (PPP) loan or Economic Injury Disaster Loan (EIDL), accurate bookkeeping to prove you spent the funds properly is vital in determining whether you’ll have to repay the loan. In fact, improper bookkeeping of these loans can result in audits. We’re eager to help you maintain up-to-date bookkeeping so you can receive the financial assistance you need.
Our Sacramento financial accounting firm can perform internal audits of nearly any type of business, including medical practices, and can assist medical practices if they are audited by the IRS. Internal audits can be profoundly helpful to medical practices in the Sacramento area in that they can address the efficiency of internal controls and processes and can provide medical practices with the feedback they need to continue to grow. If your medical practice has been selected to undergo an audit by the IRS, our knowledgeable CPAs can coordinate and negotiate with the IRS on your behalf, help you produce the right documentation, and advise your practice on how to maintain productivity while your resources may be focused on the audit.
Accounting Services for Medical Professionals in Sacramento
We know that you and your medical practice are committed to the health of all the patients you serve. Let us serve you and your financial health by helping you with your taxes and financial planning. Our Sacramento tax and financial advisors for medical professionals are available to assist physicians, nurses, dentists, and other members of the Sacramento community of medical professionals with their tax planning needs.