If you’re an Accountant Miami in the market for an accounting job in Miami, you’ll have greater success if your resume contains accounting key words and specific accounting skills. Accountant Miami these days will have greater success if they are “Subject Matter Experts” (SME). As an Accountant Miami for over 25 years, I found my niche in the medical field. Our CPA Firm is one of a handful of Accountant Miami Firms that specialize in Medicare Cost Reports, AHCA Proof of Financial Ability reports, Medicaid Cost Reports and Home Healthcare Accounting.
An Accountant Miami should be able to:
First and foremost, ensure compliance with accounting and tax preparation deadlines
Make sure your accounting records can pass a financial audit
Create accounting budgets & forecast and perform gap analysis between the two
Manage payroll functions
Perform month-end accounting close
Reconcile sub-ledgers to the general ledger (A/P, A/R etc)
Prepare bank reconciliations
Prepare month end accounting journal entries
Maintain fixed assets depreciation schedule
Prepare financial statements
The following skills (in no specific order) will give you the edge landing that accounting job:
Excellent oral and written communications skills with the ability to articulate complex issues
Great boardroom presence (excellent presentation skills are invaluable)
Listen first, paraphrase to make sure you understand, then speak
Detail oriented, efficient and organized with the ability to execute on project
Strong analytical and problem solving skills. Don’t point out problems unless you have the solutions
Highly trustworthy, ethical and discreet
Accountant Miami Background:
BA in Finance or Accounting
Certified Public Accountant (CPA) or MBA will give you an edge over the competition
3 to 5 years accounting experience in the industry
Big 3 Public Accounting experience is looks great, but not always required
Fluent in English and Spanish in Miami is a definite plus
It goes without saying that computer skills and knowledge of accounting software is a given these days.
As an Accounting Services Miami provider we’ve seen the coming to age of cloud computing has brought about a large number of commercial opportunities and efficiencies available to the business community, particularly small and medium enterprises (SMEs). One of the opportunities and efficiencies is virtual accounting services in Miami or, as some protagonists like to put it – cloud accounting is one of the strong emerging service offerings. What started as a theoretical computing possibility is indeed a reality today.
Accounting services have progressed from the days when it was considered a specialized and an awkwardly difficult task, fraught with illogical principles that undermine business freedom. Accounting software packages such as QuickBooks and Peachtree have made very useful contributions in reducing the difficulty of day-to-day accounting, but these accounting software programs appeared to add to the learning curve and accessibility is limited to the computer system that they are installed on.
Some rather slick and simpler solutions accounting services are emerging in the market based on cloud computing principles. The ability to access your books of accounts and useful performance reports at anytime and from anyplace with internet connectivity and the simplicity of use that virtual or cloud accounting solutions bring has accelerated the uptake. Users are instantly amazed at how easily they have been able to manage their books with the part time assistant of an Accounting Services working remotely. This brings additional opportunities of efficiency and reduced errors.
Mr. Viera, managing partner of Accounting Services Miami provider states “clearly, the economic benefits of virtual accounting services
Significantly outstrip its costs by several multiples. Like most shared services, the installation, support and maintenance costs are spread across the number of users bringing the unit costs down over time”. The commoditization of accounting services as an anytime and anyplace service has been helped in no small measure by advances in telecommunications. Significant improvement in wired and wireless communication bandwidth, the ubiquitous WIFI access and the smart phone revolution, have made virtual Accounting Services the best solution for SMEs.
Whilst technology and the growth of personal wealth have delivered a range of possibilities, it is not an excuse for carelessness. Accounting Services is no less a serious matter than it was 50 years ago. Diligence is still required to ensure that accounts reflect a true and fair view. The level of regulatory scrutiny and the keenness of tax authorities to grow national revenue in the challenging economic circumstances of today cannot be over emphasized. Users of virtual accounting services in Miami must ensure that their records are accurate and complete. At Accounting Services Miami we maintain an eye on your books monthly to ensure accurate and timely reporting.
Simple steps to harnessing such strengths include:
1. Using reminders to plan their accounting and administrative tasks including invoicing, bank reconciliation and updating the books account.
2. Using the invoicing and chaser facilities (e.g. email reminders) on virtual accounting solutions to manage their business operations and working capital.
3. Accessing their account reports regularly either directly or through part time accountants to ensure that the books reflect what they expect.
4. Regularly using the various reports and aids e.g. working capital ratios, sales and profit graphs, that virtual accounting solutions instantly generate to make business decisions
5. Utilizing the account closure and financial statement generating facilities and tax filing plug-ins to generate their accounts for regulatory and tax filing purposes.
6. Keep your password strong, safe and secure
7. Don’t go it alone. Hire our Miami CPA Firm to assist you. Unless you have a bachelor’s degree in accounting, you’re going to run into trouble. Fixing the mess cost more than maintaining it on a regular basis.
The simple steps help ensure that business are well controlled and that regulatory and your CPA will ensure tax preparation obligations are met in a timely manner.
Overall, the virtual Accounting Services promise appears to have been delivered.
Have you been having trouble finding a cost effective solution to address your accounting, payroll and tax needs? Would you like to improve company’s control over your regulatory obligations and financial performance monitoring? Are your accounts in order and are you compliant with the array of regulatory requirements? How would you like to have 100% access to your up-to-date accounts and statutory information anytime, anywhere at the click of your mouse? Visit http://quickbooksonline.intuit.com/finance-accounting-solutions for a FREE 30-day trial of QuickBooks Pro accounting software.
As an Accountant Miami I’m still stunned at the unethical and just plain incompetent work non CPA Firms in Miami provide. We have to bail more people out of trouble with the IRS due to incompetent bookkeeping services in Miami than the Coast Guard has to pluck people from sinking boats. So Accountant Miami style is buyer beware and unfortunately so many people do not know the difference between a bookkeeper, accountant or CPA. (Recent example: Client’s company owed her $1M and she needed to pull $500K. Instead of repaying the loan to herself tax free, her bookkeeper tells her she needs to run it through payroll. That generated a $178K tax liability which almost sank the business. All avoidable)
So the question I pose, do you need an Accountant Miami? At the very least the answer is YES. I highly recommend a Accountant Miami. A Accountant Miami or CPA is a licensed professional who has passed the uniform CPA exam and is bound by the laws of the State and the profession. A regular accountant probably graduated from college but did not take the CPA exam and is not bound by State laws. Bookkeepers usually only have on the job experience limited to paying your bills and creating invoices. Unfortunately, anyone in the State can hang a shingle and get into the business of Tax Preparation Miami style. When the IRS comes calling, they will turn their backs on you and tell you to find a Accountant Miami in Miami to help you fix their mess. There is nothing you can do, except sue them. Good luck with that.
As a small business owner you wear the hat of CEO, Marketing Director, Salesman, Decorator, Stock-person, Secretary, Security Guard, and more times than not, Parent. Throw an incompetent Accountant Miami (or worse a bookkeeper) in the mix and now overwhelmed is an understatement.
So many times this is the scenario I walk into when I meet a new client: Me, Ok. Tell me what you are currently doing to manage your accounting. Client, Well, not very much. I take in money and deposit it. I then pay the bills when they come in. Me, So basically, if you have money in the account, you are doing well, if not, then not so much. Client, Basically, yes.
If you are in this situation you should not feel bad. If everyone was an Accountant Miami, I wouldn’t have a job. I tell new accounting and or college students all the time, you either love accounting or you hate it. Very rarely is there anyone in between. For this reason, new business owners should truly seek out an accountant in Miami even at the start up of their company.
Client: “But will an Accountant Miami cost me a fortune? I need every penny I can spare”. Not necessarily I answer. Our Miami Accountants and CPA Firm in Miami charge on a monthly flat fee basis. No surprises on your monthly bill and we put it in writing. To run a successful, growing, and well-balanced business a business should have balanced and well managed books.
Now, when thinking about this you have 3 choices. (1) Do it yourself (2) Hire an accounting in-house (3) Outsource. If you decide to do this yourself, God Bless you because it is extremely time consuming.
Ok so I don’t want or know how to do it myself, so now what?
Now you have to decide if you need to hire an Accountant Miami who provides outsourced accounting services in Miami. Yes hire local! Be sure that if you want to hire a CPA Firm in Miami, it will not be costly if you know what you want and help CPA Firm in Miami by keeping good records.
Don’t settle for someone who can handle light bookkeeping because you will NOT be getting the information in a way that it best for you to do all you should. I advise Outsourcing. Not only because that is what I do, but so many times, it is in the best interest of small business owners. I don’t know about you, but when I started my first company, I did not have $40 to $50K to fork out to an accountant. Instead, outsourcing was the way to go. Cheaper, more experience, and no delays due to vacations, sick days, or turn-over.
Miami Accountants aka Miami Accounting is concerned with the provisions and use of accounting information to small business owners, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their accounting Miami small business control functions.
In contrast to other Miami Accountants information is:
Forward-looking for an Miami Accountants
Model to support decision making vs. just looking at historical after-the-fact financial statements
Designed and intended for use accounting small business to improve control functions.
Miami Accountants responds to the needs of small business, using management information systems
Miami Accountants firms are traditional vs. innovative
According to most Miami Accountants, accounting processes is mostly about the process of identification, measurement, accumulation, analysis, preparation, interpretation and communication of information used by management to plan, evaluate and control within an entity and to assure appropriate use of and accountability for its resources. Miami Accountants also complies with the preparation of financial statements for non-management groups such as shareholders, creditors, regulatory agencies and tax authorities such as AHCA Medicare Cost Reports.
Miami Accountants recently updated its definition of its accounting practice as follows: “Accounting is a profession that involves partnering in management decision making, devising planning and performance management systems, and providing expertise in financial reporting and control to assist management in the formulation and implementation of an organization’s strategy.”
Our Miami Accountants extend best practices to the following three areas:
Our Miami Accountants are strategic partners in your organization.
Developing our accounting firms practices to assist in decision-making and managing the performance of the organization.
Risk Management contributing to frameworks and practices for identifying, measuring, managing and reporting risks to the achievement of the objectives of the organization.
When hiring Miami Accountants, consider if you want traditional vs. innovative practices
Income tax preparers know costs and expenses are crucial part of Income tax planning, and one of the most difficult. How to reduce tax liability is contingent on what deductions you can claim.
How to reduce tax liabilityas allowable deductions as incurred and paid. These are not mutually exclusive. Income tax preparers when trying to answer the age old question “How to reduce tax liability” and during the Income tax planning phase must consider what was spent for the purpose business deduction, and most importantly, what was not spent but incurred. How to reduce tax liability questions must be asked and answered during the Income tax planning period.
How to reduce tax liability via Income tax planning
To be allowable, it must not be excluded by regulations (see beneath).
The decision maker ought to often consider every single product of cost independently.
Income tax preparers Expenditures Check List
a) Funds expenditure
b) Repayments of cash on financial loans taken out for company reasons
c) Depreciation of capital assets
d) Sums utilized, or supposed to be employed, in setting up or growing a organization
e) Losses incurred prior to the start of the evaluation period
f) Costs incurred in providing organization enjoyment.
These are the unofficial guidelines recommended by Income tax preparers during Income tax planning on how to reduce tax liability. It is totally important that you communicate to your Income tax preparers just before you allow or disallow any enterprise bills.
As lengthy as the ailments in the first paragraph are fulfilled, these are the day-to-day bills of a business you can deduct:
Cleansing of organization premises
Big difference between opening and closing stock (on accounts)
Workers wages just before any deductions are made, including any wages payable to the domestic companion
Employer’s contributions to employees’ pension scheme
Employer’s (secondary) Class 1 SS contributions
Heating and lighting
Hire or rental costs (but not any cash or purchase elements)
Curiosity payable under a credit sale, a consumer credit score arrangement or a retain the services of obtain arrangement (but not the cash aspect of payments)
Authorized expenses connected with the enterprise
Payment in variety for perform carried out for the enterprise – the financial worth is allowable
Rent and Rates
Sundries, sometimes known as miscellaneous things, which are modest in relation to complete allowable costs provided that the decision make is content that no non-allowable expenses, for case in point for company enjoyment, are incorporated
Telephone, telex, fax etc (Only the proportion that is used for enterprise, i.e. if you use your telephone thirty% for company, 70% for private, then you can declare 30% of the costs as an allowable expense)
Transportation excluding any home-to-operate costs
VAT allowable (two)
Clearly, expenditures is a large area of tax far too huge to cover in a solitary web site publish, so if you need to know much more about expenditures, just take us up on our Cost-free one Hour Consultation.
If you’re like most Americans you probably have a good handle on completing your income taxes on your own. Over the years it has become incredibly easy for anyone with a computer thanks to TurboTax to sit down and go through their tax documents instead of hiring a CPA, enter information as the software asks questions, and then even file your return instantly online. For those of you with relatively simple tax circumstances, this is the ideal way to go. The software is inexpensive, most of the questions asked can be easily answered in an hour or two, and there’s very little opportunity for error. It sure beats the days of sitting down with paper forms and spending a few days doing your taxes by hand!
But what about those with slightly more complex financial situations? Sure, there are more robust versions of tax software available such as TurboTax’s Home & Business, Property Manager, and so on. These solutions go into greater depth to help you account for less traditional sources of income and expenses. With more complex finances comes more time and money required to get through the tax filing process, not to mention more room for error. So, at what point does it become cost-effective to make the move from doing your own taxes with the help of software to hiring an CPA?
A CPA Clients Personal Tax Story
As soon as he was on his own he began using tax software to do his own taxes. He used TurboTax software and it did a great job. For a few years during college his finances were so simple and his income and deductions were so trivial that he could spend under $50 and just about an hour and get his taxes done. Those were the good ol’ days. As time went on his finances started to get a little more complicated. For a few years he was a member of an LLC in addition to working part-time. This created a few unique scenarios that made doing his taxes a little more complicated, yet he was still comfortable in handling it on his own. As the years went on he moved on to where his wife and him just had regular salary jobs, no house, no kids, no odd circumstances, so doing my taxes again became as easy as sitting down at the computer for an hour and plugging in a few numbers.
Then, things started to change as he started to dabble in freelance work and other self-employment ventures. The first few years were easy because it was more of a hobby and the income and expenses generated from the freelance work were trivial. As time went on, more sources of income started coming in, and additional expenses started adding up, his tax returns became more of a nightmare. Sure, the software could still handle it, but he was spending more time tracking down documents, receipts, and trying to find deductions because the tax bill at the end of the year was growing significantly. One year after putting in all of his data the tax software said he owed the IRS nearly $4,000. That’s impossible, he thought. They had as much taken out of our paychecks as possible through work, he was paying estimated quarterly taxes, and was itemizing deductions so that they could deduct as much as possible. There had to be a glitch in the software so he plugged the numbers in over and over for about a week straight only to come to the same result.
With that, he knew it was time to seek professional help. They asked around with some friends and co-workers about CPAs that specialize in small businesses accounting and self-employed taxpayers, and he made a few calls around and interviewed a few of them. they eventually found one not too far down the road and their name came up a few different times from the people they asked. So, he set up an appointment. After sitting down with the CPA for about an hour discussing our situation, looking over some numbers, and doing some calculations I knew he could help me. A few days later he was thrilled when I called him stating that he now only owed somewhere in the neighborhood of $2,500. Wow, that phone call and meeting just saved him about $1,500. Sure, the cost of having my taxes done increased compared to doing it myself, but at around $200 it was some of the best money I ever spent.
When Should You Consider Hiring an CPA For Your Taxes?
He shared his story just to give you one scenario where making the move to hire a professional CPA can be a good decision. He’s a pretty savvy guy when it comes to finances, but he admit that he did not do a great deal with taxes on a daily basis. He thought he had enough knowledge with the assistance of tax preparation software to get the job done right, but clearly someone who does this stuff for a living can still do it better than he can. While it was the right decision for him, it may or may not be the right decision for you.
To start off, he wants to make one thing clear. There is a difference between an CPA and just a tax preparer. As tax season kicks into gear in a few months you’ll begin to see advertisements pop up with tax preparers in your area who will do your taxes for you at a cost. Keep in mind that when dealing with one of these places you probably aren’t going to get a full-blown accountant or CPA. Instead, you’ll likely have someone who is qualified to handle returns, but they will likely do little more than ask you the same questions that software you buy on your own does and then plug in the numbers. While it’s nice to get some one-on-one time with someone, you also want to keep in mind that this person is more or less just trying to get your taxes done, not assess your financial situation and help you put together tax strategies going forward.So remember, there are accountants that do taxes, and there are people who do taxes that aren’t accountants.
Here are a few scenarios when it might make sense to start looking for professional CPA tax help:
1. You own a business.
Self-employed individuals stand to see the greatest return when hiring an CPA. Running a business presents a lot of unique situations that can have a significant impact on your taxes. Being self-employed also opens the door for a new world of deductions, credits, and retirement account planning that you may not be used to. While you can certainly find this information online, having someone who does this for a living will save you time and maybe even some money. In addition to just helping you find all the available deductions and paying the IRS as little as possible an CPA can be tremendously helpful in working with you to structure your business as best as possible, putting together a plan for the future to help you take advantage of tax breaks in the coming year, and being there for you if you encounter problems down the road.
2. Going through a major life change.
If you’ve been plugging alone for the past few years with basically the same financial situation there’s obviously little need to pay someone to do what you’re already comfortable doing. But when you encounter a major life-changing event in the middle of a tax year it could lead to an unpleasant surprise come tax time. Getting married, divorced, changing jobs, having children, receiving an inheritance, preparing to retire, etc. These are the things that can change your financial situation in a heartbeat and if you aren’t prepared it could end up costing you dearly.
3. Real estate or taxable investment dealings.
Do you own a rental property? If so, a CPA will be your best friend. Owning a rental opens up a lot of special tax situations that you’ll surely want to take advantage of and make sure you aren’t making any mistakes. The same thing can go for just buying and selling a home or other real estate. While the laws are pretty straightforward, it’s usually a large transaction in terms of dollars so you want to make sure you’re doing everything properly. Finally, let’s not forget tracking gains and losses on taxable investments. If you buy and sell stocks, bonds, mutual funds, or anything else throughout the year in a taxable account you’re going to have a lot of things to consider. Long-term vs. short-term gains and losses, dividends taxed at a different rate, cost basis, the wash rule, and so on. Sure, you can do this on your own, but how much time will it take and are you sure you’ll catch everything? The time saved by hiring a professional alone may pay for itself.
Don’t Be Afraid to Get Help from a CPA
For people who like to and are proud of doing things themselves it can be difficult to make the decision to seek outside help. Don’t let that get in the way of doing what’s best for your finances. Sure, the majority of people will be just fine doing their own taxes. If that’s you, grab the latest edition of TurboTax or H&R Block At Home. It’s still the easiest and cheapest way to do your taxes. But for those of you who may have finances that are a little more complex, are self-employed, or would otherwise just like to outsource your tax preparation don’t be afraid to get a CPA to help. At most it will probably only cost a couple hundred dollars compared to buying software and e-filing yourself, and chances are you save that much or more on deductions and tax strategies you overlooked by doing it on your own. Whatever you do, make sure you get an early start so you don’t miss the tax filing deadline!
Are you considering firing your current Accountant in favor of a new one? If so, you’re probably not sure if you’re overreacting or if you have just cause. The following warning signs will help you decide if it is time for you to change accountants: Your accountant does not return your phone calls in a timely manner, if at all.The bottom line here is you have hired your accountant to work for you. If he/she is not returning your telephone calls, or waits until you’ve left several messages before calling you back, take this seriously. A few incidents here and there are not something to worry about, as your accountant likely has many other clients and may not be in the office for days at a time. However, if not returning phone calls are the normal state of affairs, you will want to set up an appointment to discuss your concerns.
Your accountant is never in the office.
This could mean he or she is very busy and out with other clients the majority of the time. It could also mean they do not take their business, or your business, very seriously. Regardless, if you have a difficult time connecting with your accountant, it may be time to look for someone who has more time in their schedule to see to your needs.
Your accountant never delivers your financial statements or income taxes or other forms to you on time.
This is not a good scenario! You have hired your accountant to be on top of the financial aspects of your business. If they are not able to get your forms to you on time, you need to first ask yourself if it is your fault. If you are late getting them the material they need, then it probably has little to do with them, but if they have everything they require from you with ample time and are still consistently late, you will probably want to consider changing accountants.
Your accountant does not take the time to discuss your financial reports with you.
This is your business. You have the right to understand your financial reports, and if your accountant is unwilling to schedule the time to go over them with you, this is a warning sign you shouldn’t ignore. Think of it this way if you don’t understand your reports, then you can’t feel confident that the IRS is getting correct information. It is essential to your peace of mind, and to your business, that you understand all of your financial reports.
The staff member accountant assigned to your account does not seem competent.
If staff is unable to answer your questions, or if you seem to know more about the accounting aspects of your business than they do, you should request a different person to handle your accounts. If this is unable to be done, you may want to consider switching accountants.
You begin to receive a lot of IRS notices in the mail.
This is a serious warning sign. If the IRS is sending you repeated notices, then your business’s financial affairs are not being taken care of correctly. Too many of these notices, and your business will be red-flagged by the IRS, which could lead to years of issues every time a form is filed. Speak with your accountant and demand to know what the problem is. If you are unsatisfied with the answers, it is time to search for a new accountant.
Trust your instincts.
Often overlooked, but it shouldn’t be. If your instincts are telling you something isn’t right, pay attention.
With any of the above warning signs, it is always best to speak with your accountant about the issues at hand first. Sometimes, you may gain a clearer understanding and then feel more comfortable, but if you don’t, you need to move on. Changing accountants isn’t easy, but if it is the right decision, then it is absolutely what you must do.
Letting an tax accountant take over your finances makes sense as their experience and knowledge can make your money go further. However, finding a good tax accountant can be tough as you are putting your finances and personal information into their hands, and trusting they will take care of you now, and in the future.
Tax Accountants can work for large businesses or for themselves, get yourself a good one and you should find they save you a lot of money in tax payments, as long as they know what they’re doing. They’ll also be able to assist with various other issues that are important and can’t really be ignored, such as tax, financial planning, business consulting, and more.
When searching for good tax accountants there are various ways you can narrow the field down.
First ask your friends and business associates if they have anyone they can recommend, if they have had the same person for years and are happy with their service then they might also work for you. Also look through the www.google.com for businesses near you, or for convenience and speed, check online as most companies these days have a web presence and should list their areas of skills, expertise and professional services on their website.
Once you have a list of possibilities, contact them for further information and arrange an interview. Queries should be answered quickly and professionally, if they can’t do this then forget about them and move on. If the company is quite large then find out who will be assigned to you, it’s essential you get on well with your tax accountant as you need to tell them everything regarding your financial issues.
They also have to be aware of your life goals, this involves everything, from your business needs now and in the future to your personal goals and future plans. If your dream is to retire abroad then you need to let them know, being aware of your plans and hopes will mean they have a better understanding of you and can find ways to save you money and give advice based on this information. Someone who takes the time to get to know you will be more proficient at delivering a totally focused and customised service.
Always check out the tax accountant qualifications, they should have a recognised professional qualification, such as the American Institute of Certified Public Accountants.
It’s advised you choose a firm that have been established for some years. If a company is new it can be more difficult to find out if they are reliable or ask for references. An advantage to choosing a bigger company is that you aren’t reliant on just 1 person, if there is a problem or that person has to be away for an extended period then your finances will still be dealt with.
You tax accountant should have some experience and knowledge in your area of work or interest. There are so many aspects, from self managed funds, investment advice, retirement planning, business management, strategic planning and so on, that it’s nearly impossible to find someone who is knowledgeable about everything. Everyone has different needs and it’s important you find someone who can assist you with yours.
For example, if you need a tax accountant to process your individual tax returns they should be able to ensure you get maximum tax benefits and explore other ways to save money. They are there to help you minimize your tax payments and advice you on other financial matters that will benefit you.
If the tax accountant you have chosen meets all your criteria, is agreeable, gives you advice and information in easy to understand terms, and is ready to answer all your questions, then you should consider signing up for their services.
Look for firms online that are committed to clients and can assist with business, tax and financial planning solutions. Whether you are an individual, a family business, or a small enterprise a good tax accountant can ensure you legally pay the lowest tax possible.
13 Tips to Finding the Right Tax Preparer Miami Team
How do you find an Income Tax Preparer Miami Team that is right for you? First, income Tax Preparer Miami are not all the same.
First, not all Tax Preparer Miami are the same.
I previously wrote an article about this last year titled: “Tax Preparer Miami – Are they really all created equal”, and you may be as surprised as other readers about just how much tax return preparation can vary.
In fact, I calculated the average savings I typically find from annual tax savings, reducing professional fees and audit assessments. In total, the average savings are:
– $23,750 Annual tax savings
– $5,000 Audit defense savings
– $10,000 Reduced audit assessment savings
– $50,000 Reduced legal fees
– $3,000 Reduced tax return preparation Miami (average) fees
This is a total average potential savings of $91,750! Your tax preparer does make a difference! How much more could you do with these savings?
Second, the right tax preparer for you depends on what is important to you. Take a minute to answer this question:
WHAT MAKES YOUR INCOME TAX PREPARER MIAMI SUCCESSFUL?
How you answer this question will impact what type of Tax Preparer Miami team you need. I’ve asked these questions to clients, prospects and colleagues. I have compiled the most popular answers and what it means to you as you find the Income tax preparer Miami for your team.
ANSWER #1: Paying the least amount of tax legally
Your Income Tax Preparer Miami team needs to:
– Know the tax law very well and know how to be creative legally.
– Ask you a lot of questions about your situation in order to understand your situation and goals.
– Have a review process where at least one other person reviews your return solely for the purpose of how to reduce your taxes legally.
HERE ARE SEVEN (7) QUESTIONS YOU SHOULD ASK YOUR INCOME TAX PREPARER MIAMI TEAM TO DETERMINE IF IT’S A GOOD FIT:
Q1: Can you tell me about the other (your industry) you service?
A: Your Tax Preparer Miami needs to know how the tax law applies to your situation. Having other clients in your industry or with similar investments indicates that the tax preparer is likely to be familiar with the tax laws that impact you.
Q2: Who will be working on my income tax return?
A: It’s very common (and a good business practice) for income tax preparers in Miami to have staff prepare your tax return. You want to make sure the other people working on your return have the same level of expertise.
Q3: What is your tax return review process?
A: Tax Preparer Miami who are focused on reducing your taxes will have this built into their review process. Usually it involves having another experienced tax preparer review the return solely for the purpose of finding ways to reduce your taxes.
Q4: What would you have done differently on my past tax return?
A: Show the income tax preparer Miami you are interviewing your prior year tax return. Creative income Tax Preparer Miami will be able to give you at least one idea of what you can do to reduce your taxes by looking at your tax return for just a few minutes. If it’s creativity you are after, this is a great question to ask! But don’t expect the income tax preparer Miami to give you all the details right then and there – that’s why you pay them!
Q5: How much can you save me in taxes?
A: While it’s difficult for any income Tax Preparer Miami to answer this in just a few minutes of looking at your past tax return, it is possible for them to know if they can save you taxes after spending 30 minutes with you.
Q6: What deadlines do you impose on clients?
A: This may seem like an odd question for minimizing your taxes but it has a direct impact. If your income tax preparer in Miami allows you to provide your information a week before the tax return is due, it’s very unlikely that the income tax preparer Miami will have the time to focus on your return to truly minimize your taxes. Income Tax preparers in Miami that want to reduce your taxes want your tax return information early and will communicate that to you.
Q7: What recent tax law changes should I be aware of? A: To minimize your taxes, your tax preparer needs to know the tax law inside and out, which includes the latest changes? Your tax preparer needs to be able to answer this question without hesitation.
ANSWER #2: Minimizing tax return preparation fees your tax preparer needs to:
– Focus on the tax work and recommend someone else for the non-tax work (such as bookkeeping).
– Request tax information in a certain format.
– Require you to input your information online.
HERE ARE TWO (2) QUESTIONS YOU SHOULD ASK YOUR TAX PREPARER MIAMI REGARDING MINIMIZING RETURN PREPARATION FEES TO DETERMINE IF IT’S A GOOD FIT:
Q1: What can I do to reduce my tax return preparation fees?
A: To minimize your tax return preparation fees, your tax preparer always needs to have your fees in mind. Ask your tax preparer what you can do to reduce your fees. If you don’t get at least 2 suggestions, your tax preparer probably isn’t thinking about how to keep your fees low.
Common suggestions include:
– Have someone other than the tax preparer do your bookkeeping. I am always skeptical when a tax preparer does the bookkeeping. First, they either charge an arm and leg or if they reduce their rates to accommodate you, it means they don’t spend their time entirely on tax issues, which could indicate their tax skills aren’t up to par.
– Organize your information. Don’t bring your tax preparer a shoebox! A tax preparer that is really focused on keeping your fees down will have forms, spreadsheets and other tools available for you to use to organize your tax return information.
– Enter your information online. Many tax preparers now require clients to input their information online. Accurately entered information can help reduce fees. Caution: Information that is entered inaccurately can increase your fees!
Q2: What is your fee structure?
A: Your tax preparer needs to be able to answer this question with confidence. Any wavering could indicate that the tax preparer knows the fees are too high for you but just doesn’t want to tell you. Unfortunately in these situations, you find out too late!
ANSWER #3: Reducing audit risk your tax preparer needs to:
– Know the tax law very well and how to properly report your activity.
– Understand the IRS’s current “hot buttons” or “red flags.”
– Offer an audit defense plan.
HERE ARE FOUR (4) QUESTIONS YOU SHOULD ASK YOUR TAX PREPARER MIAMI IN REGARDS TO REDUCING AUDIT RISK TO DETERMINE IF IT’S A GOOD FIT:
Q1: How many audits have you been through and what triggered the audit?
A: The most important part of this question is what triggered the audit. If it was triggered by how something was reported, then that may be something the tax preparer had control over (and may be a bad sign for you).
Q2: What was the outcome of the audits you have been through?
A: A return can be randomly selected for audit or selected because of a certain activity (even though it was reported correctly). So it’s important to understand the outcome of the audits. Was additional tax assessed or were there no changes? Additional tax may indicate that something was not reported properly.
Q3: Do you offer an audit defense plan?
A: Tax preparers that are confident in their work will offer an “insurance” program that covers their professional fees to handle your audit if your return is selected for audit.
Q4: What is your tax return review process?
A: Although tax returns can be selected randomly for audit, many are selected due to how items are reported on the tax return. Tax preparers who are focused on reducing audit risk will have a review process that includes another tax preparer reviewing your return solely for accuracy of reporting.
Be selective with the tax preparer you put on your team. The average savings I find for my clients is over $90,000! Your tax preparer makes a difference!
It depends? If your CPA a Medicare Cost Report expert? If the answer is yes, he or she probably prepared your annual Medicare Cost Report or Medicaid Cost Report and getting them involved as as soon as possible is a good idea during ZPIC Audits.Wow what a feeling!!
I have talked to potential clients as they are actually having chest pains and snacking on nitro tabs or spray as they describe this over the phone to me, they have been to the hospital already and continue to have the pains weeks later. ZPIC Audits are is indeed very stressful.
You have just been selected for a ZPIC Audits amongst an elite group of many who during the last 36 months have submitted via your billing, OASIS, Service Utilization, et al.. to the folks at CMS, created a data profile and pattern, which has been confirmed by the computers as 90% or greater chance it contains errors allowing them to recover several million dollars from you. (More of that another time)
The data is so compelling that it leaves CMS no other option than to validate what your doing. Via a post payment review.
So you have a letter.
CMS is fishing for money.
No denial of payment has been made as of yet.
A lawyer will do what at this point?
A consultant will do what at this point?
What can I the agency owner do for FREE, The answer is an amazing amount, and most owners properly coached need very little intervention until the midpoint of the process.
It is actually more important to build a financial rainy day fund at this point than spend like a sailor.
Everything that needs to be done at this point can be done by you, auditing of the census and the charts to look for the data patterns that triggered this fiasco, and the documentation patterns that will be denied, and perform a sample extrapolation from your global universe of claims to validate and assess your liabilities.
ZPIC Audits rather simple low-level activities.
So we now know that if you’re the recipient of this type of probe there will be financial losses at some point in time. Certainly not until charts are reviewed, as the law does not allow for the debit of money, until charts are approved and or denied.
So calm down take a deep breath this is not the end of the world, but ZPIC Audits it will not go away either. Some of you will need to go to the gym and work it out, others will resort to a few drinks whilst others will bury their head in the sand.
I have actually been in agencies that did not “get it” even though the pattern or trend was imminently clear to me. Too often owners and administrators really do not know the home health Conditions of Participation and documentation requirements for billing. What generally occurs is that the owner or administrator delegates “auditing” to a nurse or group of nurses who may understand basic documentation requirements but who also are very familiar with the clinical staff and often equally familiar with patients. They frequently “read between the lines” when auditing – and if in addition they do not know the requirements for skilled care they are likely to miss the point. Some documentation issues can be at least partially mitigated if identified and addressed appropriately. A ZPIC auditor will not read between the lines. The major areas of concern will of course be the agency’s understanding of what is required for adequate documentation of therapy provided, REASONABLE goal setting and skilled nursing “observation and assessment”. (Hello, now we even have separate billing codes to distinguish the types of care provided – how’s that for an audit edit set up?). Also there are many agencies who use “managment and observation” as a reason to recertify 85% of their patients often for multiple episodes without documentation of significant clinical issues requiring skilled nursing. Many agencies believe that one or two aberrant blood pressures with no change in medications or other treatment constitute the need for ongoing “observation and assessment”.
Maybe it is too soon to call an attorney when the letter arrives but if there is any chance of lessening the impact an ZPIC Audits may have – they must make sure they understand the rules if they are going to adequately respond to the audit requests yourself.