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Make Your Medical Practice More Healthy
"If you can't measure it, you can't manage it."
This well-known quotation can be applied to the medical practice today as payer reimbursements and collections are falling. The best way to tackle this issue is to measure your financial data. By analyzing financial data in your practice management system over a period of time, you can identify areas that are doing well and areas that will need improvement. Focus on evaluating three areas of your practice: Processes and Procedures, Fee Analysis and Key Operating Indicators. Continue Reading...
Posted by Linda Viles, February 10, 2012
What Every Taxpayer Should Know About Identity Theft
We are hearing more and more about cases of identity theft. In the 2011 Identity Fraud Survey Report, it states that in 2010 the number of identity fraud cases affected 8.1 million adults. At BPW, we have seen numerous cases of our clients being "solicited" by phony emails, from what at first glance appear to be from the IRS or other agencies. Upon closer inspection (in almost every case) they are scams attempting to obtain confidential information that can be used to defraud the recipient. Continue Reading...
Posted by Robert Maloy, February 2, 2012
BPW is More Than Just an Accounting Firm
On Tuesday, January 17, 2012, we held our annual Tax Season Kick Off Breakfast to ring in the season! This video was created to showcase some of our initiatives over the past year and highlight what makes BPW so different from the rest. BPW is more than just an accounting firm. Watch the video to find out why.
Posted by Bonnie Zappacosta, January 21, 2012
Compliance Complexities
Although we have not seen major changes from 2010 on how your 2011 personal income taxes will be calculated, there have been a few changes to compliance that may leave you scratching your head. The changes include sharing more detailed information with the IRS, so that they can then cross-reference your return to third party reporting. The theory is that this will not only encourage taxpayers to be truthful on their returns, but it will also increase the ability for the IRS to find those who are not in compliance. Continue Reading...
Posted by Bridget Foreman, December 20, 2011
Tax-Exempt Filing Deadline Extended
The IRS released news that they will be temporarily extending the January and February filing deadlines for tax-exempt organizations until March 30, 2012.
Organizations with normal filing deadlines that fall on January 17, 2012 or February 15, 2012 will be given the option to file throughout the month of March instead. According to the IRS, the portion of the electronic filing system related to tax-exempt organizations will be off-line between January 1, 2012 and February 29, 2012. This period of suspension will be used to implement regulatory changes for the tax year 2011. Although e-filing will not be available, organizations may alternatively file on paper through March 30, 2012. Continue Reading...
Posted by Danielle Simms, December 14, 2011
Recent Developments in Private Company Financial Reporting
Over the last six years the topic of private company financial reporting and the need for a differential set of accounting and reporting standards has gained growing attention. As accounting standards have become increasingly complex, there has been overwhelming support for modifications of existing standards for private companies.
Some of the concerns expressed by private entities focus on the relevance and usefulness of certain U.S. generally accepted accounting principles (GAAP) as they relate to private companies. Additionally, the cost to implement many of the complex standards has become a major financial burden to small entities with little to no benefits. Continue Reading...
Posted by Tracey Solomon, November 28, 2011
Obtaining the Medical Care You Deserve
What happens when your insurance company rejects the procedures you need? There are options available to you and ways to get your health needs met by following a few keys steps.
In the greatest time of need when emotions are high and uncertainty exists, you hope your insurance company will come through. And in a preponderance of circumstances, the doctors, care coordinators and insurance companies work diligently to get people better and take care of business. But sometimes it does not work out. Here are suggestions on how to get your needs met. Continue Reading...
Posted by Brad Stark, November 4, 2011
The Power of Integration
Myth: Accounting systems are for the accountants and CRM is for the sales people. Isn't that the way it goes? Not anymore.
When I think of my first introduction to CRM (Customer Relationship Management), it conjures up images from years past of that box of software called ACT! (back then it was Symantec) that had the picture of the broad shouldered business man holding a briefcase in one hand and his cell phone in another. This road-warrior was pictured towering above buildings that presumably represented his conquered sales leads. The consumer is therefore led to believe that as long as you are using ACT!, you'd never be without the birth date and spouse's name of every prospect you've ever spoken with, thus, rendering you the most well equipped and superior sales person of today. Continue Reading...
Posted by Steve Korosy, October 12, 2011
Year-End Tax Planning for Businesses
While some businesses may still be sorting through all the legislative changes from 2010, it is getting to that time of year again when we need to complete our year-end planning for 2011. It's uncertain if any major acts will be passed before year-end, but in the meantime, there are still plenty of opportunities that your business can benefit from--or at least plan for--such as bonus depreciation and routine year-end planning, such as writing off bad debts. Continue Reading...
Posted by Jake Sheffield, September 27, 2011
Generating Interest with Intrafamily Loans
Lending money to family members may be personal, but it pays to treat loans like business. If you don't, you could owe taxes on income you never received and gifts you never intended to make.
Structured properly, however, an intrafamily loan can be a great way to help your kids or other family members buy a home, start a business or meet any number of financial needs. It can also be an effective estate planning tool for you. Continue Reading...
Posted by Eileen Sheridan, August 22, 2011
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