Medicare beneficiaries who don’t get to file their cost reports on time blame the long list of required documents and the technical process of filling each one up. Aware they may be of their cost report deadlines, they still fail to provide all the necessary paperwork because they lack the know-how, resources and time.

This is one of the main reasons why hiring a professional CPA is more beneficial than struggling to complete the challenging process alone. After all, you can only attain the full benefits of your Medicare insurance after you’ve submitted the required documents. Failure to comply with this policy will only mean that your earlier efforts to record all hospital and medical bills will be wasted, if not void.

This article aims to outline what needs to be done to file a complete cost report, as well as explain what disadvantages you could face if you cannot meet the requirements within the given timeframe.

What does a Medicare cost report contain?

Your Medicare cost report should contain official forms or valid copies of every cost, charge or transaction that you exchanged with a healthcare partner. The coverage for these transactions includes all nursing, home health, hospital and hospice services. This may also include billing for prescribed medicine and specialized treatments.

What is the objective of the Medicare cost report?

The objective of the Medicare cost report is to review all the billing records incurred from hospital services, and determine whether or not Medicare has been able to provide the full amount promised in the coverage agreement.

Why is it important to hire a professional to file my Medicare cost report?

• Leave the technicalities to the experts.

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It is highly beneficial to hire the services of a professional when filing your Medicare cost report because the task itself can be too technical and time-consuming to do alone. Unless you are confident with your background in costing, there is a possibility that you could overlook tiny details.

Among the terms you need to be familiar with include:

• gross and net revenue
• expenses incurred
• qualified payer mix
• wage indices
• total patient visits
• total insurance amount (sole/collective)

• Guarantee the complete submission of all required forms.

With all the paperwork you need to gather and accomplish, it’s likely that you could miss out on a file or two. Here is a partial list of all the required forms you need to submit in your cost report:

• Adjustments, or WS A-8
• Census Data, or WS S-3 (Part 1)
• Patient Treatment Revenues, or WS C
• Provider Questionnaire, or WS S-2
• Reclassifications, or WS A-6
• Settlement Charges and Data
• Statistical Allocation of Overhead Expenses, or WS B-1
• Summary Trial Balance of Expenses, or WS A
• Uncompensated Care, or WS S-10
• Wage Index, or WS S-3 (Part 2)

This is just a partial list of the required documents. There may be additional forms depending on your particular case.

• Ensure on-time submission and avoid penalties.

Hiring a professional will also help you submit all of the requirements on time. This is crucial because it is only through a timely submission that you can determine the amount to be reimbursed by Medicare. Without your complete documents, health agencies will have no basis for summing up how much they can charge and collect from the government.

On-time submission is the key to getting your money early, as well as avoiding unwanted expenses through penalties.

• Have the time to focus on other tasks.

Enlisting the services of a professional will also ensure that you don’t lose time for your other tasks, whether at home or at work. This way, you can enjoy the peace of mind that comes with getting quality and complete work done, without you having to worry about a thing.

If you are interested in talking to a professional about cost report preparation services, you can talk to us. At Hazzouri Accounting, we are dedicated to simplifying tedious preparation processes, whether it’s your taxes or your insurance. Call us at 734-844-1614 today to know more.

To stay connected with Hazzouri Accounting visit our social media accounts: Facebook fan page / Twitter Feed / Google+ Account

Being a brand new business owner typically means you are working on a tight budget. We seek to cut expenses by handling most of the tasks on our own, from construction to marketing, or sales to customer service. However, there is one aspect of launching a startup that direly requires the employment of a professional; and that is accounting.

Not all business owners have a robust background in business finance and accounting. For most of us, this can be the most tedious part of starting up. If you are not fully confident with your accounting skills, seek the services of a CPA or professional accountant. This will prevent your business from suffering from unwanted errors that could affect not only present-day operations but also long-term plans.

Here are among the key things that a CPA will do for you and your new business:

• Set the appropriate business structure for you, whether it is a sole proprietorship, a partnership or joint venture, a limited liability company (LLC) or a corporation. Each type of business structure has its own advantages and disadvantages and your CPA should be able to help you determine which one you are qualified for, and which one is most suitable for you.

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• Build a financial analysis for your business as part of the final submission of your business plan.

• Ensure that proper taxation measures are in place.

• Confirm that all aspects of the business are in compliance with government ordinances. Beyond taxes, your CPA will help you accomplish all the requirements needed for a permit and license to operate a business.

• Establish a straightforward tracker for the flow of cash in and out of your bank account. This will make it easier for you to keep an eye on daily business activities and how much they are costing you. This is an important figure for your profit and loss statement.

• Help keep your personal expenses segregated from your business transactions. No matter how simple this may seem, delineating between personal and company expenses will have to be strictly mandated to avoid messy calculations that lead to inaccurate answers.

As your business takes off, your accountant will help you maintain the accounting processes that they put in place for you. This includes the following crucial tasks:

• Separate independent contractors from actual employees or staff. This way, you will not get into trouble with the IRS.

• Coordinate meetings with you so you can discuss financial statements at length. This will provide you with the leverage and insight needed to come up with sound business strategies for both the short-term and the long-term.

• Assist in the disbursement of the company payroll. Do not run the risk of delayed payroll as you and your company could be sued under the labor code.

• Prepare you for annual tax payments so you can already set up a revenue stream that will directly take care of this yearly expense.

• Help you acquire and accomplish W2 and 1099 forms, as well as other forms necessary.

• File your taxes and collect all necessary requirements way before the April deadline. If you let a CPA do this for you, you can enjoy the peace of mind that comes with not having to deal with the nitty gritty details of income tax filing. Moreover, you can concentrate on other aspects of the business so you can optimize all avenues and opportunities for growth.

Even as a tenured business owner, you can still gain a lot of benefits from hiring an accountant. You will automatically have someone to assist you with overall inventory management, and at the same time, you get to hear the opinion of an experienced business adviser who is also exposed to the cash flow patterns and sales trends of your business. Together, you and a CPA can take your business to the next level—an achievement that could take twice as long, or could never even be reached, if you had to do everything yourself.

Interested in hiring a licensed accountant? Look no further than Hazzouri Accounting and Tax Service. We are fully capable of carrying out all the accounting services mentioned in this article. Call us at 734-844-1614 today!

To stay connected with Hazzouri Accounting visit our social media accounts: Facebook fan page / Twitter Feed / Google+ Account

The end of May signals the deadline for filing the cost reports for all those with Medicare or Medicaid. This can be a very tiring and tedious task so we have prepared a quick breakdown of what you need to get done, and what you will face if you don’t comply within the set timeline.

What are Medicare cost reports?

Medicare cost reports are a series of official forms that document every transaction, from costs to charges, connected to healthcare treatment services such as:

• Hospital services
• Hospices
• Nursing services
• Home health services

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The cost reports should reflect whether or not Medicare indeed paid the sufficient amount in exchange for the medical services of any of the health institutions mentioned above.

The common terms included in these reports include, but are not limited to: gross and net revenue, expenses incurred, qualified payer mix, a wage index, number of patient visits, and total insurance amount.

Here are among the official pages required in the submission of the cost report:

• Summary Trial Balance of Expenses, or WS A
• Reclassifications, or WS A-6
• Adjustments, or WS A-8
• Statistical Allocation of Overhead Expenses, or WS B-1
• Patient Treatment Revenues, or WS C
• Settlement Charges and Data
• Provider Questionnaire, or WS S-2
• Census Data, or WS S-3 (Part 1)
• Wage Index, or WS S-3 (Part 2)
• Uncompensated Care, or WS S-10

The timely submission of all these documents is critical because they determine how much can be reimbursed from past and future medical transactions done with Medicaid or Medicare. These documents are the basis for calculating how much health agencies can collect from the government. Moreover, the CMS (Centers for Medicare Services) and Congress use these documents to obtain useful data for the benchmarking of industry rates and pushing future policy reforms.

What happens if I miss the deadline?

Submitting complete and comprehensive cost reports on time is beneficial to you because you are able to collect money or confirm the medical insurance that you signed up for. More importantly, you deter paying unnecessary costs and fees just because you didn’t file the needed documents on time.

What can I do so I don’t miss the deadline?

Getting all this paperwork done can be a huge pressure, especially if you are running a tight schedule. We are here to help take some of the load off your shoulders by listing down some of the most common tips for compiling the cost reports every May.

• Review your list of clients and employees – Before you start compiling all the documents needed for the cost reports, be sure to do a final count on all the clients under you for the previous year. It will be harder for you to keep track of those who have left when you’re already in the middle of all that paperwork. The same goes for keeping track of your current staff.

• Learn to use computer software to help build our database – Take advantage of software, apps or programs that can automate billing requests and all the other documentation necessary for doing health services.

• Start compiling the needed forms early – It will take some discipline to start compiling all the requirements before May even sets in. However, it is the surest way to avoid unnecessary fees from filing too late or not filing at all.

• Hire a professional to do the job for you – If you cannot attend to the process of filing the cost reports by yourself, it is highly advised that you seek the assistance of a professional accountant. Not only will you have more time to attend to other facets of your business, you can also be assured that the job will get done effectively and efficiently— every step of the way.

If you are interested in hiring a skilled and certified public accountant to help with your 2016 cost reports, get in touch with Hazzouri Accounting. Call us at 734-844-1614 today!

You can also learn more by going to our social media accounts: Facebook fan page / Twitter Feed / Google+ Account

If you have already filed all of last year’s taxes then you are good to go for another year! Your tax refund should be deposited to your account soon. However, there are countless reasons for missing the tax deadline and for failing to file a tax extension, such as waiting on financial forms, travel and other important life events.

Here is a quick rundown of everything you need to know and do if you are one of those who couldn’t make the cutoff this year.

• File your taxes as soon as you can.

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Some individuals think that once they’ve missed the deadline, there is no longer a need to rush. This cannot be more wrong. The longer it takes you to file and pay your taxes, the higher the interest and penalties will be.

If you miss the April 18 deadline, you have until October 15 to file and pay for your taxes if you file for a tax extension right away. If you owe the IRS money, you still have to pay that amount or an estimate of what you owe on April 18. Not being able to file for an extension will result in higher fees. However, if you do not owe the IRS any money, you will not be penalized for missing the tax deadline.

Remember, the sooner you file, the sooner you can get your refund.

• File for an extension / make an estimated payment.

If you owe the IRS money for the previous tax season, then you will need to do three things:

1. File for your extension,
2. Make an estimated payment of how much you owe,
3. File your return before October 15.

You still have to pay the IRS as soon as possible; otherwise, you will be racking up an unnecessary amount of penalties. The easiest way to ensure this is by filing your extension online. There are numerous websites that will allow you to fill up and submit digital versions of the IRS forms, so be sure to scout around or ask a recommendation from any tax attorneys you know.

• Figure out how much you owe in penalties.

There are two types of penalties that are immediately assessed by the IRS. These are: (1) failure to file or FTF penalties, and (2) failure to pay or FTP penalties.

The FTF penalties can amount to 5% per month, maximum of 25% a month.

The FTP penalties can amount to 0.5% per month, maximum of 25% a month.

The sooner you can settle these penalties, the less you will have to pay in total compared to prolonged and protracted penalties due to neglect.

There is also a penalty for underpaying your taxes. Underpayment penalties are typically assessed per individual case, so there is no base computation that would apply in general. The IRS also needs to investigate if there was criminal intent in the underpayment, therefore underpayment penalties can be anything from a small additional fine or a more complicated case of criminal charges.

• Get professional assistance.

Although the Internet can provide you with online forms so you can e-file your taxes, the entire process of filing for an extension and computing how much you owe the IRS can be a long and tedious process. Oftentimes, it is our lack of free time that causes us to miss these important deadlines.

To save yourself from the trouble of missing more deadlines or underpaying taxes, you can hire the services of a trained and licensed tax attorney to help ensure that you don’t leave loose ends hanging.

Hazzouri Accounting provides professional tax and accounting services in Canton, MI and surrounding areas. We will be happy to answer your inquiries and lay out the process for missed filing and penalties so you can focus on other important things. If you need to know more about how we can assist you in your tax situation, give us a call at (734) 844-1614 today!

Learn more by visiting our social media accounts: Facebook fan page / Twitter Feed / Google+ Account

If you have been a diligent taxpayer over the past couple of years, you would know that rental property offers some of the biggest deductions and benefits you can acquire from an investment. This is good news for all landlords and property owners, so if you are either, or if you are looking into some new rental property investments yourself, be sure to read our selection of tips below.

Know the deadlines for filing this 2016

The first thing you need to familiarize yourself with is the schedule of tax deadlines this 2016. The deadline for all businesses to file information returns (Form 1099) was last February 29, 2016. This was also the deadline for income tax return filing (Form 1040) for the agricultural sector, which covers farmers and fishermen.

Here are upcoming deadlines in the next couple of months:

March 15, 2016 – This is known as the deadline for all corporations to file their income tax returns (Form 1120) and pay the amount of taxes due.

April 18, 2016 – This is this year’s deadline for the filing of all personal, partnership, and trust tax returns (also known as estate tax returns). All individuals not subject to withholding tax should settle all estimated tax by this date.

June 15, 2016 – This is the final day for filing of income tax return for all U.S. citizens, resident or abroad. (Form 1040)

Rental property deductions and benefits

The IRS allows all rental property owners to subtract the amount needed to pay for the continuous maintenance of the property from the tax amount filed.

Here are examples of rental property deductions:

• Landlords can subtract the salary needed to pay for on-ground maintenance staff or stay-in tenants or residential managers.
• Landlords can also subtract the amount needed to pay a carpenter, electrician, plumber, gardener, painters and other contractors for residential upgrades and projects.
• This can be done by filling up the IRS Form 1099-MISC, which is a requirement for deductions over $600.
• Landlords can also deduct the amount for utilities used for property maintenance, taxes, travel or transportation costs, and necessary repairs done on the property itself.
• Landlords can even deduct 50% of meal allowances and entertainment costs for the staff. Christmas parties, on the other hand, are 100% deductible.
• There are some cases when the landlord can even deduct the amount paid for property insurance.

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These are just some of the possible deductions you can declare the next time you file your income tax. You can research on other deductions and benefit in your own free time, however, nothing beats having a professional around to help you determine which cases can apply to you. Not only will you save yourself the time and trouble of having to learn tax jargon and other technical concepts, you will also be privy to some tips and strategies necessary for getting the most out of your income taxes.

Are you still unsure of what to do before the deadline for filing? You can get in touch with Hazzouri Accounting. We specialize in tax preparation services for both individual and business clients. We have been servicing Canton, MI and its neighboring areas with professional accounting and tax preparation services for more than 15 years. We take pride in having created strong ties with all of our clients because we are driven by the experience of helping other people with their taxes and accounting needs.

Don’t miss out on possible deductions and benefits the next time you file your taxes just because you didn’t know about them. Consult the professional services of a public accountant like Hazzouri Accounting by calling 734-844-1614 and let us guide you every step of the way. You can also visit our website and contact us by filling up a simple contact form and we’ll get back to you in the shortest time possible.

To stay connected join up with Hazzouri Accounting on our social media accounts: Facebook fan page / Twitter Feed / Google+ Account