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

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

The Internal Revenue Service (IRS) has set new policies for the filing of taxes this 2016, and one of the major changes they want to enforce is that only CPA’s, tax attorneys, and certified enrolled agents (EAs) can represent taxpayers when they file for their tax returns.

The 2016 IRS Tax Code Law

More than 50% of official taxpayers in America resort to the services of tax preparers to compile and file their taxes. Should they become targets of audit, these tax preparers are also there to represent them. However, it should be noted that more than 60% of these tax preparers have no official background or professional license to do what they are doing. This has prompted the IRS to review their policies and mandate new regulations regarding this matter.

As of January 1, 2016, the IRS Tax Code Law is requiring any person that shall signify a taxpayer to be qualified according to IRS specifications. Starting this year, only CPA’s, licensed tax attorneys, and certified EA’s can stand in for you when you become the target of an audit or tax review.

“The audits are becoming more thorough,” says Bill Smith, the managing director for CBIZ MHM’s National Tax Office. With stricter policies and processes, only those with credentials in the field of taxation can represent clients when it comes to cases of tax collections, yearly audits, and appeals.

You deserve professional representation

Why is it important to hire a professional CPA, EA or attorney to represent you? Imagine having to face an IRS agent by yourself. If you get called into a hearing, will you be able to appear before the IRS with sufficient tax knowledge and experience and achieve a favorable result?

This is why hiring a professional from the beginning of all your tax procedures is important. Trust in someone who excels at this highly individualized service so you will be represented well. A professional will also be able to answer all of your questions as timely and as clearly as possible. If there are areas that may be too technical for you, a professional will be able to make you comprehend the matter by explaining it to you well.
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The Federal Tax Code is a compilation of more than 70,000 pages of tax procedures, exemptions, and regulations. Hiring a professional will save you the trouble of having to sift through such a hefty and tiresome task. Your hired CPA, EA or attorney should be able to help you reduce your tax liabilities by picking out the rules that can help your particular case.

Ask your hired professional about itemized deductions and contributions for your retirement plan. He or she should be able to walk you through the steps of being even less liable for taxes.

If your have a complicated financial history or tax situation, it will benefit you even more to hire a professional. If you have a more straightforward situation, you can attempt to do the tax preparations yourself under the careful guidance and mentorship of a professional.

Our country’s tax laws are always changing and it is part of these professionals’ jobs to stay updated with all the changes to stay in compliance with IRS codes. CPA’s, EA’s and attorneys can simplify the long-winding process of tax preparation, as well as make it possible for you to further minimize your tax liability through masterful planning.

Remember that this year’s tax season requires a level of professionalism that was not required in previous years. If you are behind on your tax preparations, or if you are being called for an audit, make sure to get in touch with a trained and licensed professional so you can maximize your time and resources.

Hazzouri Accounting offers professional tax preparation services as well as in-depth consultations regarding all kinds of tax situations. Get in touch with us by calling 734-844-1614 and we’ll take care of IRS compliance and getting the job done as soon as possible.  We can help!

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

It’s commonplace for people to wait until April before they start thinking about filing their taxes. Although many get away with filing taxes on the last minute, there are several benefits that only early tax-filers enjoy. We have enumerated some of the perks below.

#1 – You can get your tax refunds faster.

The earlier you file your taxes, the sooner you can get your tax refund. This is the most common incentive for filing taxes as early as January.

#2 – Buy time to pay taxes you still owe.

Filing your tax return early January will buy you extra time to pay for any balances you may still have with the IRS. Filing your Form 1040 this early will give you up until the middle of April to pay for the taxes you still owe.

Additional tip: This is good for anyone still waiting to find out how much they owe the IRS in back taxes.

#3 – Avoid having to pay fines for tax extensions.

Filing your tax refund involves gathering heaps of receipts and other additional documentation. Pushing your tax refund date too close to the deadline will increase the likelihood of you not being able to finish all the paperwork in time. As a consequence, you might have to shell out more money to ask for an extension.

Additional tip: If you do end up filing for an extension, be sure that you are able to pay all balances to the IRS on or before the given date for extension. If you still manage to miss this deadline, you will be charged interest on top of other penalties on your outstanding tax balance.

#4 – Protection from identity theft. 

 
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There have been numerous cases of identity theft through the tax refund system. When a criminal gets a hold of your Social Security Number (SSN), he or she can use that information to file a tax refund under your name. In return, you will be robbed of your annual tax return amount. This scam happens more frequently at the start of the year because most taxpayers would not have thought about filing their tax refund just yet.

Additional tip: Do not give away sensitive information such as your SSN to parties you do not trust or cannot verify the credibility of. Moreover, when you file your tax refund as early as January, you are thwarting any potential theft on your account. 

#5 – Gather important documents needed for other applications.

The Form 1040 is needed in other important processes such as applying for a student loan and buying a house. Those looking to buy property will need to show their proof of income, which is recorded in the Form 1040. Requesting for financial aid also requires information from this form. The sooner you can file your taxes, the quicker you will be able to complete the requirements needed for your other applications.

Additional tip: Make sure to produce several copies of your completed documents so you won’t need to photocopy or scan them on the last minute.

#6 – Are you aware of the new rules and regulations regarding health insurance this year?

There are new rules in place regarding proving your health insurance coverage this year. Don’t find out at the last minute and scramble for the proper paperwork.  Hazzouri Accounting and Tax Services can advise you early on to avoid any potential disasters.

Keep in mind that the deadline for filing federal income tax returns and state income tax returns is on April 18, 2016. This is also the final day to request for extensions.

If you are looking for a certified public accountant to assist you in filing your tax refunds or in signing up for an extension contact us today. We offer individual and corporate tax preparation services in Canton, Michigan, as well as in the surrounding areas. Call us for more information at 734-844-1614 today!

Visit our social media accounts to stay current with all the latest business and tax news and events: Facebook fan page / Twitter Feed / Google+ Account