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Questions for your CPA


Our Principals at Owens & Bondell PLLC collected a list of general topics you can discuss with your CPA. The questions bellow will help you get prepared for your next consultation.


1.  How does the new Tax law affect me personally and my practice?
2.  What are the pros and cons of taking the ‘section 179’ accelerated depreciation on new equipment?
3.  Is my hygiene department both effective and efficient compared to other offices?
4.  Do I pay my staff more or less than other dentists?
5.  Are my fees in line with other offices?
6.  Am I taking advantage of the best retirement plan for me considering my earnings, my age, the ages of staff members and the tax deductibility? Is my SEP / Simple IRA plan in compliance? When should I tackle a 401K?
7.  What can I do to prepare now for 2020 taxes? 2021?
8.  How can I tell if an employee is stealing from me?
9.  What about re-negotiating my lease? Should I buy a building rather than rent?
10.  What should my overhead be? What is the average for dentists, both general and specialists?
11.  What can I do to increase the value of my practice?
12.  If you operate your practice as a corporation, ask if you are correctly keeping your personal expenses separate from your corporate expenses. Is your practice reimbursing you correctly?
13.  Discuss how having family members on the payroll might be beneficial. Ask if you are documenting your family members’ employment records correctly.
14.  Ask your CPA about the tax rules for business travel. What about entertainment under the new law?
15.  Ask your CPA for a professional opinion as to which business entity form would be best for your current situation.
16.  Ask your CPA about the deductibility of health, life, disability, malpractice, general overhead and workers compensation insurance.
17.  Ask about the tax consequences of replacing that gas-guzzling SUV, which your practice expensed a few years back.
18.  If you own your building, ask your CPA about a “cost segregation analysis” and if accelerating the depreciation of assets within your office building would be helpful.
19.  Are you ready for an IRS audit today? Ask about your business tax record requirements, and what your CPA needs from you.
20.  Ask your CPA how a tax qualified retirement plan might benefit you.
21.  Ask your CPA about how the asset allocation if buying / selling a practice could affect your tax position both negatively and positively.
22.  Is goodwill an asset of my corporation or is it a personal asset? Does it matter?
23.  Would a Health Savings Account be right for me?
24.  What are the main ‘red flags’ to the IRS?
25.  What is a 1099-K and why is my credit card company sending me one? What do I do with it?
26.  How do the health care reform acts legislation affect me?
27.  Ask if the dental insurance companies are compensating you fairly and at maximum reimbursement?

Call Owens & Bondell PLLC at 602-995-0081 to have your questions answered!
Bookkeeping
Financial Advising
Tax Planning
Tax Preparation
Payroll
Consulting
Retirement Planning
Pension & Profit Sharing

... and so much more!
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