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  • ShredtheGnar
    replied
    Figured out that we needed WC on the 3rd day of having employees working. LOL. But, yes, no one told us about that either. Was frantically searching for an online policy. Ended up with BiBerk which is one of Buffett’s companies. Sent off the application for Unemployment Insurance Account with the state as well. Just sent out our 1st invoice to the hospital. Hoping that goes smooth. Filed W9 and provided proof of WC ins to them. Tracked each docs’ hours for each shift and gave that all to them. I can’t imagine they would have any issues with it.

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  • Tim
    replied
    I was referring to your multiple pay types. You terminated your CPA last year and not sure which CPA you used in making the decisions. Good luck. Sounds like your on you way.
    From a humor standpoint, the feds and state only send notices after the fact. You may need workman’s comp coverage as well. Most CPA’s don’t consider that as payroll tax. You may need to set up WC codes to meet reporting for the state. If you need WC insurance, they will audit you virtually 100% to tie out your payroll.

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  • ShredtheGnar
    replied
    Originally posted by Tim View Post
    “We were still missing some pieces for payroll but everything is in the works now.“
    Curious about the blanks. Did you decide which software or outsource service?
    It is one thing to have data to be gathered and input.
    It is another configure the pay types for the calculations etc.
    It is another when the answer is “That’s not how the system works.”
    My suggestion is to not put off the payroll setup. Build at least a prototype and test it. Sooner the better. Missing pieces scare me. That doesn’t mean it’s complicated, it’s we need to finish setting it up .
    Hope that is what you meant.
    Had to apply for the Fed PIN and state account for withholdings. No one told us about these before. A good CPA should have made sure we had this stuff in order before it was time for payroll, or at least let us know we needed to get this done. Payroll was set up otherwise with W4 info, pay structure, bank info for direct dep, etc.

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  • Tim
    replied
    “We were still missing some pieces for payroll but everything is in the works now.“
    Curious about the blanks. Did you decide which software or outsource service?
    It is one thing to have data to be gathered and input.
    It is another configure the pay types for the calculations etc.
    It is another when the answer is “That’s not how the system works.”
    My suggestion is to not put off the payroll setup. Build at least a prototype and test it. Sooner the better. Missing pieces scare me. That doesn’t mean it’s complicated, it’s we need to finish setting it up .
    Hope that is what you meant.

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  • spiritrider
    replied
    Why what is the lawyer doing that is suspect?

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  • jfoxcpacfp
    replied
    Originally posted by ShredtheGnar View Post
    Think we are on track now. New CPA with the QB pro seem to have their act together. We were still missing some pieces for payroll but everything is in the works now. Talked to a company about the ICHRA and that should fit our needs. Will be setting that up. The FT employee won’t start until May, so luckily had a big enough window to get the plan in this year. It’s been a head spinning journey thus far. I’m hoping it will settle down soon.
    Thumb's up - good for you!
    Last edited by jfoxcpacfp; 02-04-2020, 10:35 AM. Reason: Thumb's up emoticon deleted my whole post.

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  • ShredtheGnar
    replied
    Think we are on track now. New CPA with the QB pro seem to have their act together. We were still missing some pieces for payroll but everything is in the works now. Talked to a company about the ICHRA and that should fit our needs. Will be setting that up. The FT employee won’t start until May, so luckily had a big enough window to get the plan in this year. It’s been a head spinning journey thus far. I’m hoping it will settle down soon.

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  • Tim
    replied
    The CPA / QB Advisor combination should be sufficient to get you out of the ditch.
    payroll and gl setup to accommodate your needs.
    •Take your January payroll and load it in the system.
    • Adjustments to get P/R and G/L fixed for the books for 2020 YTD.
    • Get whatever new PR process up quickly.
    Hint: the CPA and Advisor are more expensive than loan staff (available holy). Realistically, the systems work is small.
    The time consuming part is making sure all the various payments , w-2’s and partners..
    Don’t sign up for a one week project scoping deal.
    Results will some time for tweaking. Get your business moving.

    Reminder, you started this journey last December. This is a catch up situation now. It may turn into a ongoing relationship, see how well the fire gets put out.

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  • jacoavlu
    replied
    not sure if any of those folks will do business accounting and tax

    I would widen your search, as Johanna pointed out a CPA doesn’t have to be local. You’ll find easily a dozen firms with a niche in physician group services with a quick google search.

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  • ShredtheGnar
    replied
    Originally posted by Hank View Post
    I suspect one or more of the folks on this list are both competent and taking new clients prior to May.
    https://www.whitecoatinvestor.com/tax-strategists/
    I was going to start calling from the list if tomorrow’s meeting doesn’t work out.

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  • Hank
    replied
    I suspect one or more of the folks on this list are both competent and taking new clients prior to May.
    https://www.whitecoatinvestor.com/tax-strategists/

    Leave a comment:


  • spiritrider
    replied
    Originally posted by ShredtheGnar View Post

    Would an ICHRA be a better option? We could basically still pay the same amounts as we do now since there are no contribution limits. How would this work with Members’ insurance? Can employees still contribute to a HSA Account with these plans?
    ICHRAs are new as of 1/1/2020. I have no knowledge or experience with them. From the little I can gather the primary changes are that they are available for companies of any size and there are no reimbursement limits.

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  • jfoxcpacfp
    replied
    Originally posted by ShredtheGnar View Post

    Would an ICHRA be a better option? We could basically still pay the same amounts as we do now since there are no contribution limits. How would this work with Members’ insurance? Can employees still contribute to a HSA Account with these plans?
    That's your call. Scroll down this page for a comparison.

    Leave a comment:


  • ShredtheGnar
    replied
    Originally posted by jacoavlu View Post
    I think your sole focus should be on finding the competent professionals that you need, and letting them do the work.
    I can agree with that. Working on it, but need help now!

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  • jacoavlu
    replied
    I think your sole focus should be on finding the competent professionals that you need, and letting them do the work.

    Leave a comment:

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