Healthcare For-Profit Tax

Stay Ahead of the Curve on For-Profit Healthcare Tax Compliance

For-profit healthcare organizations know the challenges well: Protect your growth and profitability while complying with federal and state tax laws.

That’s where Crowe healthcare tax services professionals can help. We consult with some of the largest for-profit healthcare organizations in the country and have the expertise you need to stay ahead of the curve on tax compliance and planning.

We can provide clear interpretation of the ever-evolving issues rising from federal, state, and local tax laws. We can help you maximize the value of tax credits: research & development, foreign taxes, and state and local credits related to location and workforce expansion. We can advise you on the impact of industry specific tax developments on your organization.

Our innovative tax technology solutions can help by streamlining data collection, calculation, and reporting requirements. Solutions include:

Large, multistate, and mult-ilocation healthcare partnerships and organizations find that this secure, Web-based technology solution helps streamline the preparation and filing of Schedule K-1 and simplifies tax compliance for flow-through entities. You can also forecast and determine allocation methods for tax distributions and estimated payments.

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Federal and state credits for research and development activities are widely available and can be lucrative for qualifying taxpayers, medical device manufacturing, and pharmaceutical companies. The required documentation can be onerous and if not properly catalogued could result in missed opportunities and benefits. Our proprietary software platform simplifies the cumbersome process, allowing more time to identify and maximize the credit.

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Sales and use tax is a major concern for healthcare providers, specifically with respect to medical supplies and medical equipment. Our team can help streamline the time-consuming process of use tax compliance with this cost-efficient, easy-to-use tool. By applying customized criteria to purchase data, you can make efficient, standardized, and fully documented use tax decisions that achieve compliance and avoid penalties.

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Our Transaction Advisory Services team performs financial due diligence for companies pursuing strategic acquisitions. Our tax specialists provide guidance on structuring the acquisition in a tax efficient manner as well as identifying exposure to unrecorded tax liabilities.

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Properly reporting and disclosing federal, foreign and state income tax liabilities is extremely challenging. Not only are you required to understand the various tax laws by jurisdiction, you must also understand the GAAP reporting and disclosure requirements of ASC740. Our team of ASC740 specialists understand both the tax law and the GAAP requirements, and can manage these complex calculations as well as implement internal controls to provide accuracy and assurance that your financial statements accurately record income taxes for your organization.

Each year there are new and complex changes to the tax law. The IRS regularly issues ruling, procedures, regulations and statutory changes that impact the appropriate tax accounting method. We find if companies have not reviewed their established tax accounting methods in the past two years they are likely to be using an inefficient or unauthorized tax accounting method. Often times healthcare companies change the way they gather and report information for their financial statements without reviewing the impact to their established income tax reporting methods. The result could be an inadvertent method, creating unintended federal and state liabilities or potential exposure to unreported tax liabilities. Our team of specialists can review your methods and provide guidance on a more efficient method, or whether a change to an authorized method is required.