Nolan A. Newman, PLLC

Certified Public Accountants

We provide a wide range of services to individuals and businesses in a variety of industries. We strive to meet each client’s specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment. Our professional services include: Owner-Operated and Closely Held Business Services Individual Tax Services Healthcare Consulting Services Healthcare Tax Risk Manager IRS Representation Estate and Trust Planning and Tax Preparation Financial and Retirement Planning Tax Management Services Mergers, Acquisitions, and Sales Entity Selection and Restructuring International Taxation Employee Benefits, Pension, and Profit-Sharing Plans Accounting Software Selection, Implementation, and Support Bookkeeping/Write-up Payroll Services Cash Flow and Budgeting Analysis Debt and Finance Advising Accounting Services Owner-Operated and Closely Held Business Services We apply our strategic expertise and specialized knowledge to benefit a wide range of owner-operated businesses. Organizations involved in distribution, manufacturing, retail, professional and other services, technology, investment, real estate development, construction, long-term care and others entrust their financial strategy and planning needs exclusively to us. As a team of proven, dedicated professionals, we are well equipped to plan for and to handle business and technical issues that occur in a company’s evolution, from choice of entity, equity-based compensation and restructuring, to succession planning, buy-sell agreements, employee ownership transference and rationalization of retirement efforts. Our value added expertise includes, but is not limited to: • Business formation, including start-up issues, choice of entity, capitalization, cash flow planning, budgeting, financing and business strategy • Mergers, acquisitions and restructures • IRS and state Department of Revenue audit representation and controversy resolution • Tax return compliance and eFiling (1120, 1120S, 1065, Schedule C) • Tax minimization through accounting method and accounting period diagnostic, maximizing deductions, deferring income • Capital cost recovery • Compensation, benefits and health coverage • Payroll taxes and employee vs. independent contractor • Executive compensation, including incentive plans, equity based compensation, SERPS deferred compensation and long term care • Retirement plan evaluation, selection and implementation • Bookkeeping/write-up • Payroll services including online processing and eFiling • Productivity benchmarking, including customer and service line profitability and WIP costing • R&D credits • B&O tax planning • Business succession planning • Buy-sell agreements, divestitures and business dissolution • International tax planning for inbound and outbound transactions • Foreign tax planning and compliance Request information about Owner-Operated and Closely Held Business Services Individual Tax Services As decision makers, you understand the impact the right tax strategy has on your finances and net worth. Whether you are developing your tax strategy or creating an estate plan, we can advise you on: • Tax planning • Tax impact of investment decisions and transactions • Investment performance monitoring • College resource planning • Retirement planning • Wealth, trust and estate planning (domestic and international) • Risk management, asset protection and adequacy of insurance • Philanthropy, charitable gifts, private foundations and donor advised funds • Inpatriate and expatriate tax planning • Foreign tax planning and compliance • Stock option planning • Real estate transactions • Tax return compliance and eFiling (1040, 1040NR, 1041, 706, 1040ES) • Personal financial statements • Resolution of federal and other tax jurisdiction controversies Request information about Individual Tax Services Healthcare Consulting Services In today’s increasingly complex healthcare industry, clients rely on highly specialized strategic advice to remain competitive and be in compliance with its rules. Nolan Newman is an acknowledged leading expert in tax and accounting issues for the health care industry, working over the years with a variety of high-profile hospitals, hospital systems, academic medical centers, health maintenance organizations (HMOs), insurance companies, medical groups, joint ventures, physicians, research organizations, universities, academic practice plans, healthcare professionals and long-term care providers. We advise in the following areas, and more, with skill and precision: • Tax compliance reviews and diagnostic IRS audits • Obtaining, maintaining and protecting tax exempt status • Community benefit and charity care studies • Board education on tax risk management and governance • Unrelated business income planning and review • Intermediate sanctions and reasonable compensation opinions • Executive and physician compensation, incentive plans, SERPs and deferred comp. • Program and ancillaries joint ventures • Evaluation of organization structure for functionality and tax risk • Physician recruiting, affiliation strategies, gain sharing • Physician income distribution plans • Tax preferred managed care contracting • Facilities, MOB, and real estate planning • Private letter rulings, closing agreements • IRS and state and local tax controversy resolution • Tax reporting, public disclosure and 990, 990T eFiling • Compensation, benefits, payroll taxes, employee vs. independent contractor • Tax treatment of payments to non-resident aliens • Physician practice acquisition, practice support and divestitures • Insurance company taxation and IBNR • Tax strategies and agreements for intellection property • Contract negotiation support Request information about Healthcare Consulting Services Healthcare Tax Risk Manager Risk management and regulatory compliance concerns are at the forefront for healthcare organizations. Though frequently exempt from federal income tax, various not-for-profit healthcare organizations are increasingly subject to more tax compliance, increased tax reporting and greater regulatory focus as evidenced by: • Large settlements with the IRS and state tax authorities resulting from focused tax audits • Intensive scrutiny from the IRS, state and local tax authorities, credit rating agencies, medical staff, employees, media, competitors, the public and litigants • Congressional and IRS efforts focused on exempt organization reform and charity care • Best practice and cascade effects of various Sarbanes-Oxley provisions Healthcare organizations are strongly advised to evaluate their tax exemption and tax compliance on a continuing basis. Healthcare Tax Risk Manager guides your organization through an independent, customized step-by-step compliance review to identify and minimize tax exposure (and to maximize planning opportunities). Healthcare Tax Risk Manager’s diagnostic methodology is customized to address the tax risk and planning opportunities unique to your organization. Phase One - Risk Assessment (1/2 to 1 day) During the risk assessment phase, we interview the Chief Financial Officer and Compliance Officer and identify key areas for detailed review during Phase Two. The risk assessment embraces our IRS exam experience, our knowledge of areas of current and future enforcement efforts, our experience from similar engagements, and the audit steps required under the IRS’s Healthcare Audit Guidelines to identify key risk areas including: • Tax Exempt Status - Inurement, lobbying and political activities • Intermediate Sanctions - Reasonable compensation, automatic excess benefit transactions, governance best practices • Unrelated Business Income (UBI) – Lab, pharmacy, eCommerce, leases, MSO services, clinical trials, related party transactions • Legal Structure - Taxable subsidiaries, parent company • Joint Ventures – Impact on exempt status, incidence of UBI, tax reporting • Physician Arrangements and Affiliations – Recruiting, practice support, practice acquisitions and divestitures • Employment Taxes - Employee vs. independent contractors, Medical Directors. Non-resident alien withholding and reporting, fringe benefits • Executive Compensation – Structure, benchmarking, tax reporting • Benefit Plans – 403(b), 401(k) • Tax Reporting (990, 990t) - Compliance with tax reporting rules, charity care, community benefit, programmatic accomplishments, public disclosure, eFile readiness • State and Local Taxes – B&O tax, sales and use tax, property tax, excise tax, unclaimed property • Charitable Fundraising - Substantiation compliance, tax reporting • Board Education – Tax risk management, intermediate sanctions • Other Risk Areas – Other areas unique to your organization Phase 2 - Detailed Review of Key Areas and Reporting (length of fieldwork varies) Based on the areas identified for further review during the risk assessment, we conduct detailed field review, which includes: • Reviewing organization documents and source documents • Reviewing financial statements, various general ledger accounts, federal and state tax returns • Interviewing Chair of Finance Committee or Audit Committee • Reviewing departmental tax questionnaires • Interviewing various department managers • Reviewing correspondence related to prior IRS and state tax audits • If applicable, interviewing legal counsel • Updating and cross-citing recent IRS guidance and judicial activity related to key areas • If applicable, conducting research related to specific areas/issues • Quantifying estimated tax refund and/or liabilities • Presenting draft findings of work performed, observations and recommendations • Providing suggestions for policy changes and inclusion of tax policies in compliance plan • Finalizing findings for presentation to Finance or Audit Committee Phase Three - Implementation, Education and Training (length of fieldwork varies) Following detailed review and reporting, the next phase of Healthcare Tax Risk Manager involves: • Assistance with implementation of recommendations • Filing of tax refund claims and amended tax returns • If applicable, negotiating with state and local tax authorities • Employee and board member education • Compliance monitoring as required by your organization Benefits of Healthcare Tax Risk Manager 1. Provides board members and management an independent evaluation of the organization’s tax compliance, tax risk and tax reporting. 2. Provides board members and management an understanding and means for evaluating current and future activities for tax compliance, tax reporting and tax planning. 3. Supports organization internal audit and compliance plan efforts and demonstrates to the IRS, state tax authorities, donors, contracting parties, personnel and others that the organization is committed to corporate responsibility and regulatory compliance. 4. Provides organization with an assessment of its audit readiness. 5. Positions the organization in a favorable light when responding to and navigating through IRS and state tax audits. 6. Provides a basis for enhancing IRS Form 990 reporting in the areas of community benefit, charity care and programmatic accomplishments. Request information about Healthcare Tax Risk Manager IRS Representation Professional representation can be vital during an audit, and our experience with tax authorities enables us to guide clients in their dealings with federal and state agencies. Request information about IRS Representation Estate and Trust Planning and Tax Preparation Effective estate and trust planning can ensure financial security for loved ones. For businesses, it can maintain a smooth succession of ownership. Our role is to help you navigate the complex and shifting tax laws to facilitate the transfer of assets and minimize the tax liability of your beneficiaries. Request information about Estate and Trust Planning and Tax Preparation Financial and Retirement Planning Our goal is to help you reach your financial goals and maintain financial independence through a comfortable retirement. We can guide you through tough decision-making processes such as asset allocation, investment performance monitoring, college education funding, retirement plans,insurance, and tax, estate, and business succession planning. Whether you are developing an investment strategy or evaluating current investments, we can ensure that your portfolio will take into account tax implications for an advantageous after-tax return. Request information about Financial and Retirement Planning Tax Management Services We guide our clients through a full range of tax planning and preparation decisions with strategies that minimize your tax liabilities. Our expertise, experience, analysis and thorough research allow us to optimize financial opportunities to be found in existing as well as recently altered tax laws. Request information about Tax Management Services Mergers, Acquisitions, and Sales Business transactions and transitions are complicated affairs, and whether you’re buying, selling, or considering a potential merger, we can provide professional know-how to help you successfully structure and negotiate the deal. We employ careful analysis and due diligence to determine a fair asking price, pinpoint the most favorable tax structures, evaluate financial and cash flow impact, and assess compatible business functions and tactics. Request information about Mergers, Acquisitions, and Sales Entity Selection and Restructuring Your business entity has a large impact on your taxes and other liabilities. From your company’s inception through its growth and development, we can advise you on choosing an entity type and later restructuring if advantageous. Request information about Entity Selection and Restructuring International Taxation Whether you’re a corporation with overseas operations or a business or individual needing to work out taxation of U.S. residents working abroad or foreign citizens working in the U.S., we can help you plot a course through cross-border taxation issues. Request information about International Taxation Employee Benefits, Pension, and Profit-Sharing Plans Choosing and administering benefit plans for your employees is often a complex process. We can help you develop, implement, and administer your benefit, retirement, and profit-sharing plans with an eye toward maximizing tax advantages. Request information about Employee Benefits, Pension, and Profit-Sharing Plans Accounting Software Selection, Implementation, and Support Choosing and implementing a new accounting software system can be a challenging undertaking. Our experience with various packages currently on the market as well as awareness of new products allow us to aid you in choosing and implementing a system that will suit your company’s needs. Training and support will ensure minimal disruption of your everyday business processes. Request information about Accounting Software Selection, Implementation, and Support Bookkeeping/Write-up Accurate record-keeping is essential to a successful business yet can also be complicated and time consuming. We can help you with the organization and day-to-day tasks of bookkeeping so that you can focus on your core business. Request information about Bookkeeping/Write-up Payroll Services Our payroll services can help you reduce the time spent on administration through developing and implementing a computerized payroll system that will facilitate processing, timely payment and preparation of tax returns. Request information about Payroll Services Cash Flow and Budgeting Analysis Good cash management can improve a company’s liquidity, reduce costs, and increase profitability. We can help you maintain optimal cash flow levels by tracking sources and uses, forecasting, and budgeting accordingly. Request information about Cash Flow and Budgeting Analysis Debt and Finance Advising Whether your needs are corporate or personal, our professionals can assist you in sorting out the different options available for debt management and financing that will result in optimal tax implications. Request information about Debt and Finance Advising Accounting Services From start-ups to established enterprises, businesses rely on accurate and insightful financial information in order to maintain profitability and capitalize on new opportunities. Our accounting services steer you closer to these goals with accurate record-keeping and reporting as well as support on financial issues such as initial accounting system setup, cost-containment, tax planning, investments, and employee benefit and profit-sharing plans. These services include but are not limited to: - General ledger and financial statement preparation - Bookkeeping (Monthly, quarterly, or annual) - Accounting system setup and support - Payroll processing - Cash flow budgeting and forecasting - Personal financial statements - Employee benefit and profit-sharing plans - Corporate tax planning and return preparation - Litigation support Request information about Accounting Services

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